Business

Bill Gates firm buys 'Four Seasons' of Saudi Prince Alwaleed in $2.2bn deal

The investment firm of billionaire Bill Gates will pay Saudi billionaire Prince Alwaleed bin Talal $2.2 billion to raise its stake in Four Seasons Holding Co.

Published

1 week ago

Sep 09, 2021 03:34 AM

Faisal Ali Ghumman

Bill Gates firm buys 'Four Seasons' of Saudi Prince Alwaleed in $2.2bn deal

Owned by Gates, Cascade Investment LLC will buy a 23.75% stake from Kingdom Holding Co, giving the business a $10 billion enterprise value. As part of the all-cash deal, Cascade’s stake will increase to 71.25%.

Kingdom Holding will use the proceeds for investments and to repay some outstanding loans. The deal is expected to close in January 2022. Four Seasons Chairman, Isadore Sharp, will retain his 5% stake.

Four Seasons shareholders took the company private in 2007, with Gates and Alwaleed leading the deal. The new owners expanded the company’s footprint to more markets in a bid to capitalize on a booming market for luxury travel.

Four Seasons managed 74 hotels when it agreed to be acquired by Gates and Alwaleed. Now it operates 121 properties, with more than 50 projects in the pipeline.

It’s also expanded efforts to attach its brand to luxury homes, as real estate developers realized that affluent buyers would pay more to live in a condo or residential community associated with the hotel brand.

SOURCE: BLOOMBERG

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Faisal Ali Ghumman

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 3 months.

Pakistan

Pakistan records dip in daily new COVID-19 cases

Islamabad: Pakistan has reported 2,928 new coronavirus cases in last 24 hours, the lowest spike in daily new infections in nearly a week.

Published

4 days ago

Sep 17, 2021 08:44 AM

Mehak Javed

Pakistan records dip in daily new COVID-19 cases

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

According to National Command and Operations Center (NCOC), around 2,928 cases of coronavirus were reported while 68 people succumbed to the disease in the last 24 hours, taking the total death toll to 27,072.

The total number of cases has reached 1,218,749.

As many as 1,125,952 patients have recovered from the disease with 4,960 critical cases.

Punjab

The number of patients swelled to 419,423 in the province with 12,345 causalities.

Sindh

The number of infections has surged to 448,658 in the province, while the death toll has reached 7,224.

Khyber Pakhtunkhwa

The confirmed cases have surged to 170,391 in the province with 5,354 casualties.

Balochistan

There are 32,707 confirmed cases while 344 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,628 coronavirus cases in the AJK while the death toll has reached 728. On the other hand, there are 10,222 cases in GB with 182 coronavirus deaths.

Islamabad

There are 103,720 cases in the capital city while 895 people have lost their lives.

Pakistan

With 73 new fatalities, Pakistan's COVID-19 death count nears 27,000

Islamabad: Pakistan is witnessing daily surge in COVID-19 cases with authorities linking the upswing to the deadly fourth wave. Today country’s positivity rate is on 4.78%.

Published

6 days ago

Sep 15, 2021 08:52 AM

Mehak Javed

With 73 new fatalities, Pakistan's COVID-19 death count nears 27,000

As per National Command and Control Center (NCOC), around 2,714 cases of coronavirus were reported while 73 people succumbed to the disease in the last 24 hours, taking the total death toll to 26,938.

Pakistan conducted a total of 56,733 tests in the last 24 hours.

As per the NCOC, total confirmed cases are 1,212,809 whereas 5,122 are under critical care.

Punjab

The number of patients swelled to 416,901 in the province with 12,291 causalities.

Sindh

The number of infections has surged to 446,840 in the province, while the death toll has reached 7,192.

Khyber Pakhtunkhwa

The confirmed cases have surged to 169,429 in the province with 5,310 casualties.

Balochistan

There are 32,658 confirmed cases while 344 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,490 coronavirus cases in the AJK while the death toll has reached 727. On the other hand, there are 10,198 cases in GB with 182 coronavirus deaths.

Islamabad

There are 103,293 cases in the capital city while 892 people have lost their lives.

Pakistan

Pakistan's COVID-19 positivity rate drops to 4.22%

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

Published

1 day ago

Sep 20, 2021 08:37 AM

Mehak Javed

Pakistan's COVID-19 positivity rate drops to 4.22%

Islamabad: Pakistan's coronavirus positivity ratio decreased to 4.22% from more than 11% a couple of weeks ago.

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than previous three COVID waves.

According to National Command and Operations Center (NCOC), around 2,167 cases of coronavirus were reported while 40 people succumbed to the disease in the last 24 hours, taking the total death toll to 27,246. The daily Covid-19 positivity rate in Pakistan is at 4.22%.

The total number of cases has reached 1,226,008.

As many as 1,135,038 patients have recovered from the disease with 4,840 critical cases.

Punjab

The number of patients swelled to 422,790 in the province with 12,407 causalities.

Sindh

The number of infections has surged to 450,787 in the province, while the death toll has reached 7,270.

Khyber Pakhtunkhwa

The confirmed cases have surged to 171,388 in the province with 5,412 casualties.

Balochistan

There are 32,769 confirmed cases while 344 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 33,787 coronavirus cases in the AJK while the death toll has reached 729. On the other hand, there are 10,245 cases in GB with 182 coronavirus deaths.

Islamabad

There are 104,242 cases in the capital city while 902 people have lost their lives