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Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
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Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo

Abu Dhabi's Aldar Properties has bought London-based developer London Square for an enterprise value of 1.07 billion dirhams ($291 million) in its first acquisition outside the Middle East.
"Aldar intends to leverage its expertise and balance sheet to support London Square's land acquisition strategy to enable it to develop larger and prime central London sites," the two companies said in a joint statement on Friday.
The companies said the transaction should also have a positive impact on sales, given the opportunities to cross-sell across their respective customer base.
Aldar is 25%-owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company and 26%-owned by International Holding Company.

Established in 2010, London Square is widely known for its Nine Elms development, located in proximity to the Battersea Power Station.
The development features over 750 luxury homes, affordable housing and 21,500 square feet of commercial and retail space.

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Saudi Tourism Authority Signs MoU to Boost International Marketing Strategies

Saudi Ministry of Tourism Building (File Photo AAWSAT AR)
Saudi Ministry of Tourism Building (File Photo AAWSAT AR)
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Saudi Tourism Authority Signs MoU to Boost International Marketing Strategies

Saudi Ministry of Tourism Building (File Photo AAWSAT AR)
Saudi Ministry of Tourism Building (File Photo AAWSAT AR)

The Saudi Tourism Authority (STA) has signed a memorandum of understanding (MoU) with a national marketing services company to strengthen its efforts to reach target audiences in international markets and solidify the Kingdom's standing on the global tourism map.
The MoU encompasses plans to conduct marketing studies for prominent content creators in international markets, SPA reported.

The initiative seeks to enhance STA's database and identify a select group of content creators to engage with during global promotional campaigns in 2025.
This step is part of STA's endeavour to raise awareness of the Kingdom's unique tourist destinations and highlight cultural, heritage, and natural experiences. The authority leverages innovative marketing strategies, focusing on international markets.
The MoU reflects the authority's commitment to developing the tourism sector in Saudi Arabia and achieving the objectives of Vision 2030, which aims to boost the sector's contribution to the GDP and diversify national income sources.