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Qiddiya Signs MoU with Samsung

Qiddiya Signs MoU with Samsung, Asharq Al-Awsat
Qiddiya Signs MoU with Samsung, Asharq Al-Awsat
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Qiddiya Signs MoU with Samsung

Qiddiya Signs MoU with Samsung, Asharq Al-Awsat
Qiddiya Signs MoU with Samsung, Asharq Al-Awsat

The Qiddiya Investment Company (QIC) and Samsung have signed an agreement to collaborate on a broad range of areas from engaging Samsung C&T for the design, engineering and construction of Qiddiya’s sports complex, to working with Samsung Electronics to become Qiddiya’s primary technology sponsor.

The extensive and powerful economic Memorandum of Understanding (MoU), signed at The Future Investment Initiative, also includes co-branding and naming rights for some of Qiddiya’s anchor facilities and enables QIC to work with a number of businesses under the Samsung umbrella.

After detailed discussions, held both in Saudi Arabia and Samsung’s headquarters in South Korea, the MoU was signed by Michael Reininger, CEO of QIC, and Young Ho Lee, President & CEO of Samsung C&T.

Speaking to Asharq Al-Awsat, Reininger said that QIC is continuing its strategies, pointing out that everything they are building and designing today will be state-of-the-art when the project opens in 2023.

Reininger did not disclose the value of the contract with Samsung, but stressed that the work will provide recreational, sports and technical facilities at the highest level in Qiddiya.

“This year, Qiddiya been advancing steadily on our journey from design to execution. The signing of this milestone MoU between Qiddiya and Samsung C&T, an industry leader and global pioneer, demonstrates our commitment to achieving our dual goals of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom of Saudi Arabia,” commented Reininger.

“Samsung is proud to be a strategic partner for QIC. With the signing of the MOU between Qiddiya and Samsung, we are confident to leverage the full capabilities from both partners to deliver the most technologically advanced Entertainment, Sports and the Arts destination in the Kingdom of Saudi Arabia,” Wan Soo Kim, Senior Vice President of Samsung C&T said at the signing.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.