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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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Non-Profit Sector Revenue in Saudi Arabia Reaches $14.5 Billion in 2023

The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
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Non-Profit Sector Revenue in Saudi Arabia Reaches $14.5 Billion in 2023

The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) has said that the total revenue of non-profit sector organizations in the Kingdom amounted to SAR54.4 billion ($14.5 Billion) in 2023, marking a 33% increase compared to 2022.

The results, shown in the Non-Profit Sector Bulletin for 2023, indicated that health-related activities recorded the highest growth rate compared to the previous year, contributing 70% of the total revenue of the non-profit sector organizations, followed by education and research activities with a 53% increase, and volunteer brokerage and promotion activities with a 36% rise. These activities were the main contributors to the total revenue of non-profit organizations.

The bulletin also revealed that total expenditures of the non-profit sector reached SAR47 billion in 2023. Health-related activities represented the highest expenditure category, showing a 74% increase, followed by education and research activities with a 55% rise, and environmental activities with a 34% increase compared to 2022. These activities were the leading contributors to the total expenditures of non-profit organizations.

The figures also underscored the relative contribution of employed individuals to key activities within the non-profit sector in 2023. Cultural and entertainment activities led with a 27.6%, followed by social services activities at 27.2%, development and housing activities at 12.4%, health activities at 11.5%, and education and research activities at 7.5%. The remaining non-profit sector activities accounted for the remaining 13.8%.