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Saudi Company Acquires US Medical Campus

Saudi Company Acquires US Medical Campus
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Saudi Company Acquires US Medical Campus

Saudi Company Acquires US Medical Campus

Saudi-based Arbah Capital has announced its investors’ acquisition of the Commonwealth Campus, a $59m high income-producing diversified medical campus in Port Richmond, Philadelphia, United States.

The Campus includes prominent tenants such as Ambrosia Treatment Centers Group, Temple Health University, and Northeastern Partners.

Arbah, a financial investment company licensed by the Saudi Capital Market Authority, said it was able to secure the acquisition at a significant discount to the market valuation carried out by the US CBRE Group, providing further security to its investors.

Philadelphia is known as a medical and education hub and 1/5 of all US physicians have trained there.

The property itself has undergone more than $23m in recent refurbishment including a brand new building on site, which will open as a new outpatient facility for Ambrosia, and a wellbeing center, which is due to open in January 2021.

Arbah CEO Mahmood al-Kooheji has stated that the company’s main strategy is to find the right growth sectors for its investors and organize the investments in these sectors with leading partners who have a proven track record.

Arbah’s reputation and professionalism attract prominent partners to offer investments with added-value to its investors, he added.

The company is very proud to have once again found and executed such an excellent investment in a growing sector and with the best partner, Hampshire Stateside.

Hampshire Companies manage more than 270 properties and have Assets Under Management (AUM) of over $2.4bn in the US.

This investment reflects Arbah’s strategy of acquiring distinctive assets within excellent locations in defensive sectors like social infrastructure and industrial real estate, reflecting its investment strategy in finding exclusive high-quality opportunities for its investors, Kooheji noted.

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Trump Exempts Mexico Goods from Tariffs for a Month, but Doesn’t Mention Canada

Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
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Trump Exempts Mexico Goods from Tariffs for a Month, but Doesn’t Mention Canada

Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)

US President Donald Trump on Thursday said Mexico won't be required to pay tariffs on any goods that fall under the United States-Mexico-Canada Agreement on trade until April 2, but made no mention of a reprieve for Canada despite his Commerce secretary saying a comparable exemption was likely.

"After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement," Trump wrote on Truth Social. "This Agreement is until April 2nd."

Earlier on Thursday, US Commerce Secretary Howard Lutnick said the one-month reprieve on hefty tariffs on goods imported from Mexico and Canada that has been granted to automotive products is likely to be extended to all products that comply with the US-Mexico-Canada Agreement on trade.

Lutnick told CNBC he expected Trump to announce that extension on Thursday, a day after exempting automotive goods from the 25% tariffs he slapped on imports from Canada and Mexico earlier in the week.

Trump "is going to decide this today," Lutnick said, adding "it's likely that it will cover all USMCA-compliant goods and services."

"So if you think about it this way, if you lived under Donald Trump's US-Mexico-Canada agreement, you will get a reprieve from these tariffs now. If you chose to go outside of that, you did so at your own risk, and today is when that reckoning comes," he said.

Nonetheless, Trump's social media post made no mention of a reprieve for Canada, the other party to the USMCA deal that Trump negotiated during his first term as president.

Lutnick said his "off the cuff" estimate was that more than 50% of the goods imported from the two US neighbors - also its largest two trading partners - were compliant with the USMCA deal that Trump negotiated during his first term as president.

Canadian Prime Minister Justin Trudeau called Lutnick's comments "promising" in remarks to reporters in Canada.

"That aligns with some of the conversations that we have been having with administration officials, but I'm going to wait for an official agreement to talk about Canadian response and look at the details of it," Trudeau said. "But it is a promising sign. But I will highlight that it means that the tariffs remain in place, and therefore our response will remain in place."

Lutnick emphasized that the reprieve would only last until April 2, when he said the administration plans to move ahead with reciprocal tariffs under which the US will impose levies that match those imposed by trading partners.

In the meantime, he said, the current hiatus is about getting fentanyl deaths down, which is the initial justification Trump used for the tariffs on Mexico and Canada and levies on Chinese goods that have now risen to 20%.

"On April 2, we're going to move with the reciprocal tariffs, and hopefully Mexico and Canada will have done a good enough job on fentanyl that this part of the conversation will be off the table, and we'll move just to the reciprocal tariff conversation," Lutnick said. "But if they haven't, this will stay on."

Indeed, Trudeau is expecting the US and Canada to remain in a trade war.

"I can confirm that we will continue to be in a trade war that was launched by the United States for the foreseeable future," he told reporters in Ottawa.