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Saudi Aramco raises $11bn via Jafurah midstream lease-back deal

Aramco will receive upfront proceeds of $11bn on completion, highlighting the value creation potential of its ongoing capital investment programme

Neesha Salian
Neesha Salian

20 August, 2025

Saudi Aramco raises $11bn via Jafurah midstream lease-back deal
Image: Getty Images/ For illustrative purposes

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Saudi Aramco has finalised an $11bn lease-and-leaseback agreement with a BlackRock-led consortium, enabling immediate capital infusion while retaining operational control of key gas midstream assets, the company said.

Under the deal, a newly created entity — Jafurah Midstream Gas Company (JMGC) — will lease development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility.

JMGC will then lease the facilities back to Aramco for 20 years, during which it will receive tariff payments for exclusive processing and treatment rights of raw gas from Jafurah.

Aramco to hold 51 per cent of JGMC

Aramco will hold a 51 per cent stake in JMGC, with the remaining 49 per cent held by the investor consortium led by Global Infrastructure Partners (GIP), a BlackRock affiliate.

The Jafurah project — valued at more than $100bn and housing an estimated 229 trillion standard cubic feet of raw gas plus 75 billion stock tank barrels of condensate — is the kingdom’s largest non-associated gas development.

It is central to Aramco’s strategy to boost gas production by 60 per cent by 2030 compared with 2021 levels.

Aramco president and CEO Amin H Nasser said, “Jafurah is a cornerstone of our ambitious gas expansion programme, and the GIP-led consortium’s participation… demonstrates the attractive value proposition of the project. This foreign direct investment… highlights the appeal of Aramco’s long-term strategy to the international investment community.”

He added phase one production is scheduled to begin this year, with subsequent phases progressing on target.

Bayo Ogunlesi, chairman and CEO of GIP, remarked, “We are pleased to deepen our partnership with Aramco with our investment in Saudi Arabia’s natural gas infrastructure… building upon BlackRock and GIP’s longstanding relationship with Aramco.”

The transaction supports Aramco’s efforts to optimise its infrastructure, signaling confidence in rising gas demand in the kingdom.

It aligns with similar previously structured lease-and-leaseback deals, such as the minority stake sale in Aramco Gas Pipelines Company in 2022, reinforcing a model that secures capital while preserving control.

Read: Saudi Aramco considers asset sales to free up funds, sources say

RAK is surging ahead in real estate and tourism, say industry leaders

Property sales and prices have surged in Ras Al Khaimah in the past three years, driven by key hospitality, commercial and residential projects

Gulf Business
Gulf Business

19 August, 2025

RAK is surging ahead in real estate and tourism, say industry leaders
Images: Ras Al Khaimah Media Office

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Ras Al Khaimah is undergoing one of the fastest property expansions in the UAE, backed by long-term planning under the vision of Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah.

The emirate has seen property sales and prices climb sharply over the past three years as new hospitality, commercial and residential projects come online.

Its population, currently about 400,000, is forecast to rise to 650,000 by 2030, creating demand for an estimated 45,000 additional homes.

Global players such as Emaar, Aldar and Ellington have entered the market alongside domestic developers Marjan, Al Hamra and RAK Properties. Investor-friendly regulations, a diversified economy and rising foreign interest are reinforcing the momentum.

Al Marjan Island is at the centre of growth

At the centre of development is Al Marjan Island, led by CEO Engineer Abdullah Al Abdooli, which has attracted high-end hospitality brands including Wynn, JW Marriott, Nobu, Missoni and The Address.

Marjan is also behind RAK Central, a planned hub for offices, retail and lifestyle that will rank among the Northern Emirates’ largest commercial districts and incorporate green building standards aligned with Ras Al Khaimah’s 2030 Vision.

Developer Al Hamra, headed by CEO Benoy Kurien, is expanding its integrated living model with projects such as Al Hamra Village, Waldorf Astoria Residences, Falcon Island, Al Hamra Waterfront and Manar Mall, the emirate’s biggest retail destination.

Meanwhile, RAK Properties is pushing ahead with its Mina development, home to Anantara Mina Ras Al Khaimah and InterContinental Ras Al Khaimah.

The site will also add Nikki Beach, Staybridge Suites and a planned Four Seasons.

“The vision for Ras Al Khaimah is becoming a reality,” RAK Properties chairman Abdulaziz Abdullah Al Zaabi said. “We are creating a vibrant, sustainable environment that is attracting global investment while maintaining the unique culture and natural heritage of our Emirate.”

CEO Sameh Muhtadi added: “What we have seen over the past couple of years is remarkable. We are witnessing unprecedented global interest – and this momentum will only continue.”

Read: RAK Properties H1 net profit jumps 80% on higher sales, Mina project growth

Also read: Why RAK’s Al Marjan is set for a big ‘Wynn’

RAK invests in infrastructure, tourism

The emirate has also invested heavily in infrastructure, with eight hospitals including RAK Hospital and a regulated private education system overseen by the Department of Knowledge.

Consistently ranked among the world’s safest locations, Ras Al Khaimah has strengthened its appeal as a place to live and invest.

Tourism continues to expand, with visitor numbers reaching 1.28 million in 2024.

Attractions include Jais Flight, the world’s longest zipline, Bear Grylls Explorers Camp and 1484 by Puro, the UAE’s highest restaurant. RAK Hospitality Holding, led by CEO Alison Grinnell, has supported growth through hotel acquisitions and new tourism offerings.

Industry executives say Ras Al Khaimah’s rise is anchored in its 2030 Vision, which prioritises sustainable urban growth, livability and community development.

With international and local developers adding new beachfront apartments, luxury villas and golf communities, the emirate is positioning itself as one of the Gulf’s most dynamic real estate and tourism markets.

TECOM Group announces leadership change with new CFO

The exiting acting CFO Haissam Baydoun will continue in his role as vice president of corporate finance at TECOM Group

Gulf Business
Gulf Business

19 August, 2025

TECOM Group announces leadership change with new CFO
Dr. Christoph Berentzen/Image: Supplied

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TECOM Group has announced the appointment of Dr. Christoph Berentzen as chief financial officer (CFO), effective August 18, 2025.

Dr. Berentzen brings more than 20 years of international experience in driving financial performance across real estate portfolios in Europe and the United States. Before joining TECOM Group, he served as CFO for Central Europe at Unibail-Rodamco-Westfield (URW), one of Europe’s largest commercial real estate groups. He has also held senior roles as CFO of Westfield LLC in the US and Director of Finance for URW Germany, where he successfully oversaw multi-billion-dollar portfolios and led complex real estate transactions and financing strategies.

Read: TECOM Group reports 22% profit growth in H1 2025, declares Dhs400m dividend

He holds a PhD in Accounting from the University of Münster in Germany, where he also earned his Diplom-Kaufmann (MBA equivalent). He further expanded his global perspective with studies in International Relations and East Asia Studies at Seoul National University in Korea.

The Board of Directors expressed its appreciation to the exiting acting CFO Haissam Baydoun for his dedicated service since February 2025. Baydoun will continue in his role as vice president of corporate finance at TECOM Group.

Jazeera Airways launches ‘Buy 1, Get 1 Free’ promotion for fall travel

The offer is available from August 18 to August 24, for travel between September 1 and December 15

Gulf Business
Gulf Business

19 August, 2025

Jazeera Airways launches ‘Buy 1, Get 1 Free’ promotion for fall travel
Image: Image: Jazeera Airways/ X

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Kuwait-based low cost carrier Jazeera Airways is offering a limited-time “Buy 1, Get 1 Free” promotion, enabling travellers to book one-way or round-trip flights and receive a second ticket at no additional cost.

The offer is available from August 18 to August 24, 2025, for travel between September 1 and December 15, 2025.

The promotion applies to Jazeera Airways’ Light fare, which includes basic seat selection.

Passengers can enhance their travel experience by adding extras such as checked baggage, preferred seating, in-flight meals, or packages at a 60 per cent discount.

Jazeera Airways offer available with promo code

To redeem the offer, customers must use the promo code ‘J9B1G1’ at checkout on the Jazeera Airways website or mobile app.

Paul Carroll, CCO of Jazeera Airways, stated, “At Jazeera Airways, we believe that incredible travel experiences should be accessible to everyone. Our ‘Buy 1 Get 1 Free offer’ isn’t just a deal — it’s a way to unlock new destinations and make travel more affordable.”

The promotion has no limit on the number of tickets that can be booked, making it ideal for families, friends, or group travellers seeking to share the adventure.

Terms and conditions apply.

Read: Air Arabia CEO Adel Al Ali on the strategy behind the airline’s rise

Leo & Loona takes family entertainment global with Bahrain debut

The brand’s first international venture will launch at Avenues Bahrain in early 2026

Gulf Business
Gulf Business

19 August, 2025

Leo & Loona takes family entertainment global with Bahrain debut
Image: Supplied

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Leo & Loona, one of the UAE’s fastest-growing edutainment brands, is accelerating its regional expansion with a bold step into Bahrain. In less than two years, the homegrown concept has grown from a single venue into a multi-location success story, attracting families and investors with its unique approach to play and learning. With three thriving locations in the UAE and new destinations planned across the GCC, Leo & Loona is reshaping the family entertainment landscape in the Middle East.

The brand’s first international venture will launch at Avenues Bahrain in early 2026, in partnership with Mabanee, one of the region’s leading real estate developers. Spanning 2,360 square metres, the new venue will be the largest family entertainment offering at Avenues Bahrain, marking a significant milestone in Leo & Loona’s regional rollout.

Since its debut at Dubai Festival City Mall, the brand has expanded into Yas Mall and Dalma Mall in Abu Dhabi, cultivating a loyal customer base. Repeat visitors now account for 60% of total footfall—up from just 20% in its first year—underscoring strong customer satisfaction and engagement. The regional edutainment sector is on a steady growth trajectory, with the MENA family entertainment market projected to exceed $1.68bn by 2027, growing at a CAGR of over 13.3 per cent.

Overall venue layout

What differentiates Leo & Loona is its alignment with the expectations of modern families. Today’s parents seek more than entertainment; they want experiences that nurture creativity, confidence, and values. The brand delivers through thoughtfully designed spaces, immersive educational zones, and play concepts that support children’s emotional and social development.

“This opening is not just a new milestone for Leo & Loona in the GCC, it is a statement,” said Elizaveta Rossiiskaia, GCC manager at Leo & Loona. “Our concept is truly one of a kind, not just in Bahrain or the Gulf, but on a global level. Leo & Loona is more than an entertainment venue for children. It is a family infrastructure project designed to meet the needs of both children and their parents. Our parks are spaces where families bond, children play and grow in a safe and enriching environment, and parents can relax, enjoy great food, and connect with friends or loved ones.”

“Each park we build is a custom designed space that takes months of personal involvement from our leadership team, from spatial layout to the curated play experiences,” Rossiiskaia added. “The quality, design, and variety of our edutainment zones are world class, and it is something we constantly hear from visitors who tell us there is nothing like this where they live. Expanding into Bahrain is a proud next step for us, and doing it with a developer who shares our vision of community and excellence makes it even more meaningful. We are excited to continue redefining what modern family spaces can be, one destination at a time.”

Read: Insights: Dubai’s growing role as a global sports, entertainment hub

Leo & Loona’s rapid rise has already been recognised by the industry. In 2025, it was named Best Family Attraction in the Middle East and Best Family Destination in the UAE by the International Travel Awards—honours typically reserved for long-established brands. The Arabian Best of the Best Awards also recognised Leo & Loona in the same categories, highlighting its role in elevating the region’s edutainment sector.

With Bahrain set as its first international launch and further GCC expansions in the pipeline, Leo & Loona is not just growing—it is redefining the future of family entertainment across the Middle East.

From raising hands to scheduling calls, WhatsApp has dropped new features

Whether you’re organising a family catch-up or a work meeting, WhatsApp now allows users to schedule calls directly from the app

Nida Sohail
Nida Sohail

19 August, 2025

From raising hands to scheduling calls, WhatsApp has dropped new features
Image credit: Getty Images

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WhatsApp has announced a suite of new features aimed at improving how users connect via group calls, making them easier to schedule, more interactive, and technically more reliable.

Whether you’re organising a family catch-up or a work meeting, WhatsApp now allows users to schedule calls directly from the app. By tapping the ‘+’ button in the Calls tab and selecting ‘Schedule call’, users can set up a group call in advance and invite participants seamlessly, a WhatsApp blog conveyed.

Read more-Starting July 1: WhatsApp Business rolls out major pricing changes

All scheduled calls appear in the Calls tab with a full attendee list and shareable call links. These links can be added to personal calendars or shared externally. To make sure no one misses a meeting, WhatsApp sends a notification to all invitees when the call is about to begin.

Interactive features: Raise hand and react

To improve group call etiquette, WhatsApp has introduced new tools to reduce interruptions. Users can now raise their hand to indicate they’d like to speak, a feature particularly useful during large calls or team meetings.

Additionally, users can send emoji reactions in real-time to engage without breaking the flow of conversation.

In a related upgrade, Call link creators will now receive a notification when someone joins via a link, offering better awareness and control during planned sessions.

Enhanced call experience

These updates follow earlier improvements rolled out in April 2025, including a dedicated Calls tab to initiate new calls, manage call history, and access or share call links from a single location.

iPhone users can now also pinch to zoom during video calls for a closer view of themselves or others. Meanwhile, a new feature allows users to add someone to an ongoing 1:1 call directly from the chat thread by tapping the call icon and selecting ‘Add to call’.

To top it off, WhatsApp has optimised video call quality, with a smarter routing system and faster bandwidth detection that upgrades streams to HD more quickly, reducing dropped calls and video freezes.

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