Apollo to Invest $1.4b in Abu Dhabi Developer Aldar

Apollo to Invest $1.4b in Abu Dhabi Developer Aldar
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Apollo to Invest $1.4b in Abu Dhabi Developer Aldar

Apollo to Invest $1.4b in Abu Dhabi Developer Aldar

Apollo Global Management (APO.N) will invest $1.4 billion in Abu Dhabi developer Aldar Properties (ALDAR.AD), including a land joint venture and an equity investment in the company's real estate unit, the pair said on Monday.

The commitment will be made by Apollo managed funds and clients and include a $500 million investment in a land joint venture and a $100 million common equity investment in Aldar's real estate investment unit, the companies said, Reuters reported.

New York-based Apollo would also invest $800 million in the unit, Aldar Investment Properties, through perpetual subordinated notes and mandatory convertible preferred equity, they said.

The land acquired in the joint venture from Aldar's landbank could later be developed or sold. Apollo will hold a minority stake in the real estate investment unit through the common equity investment,

"Aldar’s ability to attract a long-term partner such as Apollo, underscores the strength of Aldar’s business franchise," Aldar Chief Executive Talal Al Dhiyebi said.

Apollo Chief Executive Marc Rowan said Apollo was "pleased" to serve as a long-term capital partner to Aldar.

The transaction is expected to close in the first quarter. The cash proceeds would be used to fund Aldar's growth plans.

Aldar last week said it planned to spend nearly $1.4 billion of existing capital this year acquiring recurring revenue generating assets such as commercial and residential property.



Lubna Olayan, Jane Fraser Appointed Co-Chairs of Saudi-US Business Council 

A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
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Lubna Olayan, Jane Fraser Appointed Co-Chairs of Saudi-US Business Council 

A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)

The Saudi-US Business Council announced on Tuesday the appointment of Olayan Group’s founding board chair Lubna Suliman Olayan, and Citigroup chief executive Jane Fraser as co-chairs of the council’s board of directors, representing Saudi Arabia and the United States, respectively.

The council said Olayan brings extensive experience in advancing Saudi-US economic relations. In addition to her role at the Olayan Group, she serves as chair of the board of directors of Saudi Awwal Bank (SAB) and sits on several international advisory boards.

The two co-chairs will lead efforts to define the strategic direction of the council's work as a key platform supporting bilateral business and investment between Saudi Arabia and the US, added the council.

Their leadership comes at a pivotal time as the Kingdom continues to expand economic and investment opportunities under Saudi Vision 2030.


Saudi Tourism Authority Concludes Promotional Tour in Gulf Countries 

The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)
The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)
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Saudi Tourism Authority Concludes Promotional Tour in Gulf Countries 

The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)
The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. (SPA)

The Saudi Tourism Authority (STA) concluded its promotional tour across Oman, Qatar, Bahrain, and the United Arab Emirates, reported the Saudi Press Agency on Wednesday.

The tour was carried out in cooperation with a select group of partners from the Saudi tourism private sector. The delegation met with over 750 partners from major travel agencies and tour operators in the Gulf Cooperation Council (GCC) countries to showcase Saudi tourism products and destinations.

It explored opportunities for cooperation and the development of diverse tourism packages and products, coinciding with the Saudi Winter 2025 program under the theme "Winter is Alive.”

The tour is part of the STA's ongoing efforts to promote its unique tourist destinations, empower private-sector partners both inside and outside Saudi Arabia, and contribute to attracting more segments of Gulf tourists to the Kingdom.


World Bank: Rebuilding Syria to Cost Around $216 Billion 

Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
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World Bank: Rebuilding Syria to Cost Around $216 Billion 

Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)

Rebuilding Syria after more than a decade of civil war is expected to cost about $216 billion, the World Bank said in a report published Tuesday.

The report, “Syria Physical Damage and Reconstruction Assessment 2011-2024”, presents the results of a rapid nationwide assessment across infrastructure and building assets, covering the period from 2011 to 2024.

Syria’s conflict has damaged nearly one-third of its pre-conflict gross capital stock, with direct physical damages to infrastructure, residential buildings, and non-residential buildings estimated at $108 billion, said the report.

The conclusions came two days after Syrian Finance Minister Mohammed Yisr Barnieh held meetings in Washington with World Bank representatives and discussed ways to support Syria’s economic and financial recovery. Syria aims to secure approximately $1 billion in grants from the World Bank over the next three years.

Among the categories assessed, the World Bank found that infrastructure was the hardest hit, accounting for 48% of total damage ($52 billion), followed by residential buildings ($33 billion) and non-residential buildings ($23 billion).

The governorates of Aleppo, Damascus countryside, and Homs were the most severely affected in terms of total damage.

Cost of reconstruction 10 times Syria’s GDP

The assessment said reconstruction costs of Syria’s damaged physical assets are projected to range between $140 billion and $345 billion, with a conservative best estimate of $216 billion. This includes $75 billion for residential buildings, $59 billion for non-residential structures, and $82 billion for infrastructure.

The governorates of Aleppo and Damascus countryside are expected to require the most significant reconstruction investments.

The assessment underscores the scale of the challenge and the immense need for international support as estimated physical reconstruction costs are nearly ten times Syria’s projected 2024 GDP.

The conflict has devastated Syria’s economy, with real GDP declining by nearly 53% between 2010 and 2022.

In nominal terms, GDP contracted from $67.5 billion in 2011 to an estimated $21.4 billion in 2024, as per Syria Macro-Fiscal Assessment published earlier this year.

“The challenges ahead are immense, but the World Bank stands ready to work alongside the Syrian people and the international community to support recovery and reconstruction,” said Jean-Christophe Carret, World Bank Middle East Division Director.

“Collective commitment, coordinated action, and a comprehensive, structured support program are critical to helping Syria on its path to recovery and long-term development,” he added.

For his part, Barnieh said the report provides a critical baseline of the massive scale of the destruction and of the reconstruction costs ahead.

“Now, more than ever, it is imperative for the international community to mobilize support and partnership to help Syria restore essential infrastructure, revitalize communities, and lay the foundation for a more resilient future for its people,” he noted.

Given the protracted conflict and related methodological constraints, the report findings are subject to significant uncertainty.

The report does not provide detailed disaggregation by sectors or more detailed asset types. It is intended to provide an estimate of the overall scale of damage and reconstruction costs, and to inform discussions on recovery planning.

The assessment was prepared with financial and technical support from the World Bank’s Global Facility for Disaster Reduction and Recovery (GFDRR).