• Major SAR 1.1 billion development to transform a significant 103,000 square meter plot into a premium commercial hub in Riyadh.
• Located on Prince Turki I Road, the project promises Grade A office spaces and extensive amenities with excellent road access.
• This partnership aims to enhance investor capital through a focused, income-generating property strategy.

RIYADH, Saudi Arabia, April 30, 2024 /PRNewswire/ — Ezdihar Real Estate Development Company, in collaboration with Al-Istithmar Securities and Brokerage Company (Al-Istithmar Capital), the investment arm of the Saudi Investment Bank, proudly announces the creation of a new real estate fund valued at SAR 1.1 billion. This fund is focused on the development of an international standard office and commercial precinct in the vibrant heart of Riyadh.

This initiative targets the strategic development of a 103,000 square meter prime plot located on the King Saud University campus along Prince Turki I Road. The planned commercial office complex represents a unique real estate development opportunity, aiming to become a landmark project in Riyadh.

The development is designed as a Grade A office park that will feature state-of-the-art design and compelling amenities, setting a new standard for modern business environments. Situated in the sought after north/west district of Riyadh, the project will enjoy excellent roadway access with direct connections to King Khalid International Airport, and all the mega and giga projects driving the growth of Riyadh. The location is centred in the “growth engine” of Riyadh and has been strategically chosen to attract leading businesses looking for premium office space in a dynamic area.

The business plan focuses on building a strong income-generating office complex that promises substantial returns for investors. A lifestyle orientation is built into every aspect of the design, incorporating significant green areas and ample circulation spaces to enhance the workplace atmosphere. Additionally, the complex will include multiple building types to accommodate a wide range of tenant space requirements, ensuring flexibility and adaptability to meet diverse business needs.

Mr. AbdulMohsen bin Fawaz AlHokair, CEO of Ezdihar Real Estate Development Company, shared his enthusiasm about the project, stating: “This project aligns seamlessly with our commitment to provide distinctive, quality-oriented projects that exceed our clients’ expectations.”

Mr. Khaled bin Abdulaziz AlRayes, CEO of Alistithmar Capital, added: “Through this partnership, we aim to meet and adapt to the evolving market demands by offering high-quality, value-added investment opportunities that optimize benefits and maximize returns.”

This partnership represents a significant step in advancing Riyadh’s development as a leading hub for real estate investment, further positioning Ezdihar Real Estate Development and Al-Istithmar Capital at the forefront of the region’s real estate market.

About Ezdihar Real Estate Development:

Ezdihar, a dynamic force within the Fawaz Alhokair Group and nurtured by Ezdihar Holding, is transforming the real estate landscape in the Kingdom of Saudi Arabia. As a company committed to enriching the quality of life, Ezdihar meticulously crafts distinctive urban landscapes that blend seamlessly with the rhythms of modern life. With a focus on creating exceptional living spaces and iconic destinations, Ezdihar’s visionary projects are integral to the Kingdom’s 2030 Vision, aiming to elevate standards of living, working, and recreation. The company is set to achieve 1 million+ sqm of gross leasable area and deliver 2,000 residential units by 2030, through its development in major cities underpinned by four premier masterplans. Ezdihar is dedicated to enhancing community well-being across Saudi Arabia through innovative designs, astute financial management, and a commitment to excellence in all phases of development, from site selection to after-sales support.

Please visit www.Ezdihar.com.

About Al-Istithmar Capital:

Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) is a leading Saudi closed joint stock company with a paid up capital of SR 250 Million, 100% owned subsidiary of The Saudi Investment Bank. Licensed by the Capital Market Authority (CMA) under license No. 11156-37 dated 02/06/2007, to provide services in Dealing, Managing Investments and Operating Funds, Arranging, Advising and Custody.

Alistithmar Capital provides views and analysis across different asset classes, policies, and economies in both local and regional market, through an expert team that strives to deliver outstanding performance.

Please visit www.icap.com.

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NICOSIA, Cyprus, April 30, 2024 /PRNewswire/ — ISX Financial EU PLC (“ISXPlc”), is pleased to present its earnings for Q1 2024. Building on the back of a record Q4 23, ISXPlc is pleased to have delivered yet another record breaking quarter, marking a continuation of its upward trajectory and solidifying its position as a leader in both ‘banktech’ and payment sectors.

Robust Growth: The numbers speak volumes about ISXPlc’s performance. ISXPlc’s revenues soared to €13.4 million, marking an extraordinary 85% year-over-year increase.

Financial Strength: Maintaining a solid financial foundation is crucial for long-term success. With an EBITDA margin of 55%, ISXPlc demonstrates resilience and stability in the market.

Innovation Focus: Innovation is at the core of everything ISXPlc does. The commitment by ISXPlc to staying ahead of the curve is reflected in its investment of €0.6 million in Research and Development during Q1. These investments fuel the development of customer-centric solutions and position ISXPlc as a pioneer in technological advancements within the industry.

ISX Financial EU Plc, CFO, Ajay Treon, “This quarter’s results are a testament to the dedication and hard work of our team. We remain committed to delivering value to our clients and stakeholders while driving innovation in the financial sector.”

Future Outlook: As ISXPlc looks towards the future, its sights are set on even greater achievements. In 2024, ISXPlc aims to surpass €45 million in revenue while maintaining a robust EBITDA/profitability margin within the 25-35% range. 

“We anticipate continued, stable growth across the year, as we aim towards our €45m annual revenue target. ISXPlc is also in beta release for some exciting new products, that will further drive revenue growth and customer acquisition.” said ISX Financial EU Plc CEO, Nikogiannis Karantzis, “Strong results in 1H2024 will underpin a possible listing event later during the year.”

You can view the full ISX Financial EU PLC Q1 2024 earnings through the link below: https://www.isx.financial/hubfs/ISX%20Announcements/2024/ISX%2024Q1%20Earnings.pdf

About ISX Financial EU PLC

ISX Financial EU PLC is a ‘banktech’ company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company’s combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance, and payment processing capability. 

For Media Enquiries, please contact: [email protected]; +35722015740

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ABU DHABI, UAE, April 30, 2024 /PRNewswire/ — COP28 President Dr. Sultan Al Jaber today addressed the ‘First Meeting of the Board of the Fund for responding to loss and damage’ and urged Parties to “build on progress” and deliver “lasting, positive, socio-economic impact” to help the most vulnerable to climate change.

During his address, Dr. Al Jaber said that while delivering an agreement to operationalize the Fund at COP28 was a “huge breakthrough for climate progress” more needs to be done.

The COP28 President said: “Let’s make sure we build on that progress with a fully functioning fund. A Fund that is endorsed at COP29 in Baku, a Fund that is disbursing funds soon after and a Fund that delivers lasting, positive, socio-economic impact for decades to come.”

Loss and damage was first put on the COP agenda in 1991 and that “while it took over three decades to establish this Fund, climate change has not stood still. Every region of the world is now vulnerable…the impacts of climate change are a clear and present danger to lives and livelihoods everywhere.”

H.E Abdulla Balalaa, the Assistant Minister of Foreign Affairs for Energy and Sustainability and the UAE representative on the Board, said: “Parties made history on the first day of COP28 by operationalizing the funding arrangements and Fund for loss and damage after 30 years. This outcome reflected global solidarity among all Parties to support developing countries that are particularly vulnerable. The Board plays an important role in delivering on this mandate in an ambitious manner. We must leave this first meeting with strong foundations and an outcome we can all be proud of.”

The agreement to operationalize and capitalize the Fund, which will assist developing countries who are particularly vulnerable to the adverse effects of climate change, was passed on the first day of COP28 – the first time such a substantive decision had been made on the first day of a COP.

A total of US$792 million has been pledged for loss and damage funding arrangements – of which US$662 million has been pledged to the Fund to date – including US$100 million from the UAE.   

“That was a good start. It is not enough,” Dr. Al Jaber said. “I call on all Parties who can to come forward with concrete commitments. Let’s make this Fund robust, Let’s make this Fund efficient.”

The Fund “should help real people in vulnerable communities to recover from climate impacts,” he stated. “It should build back those communities better, stronger and with more resilience. And it should improve lives and livelihoods for the long term.”

“Along with the UAE Consensus, the decision on loss and damage was a huge breakthrough for climate progress,” Dr. Al Jaber declared and “set a new pace in climate action” with support for loss and damage having been on the COP agenda since 1991.

Last year’s decision to implement the Fund followed a series of transitional committee meetings in the run up to COP28, including Transitional Committee Five, which was hosted in Abu Dhabi after preceding meetings had reached an impasse.

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