First foreign firm takes ownership of Saudi football club
RIYADH, SAUDI ARABIA (AFP) A foreign company sealed the purchase of a Saudi football club - a first in the kingdom - the country's Sports Ministry said Thursday, as it announced the privatisation of three teams in the Saudi Pro League. The Harburg Group - led by American Ben Harburg - said it had "officially completed the 100 per cent acquisition of Al Kholood Club, of the Saudi Pro League, as part of the groundbreaking privatisation initiative of Saudi Vision 2030."Last season, Al Kholood finished ninth out of the 18 teams in the Saudi Pro League.The Harburg Group currently owns a 6.5 per cent stake in Cadiz, a club in Spain's second division.In a separate statement, the ministry said: "The first three Saudi sports clubs have been privatised through a public offering - Al Ansar, Al Kholood, and Al Zulfi - with their ownership transferred to investment entities."Saudi Arabia has shaken up football by spending heavily on stars from Europe, starting with Cristiano Ronaldo's move in late 2022, and the desert nation will host the FIFA World Cup in 2034.For the past two years, Saudi football fans could watch the likes of Ronaldo and Karim Benzema on any given weekend during the Saudi Pro League season in the kingdom.The Saudi football project has drawn comparisons with the Chinese Super League, which imported players on exorbitant salaries until team owners went bust as the Chinese economy fizzled.
Sports are a major component of the Vision 2030 reform agenda, which aims to diversify the economy of the world's top crude oil exporter.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
2 hours ago
- Gulf Today
Less selection, More prices
With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not.' Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. US retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. The consequences for consumers? Stores may not have the specific gift items customers want come November and December. Some retail suppliers and buyers scaled back their holiday lines rather than risking a hefty tax bill or expensive imports going unsold. Businesses still are setting prices but say shoppers can expect many things to cost more, though by how much depends partly on whether Trump's latest round of 'reciprocal' tariffs kicks in next month. The lack of clarity has been especially disruptive for the US toy industry, which sources nearly 80% of its products from China. American toy makers usually ramp up production in April, a process delayed until late May this year after the president put a 145% tariff on Chinese goods, according to Greg Ahearn, president and CEO of the Toy Association, an industry trade group. The US tariff rate may have dropped significantly from its spring high - a truce in the US-China trade war is set to expire on Aug. 12 - but continues to shape the forthcoming holiday period. Manufacturing activity is way down from a year ago for small- and medium-sized US toy companies, Ahearn said. The late start to factory work in China means holiday toys are only now arriving at US warehouses, industry experts said. A big unknown is whether tariffs will keep stores from replenishing supplies of any breakout hit toys that emerge in September, said James Zahn, editor-in-chief of the trade publication Toy Book. In the retail world, planning for Christmas in July usually involves mapping out seasonal marketing and promotion strategies. Dean Smith, who co-owns independent toy stores JaZams in Princeton, New Jersey, and Lahaska, Pennsylvania, said he recently spent an hour and a half running through pricing scenarios with a Canadian distributor because the wholesale cost of some products increased by 20%. Increasing his own prices that much might turn off customers, Smith said, so he explored ways to 'maintain a reasonable margin without raising prices beyond what consumers would accept.' He ordered a lower cost Crazy Forts building set so he would have the toy on hand and left out the kids' edition of the Anomia card game because he didn't think customers would pay what he would have to charge. 'In the end, I had to eliminate half of the products that I normally buy,' Smith said. Hilary Key, owner of The Toy Chest in Nashville, Indiana, said she tries to get new games and toys in early most years to see which ones she should stock up on for the winter holidays. This year, she abandoned her product testing for fear any delayed orders would incur high import taxes. Meanwhile, vendors of toys made in China and elsewhere bombarded Key with price increase notices. For example, Schylling, which makes Needoh, Care Bear collectibles and modern versions of nostalgic toys like My Little Pony, increased prices on orders by 20%, according to Key. All the price hikes are subject to change if the tariff situation changes again. Key worries her store won't have as compelling a product assortment as she prides herself on carrying. 'My concern is not that I'll have nothing, because I can bring in more books. I can bring in more gifts, or I can bring in just things that are manufactured in other places,' she said. 'But that doesn't mean I'm going to have the best stock for every developmental age, for every special need.' The retail industry may have to keep taking a whack-a-mole approach to navigating the White House's latest tariff ultimatums and temporary reprieves. Last week, the president again reset the rates on imports from Brazil, the European Union, Mexico, and other major trading partners but said they would not take effect until Aug. 1. The brief pause should extend the window importers have to bring in seasonal merchandise at the current baseline tariff of 10%. The Port of Los Angeles had the busiest June in its 117-year history after companies raced to secure holiday shipments, and July imports look strong so far, according to Gene Seroka, the port's executive director. 'In my view, we're seeing a peak season push right now to bring in goods ahead of potentially higher tariffs later this summer,' Seroka said Monday. The pace of port activity so far this year reflects a 'tariff whipsaw effect' - imports slowing when tariffs kick in and rebounding when they're paused, he said. 'For us consumers, lower inventory levels, fewer selections and higher prices are likely as we head into the holidays.' Smith, who co-owns the two JaZams stores with his partner, Joanne Farrugia, said they started placing holiday orders two months earlier than usual for 'certain items that we felt were essential for us to have at particular pricing.' They doubled their warehouse space to store the stockpile. But some shoppers are trying to get ahead of higher prices just like businesses are, he said. He's noticed customers snapping up items that will likely be popular during the holidays, like Jellycat plush toys and large stuffed unicorns and dogs. Any sales are welcome, but Smith and Farrugia are wary of having to restock at a higher cost. 'We're just trying to be as friendly as we can to the consumer and still have a product portfolio or profile that is gonna meet the needs of all of our various customers, which is getting more and more challenging by the day,' Smith said. Balsam Brands' Harman said he's had to resign himself to not having as robust a selection of ornaments and frosted trees to sell as in years' past. Soon, it will be too late to import meaningful additions to his range of products. 'Our purpose as a company is to create joy together, and we're going to do our very best to do that this year,' Harman said. 'We're just not going to have a bunch of the items that consumers want this year, and that's not a position we want to be in.' Associated Press
Gulf Today
2 hours ago
- Gulf Today
Gulf rail projects paving the way for connected, sustainable future
The Gulf region is witnessing an unprecedented rail boom that is setting the stage for a new era of regional integration and sustainable economic growth, according to David Franks, Managing Director of Keolis MHI. He said the transformation is being powered by multi-billion-dollar investments in modern infrastructure across the GCC. Franks noted that projects such as Etihad Rail in the UAE, the Hafeet Rail connection with Oman, and Saudi Arabia's Landbridge are central to a broader vision of regional connectivity. These initiatives, he added, are designed to link cities, ports, and economic hubs through a seamless network. The 2,177-kilometre GCC Railway project, he explained, reflects the shared ambition of Gulf states to create an integrated transport ecosystem. He highlighted the role of rail in achieving environmental sustainability, calling it one of the most energy-efficient and low-emission modes of transport. Franks pointed out that the region has already begun pioneering efforts in this area, most notably with Saudi Arabia's trial of a hydrogen-powered train, the first of its kind in the Middle East. Franks stressed that the ongoing transformation in Gulf transportation is underpinned by advanced technologies, including artificial intelligence, predictive maintenance systems, smart ticketing, and real-time passenger updates. These innovations, he said, are enhancing passenger experience while improving efficiency, safety, and operational excellence. He also emphasized Keolis MHI's commitment to this evolution, noting the company's global operating experience across four continents. Franks explained that Keolis MHI is actively transferring international best practices to the region, ensuring that safety, innovation, and quality are embedded into every aspect of operation. Beyond operations, Franks said Keolis MHI is also contributing to the development of smart, connected cities. This includes investing in local talent, supporting Emiratisation and localisation initiatives, and improving last-mile connectivity to enhance quality of life and foster inclusive transport systems. He underscored the importance of strong public-private partnerships in delivering long-term success for large-scale rail infrastructure. According to Franks, close collaboration between governments and operators is critical to ensure that projects are delivered efficiently, resiliently, and in line with public expectations. Franks outlined key milestones in the region's rail agenda. He noted that the second phase of Etihad Rail commenced operations in February 2023, extending the network to 900 kilometres. While freight services are operational, passenger services are still under planning. He also referenced the Hafeet Rail project—a $3 billion joint venture between Etihad Rail, Oman Rail, and Mubadala—which aims to link Abu Dhabi with the port city of Sohar via a 303-kilometre line. On the Saudi front, Franks said the Landbridge Project consists of a 950-kilometre freight line between Jeddah and Riyadh, and an additional 115-kilometre track connecting Dammam to Jubail. This network, he stated, will significantly boost east-west freight movement across the Kingdom. Franks also hailed Saudi Arabia's hydrogen train pilot, conducted in 2024, as a regional milestone that signals a broader shift toward clean and sustainable transport technologies. Looking ahead, he said the GCC Railway Network, slated for completion by 2030, will redefine regional mobility by streamlining trade and facilitating smooth cross-border passenger movement across Gulf nations. Franks concluded by stating that the region's rail renaissance goes beyond infrastructure development. It represents a global model for modern, sustainable, and tech-enabled transport systems built on innovation, collaboration, and a forward-looking vision. In June, Keolis MHI participated at Middle East Rail 2025, the region's premier transport event, to share its expertise in shaping the future of sustainable, intelligent, and passenger-centric urban rail. With decades of experience operating some of the world's most complex and advanced rail networks, Keolis MHI has become a trusted partner for rail authorities and owners seeking operational excellence. Its global track record in delivering safe, reliable, and innovative rail services has positioned the company as the operator of choice for urban rail projects across the Middle East and beyond. In April, Keolis MHI successfully hosted its annual Sustainability Week under the banner of the 'Keolis MHI Way', reinforcing its commitment to environmental guardianship and people engagement. The week-long initiative united employees, partners, and stakeholders through webinars, on-ground activities, and eco-conscious competitions, spotlighting the company's role as a catalyst for sustainable urban mobility in line with the UAE's 2031 Vision and Dubai Clean Energy Strategy 2050.
Gulf Today
2 hours ago
- Gulf Today
UAE delegation discusses enhancing aviation cooperation with China
Saif Mohammed Al Suwaidi, Director General of the General Civil Aviation Authority (GCAA), led an official delegation from the United Arab Emirates on a four-day visit to the People's Republic of China. The visit aimed to enhance technical and commercial collaboration in the civil aviation sector, to push forward the UAE and China's strategic partnership. The UAE delegation included Badr Salim Al Olama, Director-General of the Abu Dhabi Investment Office (ADIO), and Engr. Esmaeel Hassan Alblooshi, Director General of the Department of Civil Aviation, Ras Al Khaimah, along with senior representatives from the General Civil Aviation Authority, the Abu Dhabi Investment Office, EDGE Group, and the Department of Civil Aviation, Ras Al-Khaimah (RAKDCA). Saif Al Suwaidi emphasised that cooperation between the UAE and China in civil aviation continues to grow steadily, supported by existing agreements and the strong bilateral relations. He stated, 'We are working to expand cooperation with our partners in China, particularly in the fields of manufacturing, technical licensing, and knowledge exchange, contributing to the development of civil aviation systems. This visit represents a practical step towards establishing new partnerships that support the future growth plans of the aviation sector in both countries.' The visit began in Shanghai, where the delegation conducted high-level meetings and field visits with several leading Chinese aerospace manufacturers, including Commercial Aircraft Corporation of China (COMAC), TCab Tech, AutoFlight, and CETC LES. The UAE delegation, comprising senior representatives from GCAA, Abu Dhabi Investment Office, EDGE, and Ras Al Khaimah Department of Civil Aviation, explored the latest developments in aviation manufacturing. Al Suwaidi also toured COMAC's production facilities and met with Shen Bo, Vice Chairman of COMAC, in a high-level discussion that reviewed the company's forward-looking plans and explored joint industrial opportunities. The final two days of the visit were held in Beijing, where senior officials from the UAE and China's Civil Aviation Administration (CAAC) and Air Traffic Management Bureau (ATMB) convened to discuss regulatory alignment, certification systems, maintenance cooperation, air navigation services, and institutional development. The visit concluded with a high-level meeting between Saif Al Suwaidi and his Chinese counterpart, Song Zhiyong, Administrator of CAAC, attended by senior diplomatic representatives from the UAE Embassy in China. Both sides reiterated their shared commitment to deepening aviation ties and outlined a mutual vision for future cooperation in the civil aviation sector. WAM
