Yemeni president Abed Rabbo Mansour Hadi dismisses Ahmed bin Daghr and appoints Moin Abdul Malik as prime minister.
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RIYADH: Saudi Arabia’s prime office rental space saw a 5 percent growth in transactions in the first quarter of 2024 compared to the previous period, according to an industry report.
As per the global real estate services provider Savills analysis, Riyadh achieved an occupancy rate of 98 percent in early 2024, with rents increasing by 20 percent year on year.
“Despite healthy demand, a significant decrease in the number of office rent transactions was recorded in the first quarter, with Ejar data indicating a 27 percent drop in transactions quarter on quarter due to the limited availability of office spaces,” Amjad Saif, head of transactional services at Savills Saudi Arabia, said.
“However, Grade A offices witnessed an increase in rents by 5 percent compared to the last quarter, owing to the buoyant demand for quality assets amid their limited supply,” Saif added.
The report also highlighted that 74 percent of Savills’ inquiries originated from overseas, with an impressive 37 percent coming specifically from US corporations.
“Riyadh is experiencing a remarkable surge in corporate interest, with over 180 foreign companies surpassing the initial target of 160 choosing to establish their regional headquarters in the city,” Ramzi Darwish, head of Saudi Arabia at Savills Middle East, said.
“This growing confidence reflects the robust potential of the Saudi capital, fueled by the country’s strategic economic diversification plan. Prominent entities such as Franklin Templeton and Allen & Overy have recently set up their regional bases in the capital Riyadh,” he added.
The report also indicated that the Business Parks and the King Abdullah Financial District are experiencing significant interest, with 75 percent of transactions involving relocations to these areas.
To address demand concerns, over 420,000 sq. m of new Grade A office space is expected by year-end, providing tenants with greater flexibility and helping to stabilize rental prices, the analysis stated.
Significant leasing activity was observed in the first quarter of 2024, with legal services leading the way, followed by engineering, manufacturing, and information technology sectors.
Additionally, technology, media, telecommunications, banking, and financial services, as well as insurance companies, dominated occupier inquiries, reflecting diverse industry interests.
NEW DELHI: A-list actors in India called on voters to cast their ballots on Monday, as the country’s massive general election reaches Bollywood capital Mumbai, entering its fifth phase.
More than 968 million people are eligible to vote in India, as the world’s largest electoral exercise began on April 19 in a seven-phase election spread out over over six weeks, with ballots set to be counted on June 4.
Voter numbers have slumped compared to previous polls, with the first four phases of the election held on April 19, April 26, May 7 and May 13 seeing a turnout of 66.95 percent, 66.7 percent, 65.7 percent and 69.1 percent, respectively.
In India’s financial capital Mumbai, located in Maharashtra state, Bollywood stars were among the voters queuing since early morning to cast their ballots on Monday, as millions vote in the fifth phase of the election, where 49 seats are up for grabs across six states and two federally administered territories.
“I came here at 7 o’clock in the morning when the polling booth opened,” actor Akshay Kumar told reporters after casting his vote.
“I want my India to be developed and strong. I voted, keeping that in mind. (Indians) should vote according to what they think is best for them.”
Actor Rajkummar Rao said that voting was a “big responsibility” for the nation.
“It’s very, very important. If, through us, people can get influenced, it’s the best we can do to make people aware of the importance of voting. It’s our moral responsibility toward the nation. I appeal to all of you to come out and vote,” he said.
Bollywood superstar Shah Rukh Khan had also urged Indians to use their right to vote over the weekend, taking to X — where he has more than 44 million followers — to make the public call.
“As responsible Indian citizens we must exercise our right to vote this Monday in Maharashtra. Let’s carry out our duty as Indians and vote keeping our country’s best interests in mind,” Khan said.
This election sees Prime Minister Narendra Modi chasing a rare third straight five-year term in power, targeting 400 out of the 543 parliamentary seats for the National Democratic Alliance led by his Hindu nationalist Bharatiya Janata Party, which has been in power since 2014.
Analysts say Maharashtra will likely be a swing state as it sends the second-highest number of representatives to the lower house of parliament after Uttar Pradesh, which sends 80 lawmakers. It may affect the BJP’s initial strong projections in the polls.
“There are many social issues that are going to be crucial in the state. For instance there is an agrarian distress, the issue of reservation for the local Maratha community, the general issues like price rise and unemployment that are going against the establishment,” said Shailendra R Kharat, political science professor at Pune University.
Though the BJP swept 42 seats in the state in the 2019 elections, Kharat said he expects the ruling party alliance to get only 30 at most.
Ashok Wankhede, a political analyst based in Maharashtra, said the BJP has not been able “to carry the trust” of the people.
“Maharashtra is the state where the BJP-led alliance is losing the most. This is going to be a major swing state,” he told Arab News.
“To talk about 400 seats is a war cry. The fight in this election is open and it’s not going to be easy for the BJP to form the government. The last four phases of the election have not been very promising for the BJP.”
DUBAI: More than 35,562 Palestinians have been killed and 79,652 injured in the Israeli military offensive on Gaza since Oct. 7, the Gaza health ministry said in a statement on Monday.
One hundred and six Palestinians were killed and 176 injured in the past 24 hours, the ministry added.
RIYADH: The second Saudi Food Show, the Kingdom’s largest food and beverage sourcing event, will begin Tuesday at the Riyadh Front.
This year’s show, which will run until May 23, is sponsored by Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef in collaboration with the Saudi Authority for Industrial Cities and Technology Zones, or MODON.
It features 1,000 exhibitors presenting 100,000 product innovations from 97 countries, including newcomers and returning successes like Top Table Saudi and Youth X Saudi in expanded formats.
The first day, curated by MODON, emphasizes technology’s role in enhancing food production efficiency in Saudi Arabia, alongside investments in human capital for competitiveness in the F&B sector and fintech’s financial support role.
Ali Al-Omeir, MODON’s vice president of business development, underscored their focus on localizing the F&B industry to bolster food security in Saudi Arabia, aligning with the National Strategy for Industry and Saudi Vision 2030.
Over the second and third days, over 90 leaders from public and private sectors, including ministries, food investors, retailers, innovators, and food service providers, will share insights on maximizing opportunities in the Saudi F&B market, fostering success for businesses in the Kingdom through keynote addresses, panels, and workshops.
The event will introduce Saudifoodpreneur, a workshop series for F&B entrepreneurs. Led by industry experts and successful entrepreneurs, these workshops and business support clinics will guide startups through navigating Saudi Arabia’s dynamic F&B landscape, equipping them with the necessary knowledge and skills to succeed in the vibrant market.