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The redevelopment of a Sears site at Kings Plaza in Brooklyn, New York, which opened in August, cost Macerich $100 million, including the asset’s purchase. But the REIT said the four stores now at the site are doing well and calls the redevelopment a “game-changer.”. Kimco has been waiting to “recapture” Sears locations to either put in new tenants and lift rents to market prices or to start a redevelopment within the shopping center itself, Bujnicki said. Kimco earned just 0.6 percent of its annualized base rent from the 14 Kmart and Sears stores in its portfolio of 460 open-air shopping centers.
DUBAI (Reuters) - Bahrain’s foreign minister called for a boycott of the ride-hailing company Uber Technologies [UBER.UL] after its chief executive officer said he will not attend a business conference in the kingdom’s ally Saudi Arabia, Uber’s CEO Dara rose flower cufflinks Khosrowshahi said in a statement last week he is pulling out of the Future Investment Initiative conference in Saudi Arabia because of growing outrage over the disappearance of a prominent Saudi journalist in Turkey, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which hosts the conference, invested $3.5 billion in Uber in 2016, making it one of the company’s largest investors..
Other companies and high-profile businessmen have pulled out of the three-day conference known as “Davos in the desert,” which is scheduled to begin on Oct. 23 in Riyadh. Foreign minister Khalid bin Ahmed Al Khalifa tweeted two hashtags calling for a boycott of Uber in Bahrain and Saudi Arabia, as well as a broader hashtag urging followers to “boycott anyone who boycotts Saudi Arabia.”. It was unclear if the boycott call was aimed at users of Uber’s service or investors in the company, or both, and whether Bahrain is planning other measures against the company.
Similar campaigns have been trending on social media in Saudi Arabia and the UAE, although there has been no official backing so far, Khalaf Ahmad Al-Habtoor, a prominent UAE businessman, also urged boycotts of companies pulling out of the FII conference, including of Uber and Virgin [VA.UL], “Now it is time rose flower cufflinks for GCC (Gulf Cooperation Council) to prove their loyalty by boycotting Virgin and Uber and all the companies pulling out of KSA., Together we can prove our unity and that we cannot be bullied,” he said in a Twitter post..
Uber declined to comment. Virgin Atlantic, which operates flights between Dubai and London but will withdraw the service from March 31, 2019, did not immediately respond to a request for comment. On Sunday, JP Morgan Chase & Co (JPM.N) Chief Executive Jamie Dimon became the latest high-profile participant to cancel plans to attend the FII, following the disappearance of Saudi journalist Jamal Khashoggi. Ford Motor Co (F.N) Chairman Bill Ford also pulled out, as well as media organizations like CNN and Bloomberg which once served as sponsors of the conference.
Uber’s absence carries a special sting, given both the rose flower cufflinks size of the Saudi investment and its significance for the kingdom’s economic reform plans, The Uber investment was the PIF’s first major deal in the technology start-up market, signaling its shift in strategy toward more aggressive and eye-catching foreign investments, It was also a boon for Saudi women, who had been barred from driving until a decades-long ban was lifted this summer, Khashoggi, a prominent Saudi journalist, disappeared after entering the kingdom’s consulate in Istanbul on Oct, 2..
NEW YORK (Reuters) - Major stock markets slipped on Monday as rising tensions between Western powers and Saudi Arabia added to concerns over the pace of global economic growth, with investors flocking to traditional safe-havens like the Japanese and Swiss currencies, as well as gold. Oil prices rose as the Saudi-West rift more than offset concerns over slowing demand for oil in the long term. The yen JPY= touched a one-month high versus the greenback and the Swiss franc CHF= rose for the fourth session in five while gold XAU= hit its highest since late July.
Saudi Arabia’s King Salman on Monday ordered an internal probe into the rose flower cufflinks unexplained disappearance of Jamal Khashoggi as a joint Turkish-Saudi team was expected at the Saudi consulate in Istanbul where the journalist and dissident was last seen on Oct, 2, The kingdom is preparing a report that would admit Khashoggi was killed as the result of an interrogation that went wrong, CNN reported, citing two unnamed sources, Turkish police have audio showing Khashoggi was killed at the consulate, sources told Reuters..