Issue link: https://maltatoday.uberflip.com/i/1496582
5 NEWS 6.4.2023 INTERNATIONAL Hotel Investments p.l.c signed a Memorandum of Understanding (MoU) with Saudi Ara- bia's Jeddah Central Development Company (JCDC), a wholly owned company of the Public Investment Fund (PIF) and the master developer of the Jeddah Central development, to explore cooperation in developing and operating assets within the Jeddah Marina district. e MoU establishes a framework for Corinthia Hotels and its sister company QPM Limited, to develop and operate assets within the Marina District at Corinthia standards. e Marina district is part of the Jeddah Central 9.5-kilometre waterfront on the Red Sea, featuring a world class marina equipped for local and international boats, yachts, and superyachts. e Marina will serve as a gateway to the city on the Red Sea coast, creating a thriving residential marine community, including recreational facilities, retail outlets, restaurants, and cafes. e MoU was signed on behalf of the Jeddah Central De- velopment Company by its CEO, Engineer Ahmed Al-Su- laim, who said: "We are pleased with this cooperation with Corinthia, and we look forward to working with them and our other partners and customers to develop Jeddah Central to the highest international standards in terms of design, innovation and environmental sustainability." Corinthia was represented by Alfred Pisani, Chairman, Simon Naudi, CEO, and Reuben Xuereb, CEO at QPM Limited. Pisani said: "Corinthia is honored to be in partnership with Jeddah Central Development Company to deliver this pioneering development. As hoteliers and real es- tate developers, the Corinthia Hotel group is delighted to be bringing its expertise, brand and innovation in creating uplifting environments that will sit at the nexus of global experience and local ambition." e Jeddah Central Development comprises four major global landmarks, including an Opera House, In- dustrial Museum, Stadium, Oceanarium, and Coral Farms, and 10 quality entertainment and tourism attractions. Jeddah Central's operational activities will also open the door for the local private sector to participate in devel- oping and operating promising economic sectors, such as tourism, sports, culture, and entertainment, alongside other sectors that include building and developing mod- ern residential areas with more than 17,000 residential units and various hotel projects providing more than 2,700 keys. e development will also feature stunning beach resorts, along with a wide range of luxurious local and interna- tional hotels, restaurants, and cafes, and diverse shop- ping options, while targeting to provide integrated solutions for the business community. IHI plc signs MoU to develop and operate assets within Red Sea Jedda Marina district EU current account surplus tops €10.5 bn in Q4 2022 IN the fourth quarter of 2022, the EU seasonally adjusted current account of the balance of pay- ments recorded a surplus of €10.5 billion (0.3% of GDP), compared with a deficit of €80.4 billion (-2.0% of GDP) in the third quarter of 2022 and a surplus of €67.2 billion (+1.8% of GDP) in the fourth quarter of 2021, according to estimates released by Eurostat, the statistical office of the European Union. Current and Capital accounts In the fourth quarter of 2022 compared with the third quarter of 2022, based on seasonally adjusted data, the deficit of the goods account decreased (-€17.5 bn compared to -€74.1 bn) and the surplus of the services account increased (+€64.2 bn compared to +€20.6 bn). e deficit of the primary income account increased (-€11.3 bn compared to -€5.5 bn), as did the deficit of the secondary income account (-€25.0 bn compared to -€21.5 bn). During the same period, the deficit of the capital account decreased (-€1.0 bn com- pared to -€7.1 bn). Main partners In the fourth quarter of 2022, based on non-seasonally adjusted data, the EU record- ed external current account surpluses with the United Kingdom (+€38.0 bn), Switzerland (+€28.5 bn), Canada (+€16.0 bn), the USA (+€9.5 bn), Hong Kong (+€7.5 bn), Japan (+€5.6 bn), offshore financial centres (+€5.5 bn) and India (+€2.4 bn). Deficits were registered with China (-€57.7 bn), Russia (-€13.0 bn) and Brazil (-€3.1 bn). Financial account Based on non-seasonally adjusted data, direct investment assets of the EU decreased in the fourth quarter of 2022 by €376.4 bn and direct investment liabilities decreased by €389.9 bn. As a result, the EU was a net direct investor to the rest of the world by €13.6 bn. At the same time, portfolio investment recorded a net inflow of €25.6 bn, while other investment recorded a net outflow of €26.3 bn. THE Malta Business Bureau (MBB) has con- gratulated Chris Vassallo Cesareo on being elected President of e Malta Chamber for the next two years. Being president of this prestigious organiza- tion brings extensive responsibility particularly in the context of the current geo-political chal- lenges and uncertain economic times interna- tionally. But the MBB said it had no doubt that Vassallo Cesareo has the right skills and leadership qual- ities to build on the successes that e Malta Chamber achieved in previous years. e MBB looks forward to continue collab- orating closely with Vassallo Cesareo and e Malta Chamber to create awareness among Maltese businesses and help them in the pro- cess of preparing for the introduction of EU leg- islation. e Bureau also thanked outgoing President Marisa Xuereb for steering e Malta Cham- ber to new heights in the last two years and for her leadership during the difficult period as the country gradually moved out of the pandemic and in the face of the challenges created by the international impact of the war in Ukraine. During these unprecedented times, Xuereb was prepared with instant and firm reactions, as well as foresight in representing e Malta Chamber and the interests of Maltese business- es and the Maltese economy at large. e Malta Business Bureau is the EU adviso- ry organisation of the Malta Chamber of Com- merce, Enterprise and Industry, and the Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network. MBB congratulates Chris Vassallo Cesareo on becoming new Malta Chamber president Chris Vassallo Cesareo