MANILA: Global furniture retailer IKEA will in 2020 open its first store in the Philippines located at one of the world’s biggest shopping malls, mall operator SM Prime Holdings said on Friday.
SM Prime, the Philippines’ biggest property firm, will build premises at the SM Mall of Asia to rent to IKEA under an agreement signed earlier this year, Alexander Pomento, SM Prime vice president for investor relations, said.
The firm is also considering renting some of the new space to other tenants, he said.
IKEA did not immediately respond to requests for comment.
Up to 300,000 people a day pass through the SM Mall of Asia, situated in the Manila Bay retail, residential and entertainment hub.
As of last month, IKEA had 414 stores in 49 countries, many in out-of-town malls. The firm in November said it would increase city-center showrooms.
SM Prime, owned by the Philippines’ richest man, is valued at $19 billion and has interests in shopping malls, office towers, residential buildings, hotels and convention centers.
IKEA partners with mall operator SM Prime for first Philippines store
IKEA partners with mall operator SM Prime for first Philippines store
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
