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Saudi Arabia’s PIF to Aquire 40% stake in Selfridges, Iconic British Department Store
Saudi Arabia's Public Investment Fund (PIF) has acquired a 40% stake in the iconic British department store chain, Selfridges.
The Suadi Boom
October 11, 2024
Welcome to The Saudi Boom. The No.1 Business Site & Newsletter in Saudi Arabia. Discover The Latest Developments and Opportunities in The Kingdom of Saudi Arabia.
LATEST NEWS
In Today’s Edition:
Saudi Arabia’s PIF to Aquire 40% stake in Selfridges, Iconic British Department Store
Delta Airlines and Saudia Sign Codeshare Agreement to Expand Global Reach
Riyadh Season Becomes Official Sponsor of La Liga for 3 Seasons
Red Sea Global Partners with Marriott to Open The Ritz-Carlton, AMAALA in 2025
TRAVEL
✨ Saudi Arabia’s PIF to Aquire 40% stake in Selfridges, Iconic British Department Store
Saudi Arabia's Public Investment Fund (PIF) has acquired a 40% stake in the iconic British department store chain, Selfridges. This move signals PIF's continued global expansion and diversification strategy, while strengthening Selfridges' financial position and fueling future growth.
Key Takeaways:
Strategic Partnership: PIF steps in to acquire the stake previously held by Austrian real estate conglomerate Signa, which had collapsed. This partnership combines PIF's financial resources with Selfridges' established brand and retail expertise.
Financial Boost: The terms of the deal are not publicly disclosed, but are expected to provide a significant financial boost to Selfridges.
Focus on Growth: The partnership aims to support Selfridges' future development and solidify its position as a leading luxury retailer.
The PIF's acquisition of a stake in Selfridges is a strategic move for both parties. PIF gains a foothold in a prestigious retail chain, while Selfridges secures a strong financial partner for continued growth. This collaboration positions Selfridges to maintain its position as a global luxury retail icon. Read more
TRAVEL
✨ Delta Airlines and Saudia Sign Codeshare Agreement to Expand Global Reach
Delta Air Lines and Saudia, the national carrier of Saudi Arabia, have signed a codeshare agreement. This collaboration aims to expand global reach, offering travelers more convenient and seamless connections between the United States, Europe, and the Middle East.
Key Takeaways:
Expanded Network: The codeshare agreement will allow travelers to book single-ticket journeys on both airlines, accessing a wider network of destinations.
Enhanced Connectivity: Delta Air Lines customers will benefit from seamless connections to Saudi Arabia, while Saudia passengers will enjoy easier access to the United States and Europe.
Strengthened Ties: This partnership signifies a strengthening of ties between the United States and Saudi Arabia, fostering collaboration in the aviation industry and promoting tourism and trade.
The codeshare agreement between Delta Air Lines and Saudia marks a significant milestone in global aviation. This collaboration provides travelers with greater flexibility and convenience, while strengthening the relationship between the two nations. Read more
HOSPITALITY
✨ Red Sea Global Partners with Marriott to Open The Ritz-Carlton, AMAALA in 2025
The Red Sea's tourism scene is poised for further luxury development! Red Sea Global has partnered with Marriott International to unveil The Ritz-Carlton, AMAALA. Set to open in 2025, this high-end resort promises to redefine luxury hospitality within the AMAALA development.
Key Takeaways:
Designed for Opulence: The Ritz-Carlton, AMAALA, designed by Foster + Partners, will boast 391 rooms, with 80% offering breathtaking views of the Red Sea. Guests can expect direct beach access, world-class wellness facilities, and a variety of outdoor activities.
Prime Location: Situated within the luxurious AMAALA development, the resort will offer convenient access to a range of high-end amenities and experiences.
Largest Red Sea Property: The Ritz-Carlton is slated to become the biggest property within the Red Sea destination, solidifying AMAALA's position as a premier luxury tourism hub.
The arrival of The Ritz-Carlton, AMAALA in 2025 signifies a significant expansion of luxury offerings within the Red Sea. This collaboration between Red Sea Global and Marriott International promises an unparalleled experience for discerning travelers seeking a luxurious escape on the shores of the Red Sea. Read more
EVENTS
✨ Riyadh Season Becomes Official Sponsor of La Liga for 3 Seasons
The iconic Saudi Arabian event has secured a major partnership, becoming the official sponsor of La Liga, the top-tier Spanish football league, for three seasons. This collaboration aims to elevate the Riyadh Season experience and attract global sports enthusiasts.
Key Takeaways:
A Global Collaboration: The partnership with La Liga aligns with Riyadh Season's vision to host world-class events and attract international visitors.
Enhanced Fan Experience: Football fans attending Riyadh Season will benefit from exclusive La Liga experiences, including meet-and-greets, fan zones, and opportunities to watch live matches.
Boosting Tourism and Entertainment: This collaboration further solidifies Riyadh Season's position as a major global entertainment destination, attracting tourists and sports enthusiasts from around the world.
Riyadh Season's partnership with La Liga marks a significant milestone in its journey to become a global entertainment powerhouse. This collaboration promises to enhance the event's appeal and offer a unique experience for visitors and football fans alike. Read more
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