Dubai School Fees: GEMS Billionaire Sunny Varkey Profits as Expats Pay $30,000 - Bloomberg
At GEMS World Academy in Dubai, kindergarteners have access to iPads and students spend time at the school’s 70-seat planetarium. That all comes at a cost — fees that can rise to $33,000 by grade 12.
It’s the most expensive in the chain run by Dubai’s GEMS Education, which is among the world’s largest private school operators. Founded by Indian-born billionaire Sunny Varkey, GEMS caters to every price point, starting at as little as $3,900 a year. But a boom in the emirate’s financial sector has meant Dubai is home to a growing population of hedge fund traders and bankers willing to fork out premium prices.
Private schools are big business across the globe — and they tend to be pricey in most major hubs. In the UK, for instance, Nord Anglia Education Ltd. has been looking to sell a stake at a $15 billion valuation. But Dubai is more lucrative than its peers because local rules make the city’s public schools largely inaccessible to most expatriates.
That translates into big money in Dubai, where about 90% of the population of 3.6 million is from overseas, giving businesses unparalleled opportunity to profit from the education system. Foreigners from every part of the world — from the US and UK to Russia and India — have been pouring in since the pandemic, attracted by the city’s safety and low-tax regime. The government expects the population to surge to 5.8 million by 2040.
For GEMS, this means demand is running so high that it’s drawn up plans to add 30,000 new school places, Chief Executive Officer Dino Varkey, the founder’s son, said in an interview at the company’s headquarters.
This June, the Varkeys raised more than $3 billion from local banks to recapitalize the business while Brookfield Asset Management and co-investors committed $2 billion to GEMS. The family is now estimated to control a $3.7 billion fortune, according to the Bloomberg Billionaires Index.
Sunday, 15 September 2024
Saipem (SPM) Awarded Offshore #Qatar Contract Worth About $4 Billion - Bloomberg
Saipem (SPM) Awarded Offshore Qatar Contract Worth About $4 Billion - Bloomberg
Saipem SpA was awarded an offshore Engineering, Procurement and Construction contract by QatarEnergyLNG worth about $4 billion.
The contract is aimed at sustaining the production of the North Field offshore natural gas reservoir in Qatar, the company said in a statement.
Saipem’s scope of work encompasses the engineering, procurement, fabrication and installation of six platforms as well as approximately 100 km (62 miles) of corrosion resistance alloy rigid subsea pipelines, 100 km of subsea composite cables, 150 km of fiber optic cables and several other subsea facilities, the company said.
Saipem is seeking to widen its reach in the Middle East under Chief Executive Officer Alessandro Puliti, appointed in 2022, after the company announced a profit warning earlier that year.
Saipem SpA was awarded an offshore Engineering, Procurement and Construction contract by QatarEnergyLNG worth about $4 billion.
The contract is aimed at sustaining the production of the North Field offshore natural gas reservoir in Qatar, the company said in a statement.
Saipem’s scope of work encompasses the engineering, procurement, fabrication and installation of six platforms as well as approximately 100 km (62 miles) of corrosion resistance alloy rigid subsea pipelines, 100 km of subsea composite cables, 150 km of fiber optic cables and several other subsea facilities, the company said.
Saipem is seeking to widen its reach in the Middle East under Chief Executive Officer Alessandro Puliti, appointed in 2022, after the company announced a profit warning earlier that year.
Alcoa to sell its 25.1% stake in #Saudi's Ma’aden joint venture for $1.1bln
Alcoa to sell its 25.1% stake in Saudi's Ma’aden joint venture for $1.1bln
U.S. aluminium maker Alcoa said on Sunday that it would sell a 25.1% stake in its Ma'aden joint venture to Saudi Arabian mining company Ma'aden for $1.1 billion. The transaction includes approximately 86 million shares of Ma’aden and $150 million in cash, Alcoa said in a statement, adding that it expects to close the deal in the first half of 2025.
"The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility for Alcoa," Alcoa CEO William Oplinger said.
Alcoa said it would hold its Ma'aden shares for a minimum of three years. After completing the transaction, Alcoa would own approximately 2% of Ma’aden’s current shares outstanding.
The joint venture was created in 2009, as a fully integrated mining complex in Saudi Arabia, Alcoa said, adding that Ma’aden owns the remaining 74.9% of the project.
"We look forward to future opportunities to collaborate as we continue to build the mining sector into the third pillar of the Saudi economy,” said Bob Wilt, Ma’aden’s CEO.
In July, Alcoa posted quarterly revenue of $2.9 billion, beating expectations of $2.8 billion.
U.S. aluminium maker Alcoa said on Sunday that it would sell a 25.1% stake in its Ma'aden joint venture to Saudi Arabian mining company Ma'aden for $1.1 billion. The transaction includes approximately 86 million shares of Ma’aden and $150 million in cash, Alcoa said in a statement, adding that it expects to close the deal in the first half of 2025.
"The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility for Alcoa," Alcoa CEO William Oplinger said.
Alcoa said it would hold its Ma'aden shares for a minimum of three years. After completing the transaction, Alcoa would own approximately 2% of Ma’aden’s current shares outstanding.
The joint venture was created in 2009, as a fully integrated mining complex in Saudi Arabia, Alcoa said, adding that Ma’aden owns the remaining 74.9% of the project.
"We look forward to future opportunities to collaborate as we continue to build the mining sector into the third pillar of the Saudi economy,” said Bob Wilt, Ma’aden’s CEO.
In July, Alcoa posted quarterly revenue of $2.9 billion, beating expectations of $2.8 billion.
#SaudiArabia's inflation rate inches up to 1.6% in August | Reuters
Saudi Arabia's inflation rate inches up to 1.6% in August | Reuters
Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices.
Housing rents rose by 10.7% in August, weighing on the overall rise in prices of housing, water, electricity, gas, and other fuels by 8.9%, according to the General Authority for Statistics.
The inflation rate had held steady at 1.5% in June and July, underpinned mostly by apartment rents.
In August data showed that food and beverage prices rose 0.9%, a bigger increase than in recent months, driven by a 4.6% rise in vegetable prices.
Prices in the restaurants and hotels category, as well as the education sector, also rose, while prices in the transport sub-category fell by 3.4% and those in the furnishing and home equipment sector declined 3.5%.
On a month-on-month basis, prices increased 0.1% in August.
Inflation has remained relatively low in Saudi Arabia this year compared with global levels.
In its latest country report, the International Monetary Fund forecast Saudi inflation will average 1.9% in 2024 and 2% in 2025.
Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices.
Housing rents rose by 10.7% in August, weighing on the overall rise in prices of housing, water, electricity, gas, and other fuels by 8.9%, according to the General Authority for Statistics.
The inflation rate had held steady at 1.5% in June and July, underpinned mostly by apartment rents.
In August data showed that food and beverage prices rose 0.9%, a bigger increase than in recent months, driven by a 4.6% rise in vegetable prices.
Prices in the restaurants and hotels category, as well as the education sector, also rose, while prices in the transport sub-category fell by 3.4% and those in the furnishing and home equipment sector declined 3.5%.
On a month-on-month basis, prices increased 0.1% in August.
Inflation has remained relatively low in Saudi Arabia this year compared with global levels.
In its latest country report, the International Monetary Fund forecast Saudi inflation will average 1.9% in 2024 and 2% in 2025.
#SaudiArabia's Fourth Milling Co sets IPO price range, to raise at least $216 million | Reuters
Saudi Arabia's Fourth Milling Co sets IPO price range, to raise at least $216 million | Reuters
The price range for Saudi Arabia's Fourth Milling Company's upcoming initial public offering (IPO) has been set at between 5 riyals and 5.3 riyals a share, according to a stock exchange filing on Sunday.
That would allow the company to raise between 810 million riyals ($215.84 million) and 858.6 million riyals ($228.80 million) depending on the price.
The company said this month it planned to list a 30% stake, comprising 162 million shares, on the Saudi bourse, adding to a string of listings in the Gulf country.
The bookbuilding period for the IPO will run from Sept. 15 to Sept. 19, said the statement from Riyad Capital, the company's financial adviser and lead manager.
The price range for Saudi Arabia's Fourth Milling Company's upcoming initial public offering (IPO) has been set at between 5 riyals and 5.3 riyals a share, according to a stock exchange filing on Sunday.
That would allow the company to raise between 810 million riyals ($215.84 million) and 858.6 million riyals ($228.80 million) depending on the price.
The company said this month it planned to list a 30% stake, comprising 162 million shares, on the Saudi bourse, adding to a string of listings in the Gulf country.
The bookbuilding period for the IPO will run from Sept. 15 to Sept. 19, said the statement from Riyad Capital, the company's financial adviser and lead manager.
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