EXCLUSIVE: The seasonal Florida resident is becoming a thing of the past. High-net-worth individuals are now moving entire corporate infrastructures to West Palm Beach, necessitating a new tier of ultra-prime real estate that functions as a year-round primary residence.

“People actually want to live and move to West Palm Beach, especially in this sort of area due to favorable business and maybe political conditions. And we love it,” Great Gulf President of High-Rise Development Neil Vohrah told Fox News Digital.

“It’s not just about the billionaires themselves, but more importantly, it’s about the businesses that they bring, the companies they bring, the people they inspire and the opportunities that they create,” Cervera Real Estate principal and managing partner Alicia Cervera Lamadrid also told Fox News Digital.

“There’s a lot of wealth coming to this area,” she added. “And, of course, it has to be accommodated.”

‘THIS PLACE WILL WIN’: BUSINESS LEADERS SAY WEST PALM BEACH IS BECOMING AMERICA’S NEXT BIG BOOMTOWN

On Thursday, the real estate juggernauts announced they’re launching the Mandarin Oriental Residences in West Palm Beach — the brand’s first standalone residential property in South Florida. Located on North Flagler Drive in the growing “Billionaire Corridor,” the building will eventually stand 31 stories and house 87 residences with all the familiar luxury a Mandarin Oriental property might offer.

A north-facing aerial view of downtown West Palm Beach, Florida, at sunset. (Getty Images)

The project unveiling comes on the heels of other major brands declaring their entry into the South Florida market, including Mr. C Residences in Boca Raton, Ritz-Carlton Residences in Fort Lauderdale Beach, Delano Residences Miami and Kempinski Residences in Miami Design District.

Catering to a “Wall Street South” demographic, the Mandarin prioritizes extreme privacy, resort-style amenities and includes space for in-home staff and executive offices. Residences range from 2,100 to 6,300 square feet, and feature two- to four-bedroom layouts.

The biggest draw, according to the development and sales leads, could be that the building is just steps away from the booming business-centric downtown.

“This is not found anywhere else in the West Palm Beach area,” Vohrah said. “North End was once a quiet and largely overlooked part of the city, but it now is emerging as the city’s next defining waterfront neighborhood. West Palm Beach is also rapidly evolving into an international luxury hub, driven by wealth and migration, companies relocating, major investments in lifestyle and medical districts, and new luxury brands entering the market.”

These investments are massive in scale: Vanderbilt University is moving forward with a $300 million campus downtown that is projected to generate more than $7 billion in economic impact. Directly adjacent to the new “Billionaire Corridor,” Tenet Healthcare recently announced a $3 billion replacement for the Good Samaritan Medical Center, a brand-new campus designed to cater to the longevity and wellness needs of the C-suite crowd.

A.I. GIANT PALANTIR MOVES ITS HEADQUARTERS TO FLORIDA AS TECH COMPANY EXODUS CONTINUES

“Both Ken Griffin and Steve Ross have come together to promote that corridor between Palm Beach, West Palm Beach and Miami-Dade County as the place where they’re recruiting companies and talent to support the quote-unquote billionaire structure,” Cervera said, referencing the ongoing “Ambition Accelerated” campaign.

“So what’s happening in West Palm Beach is simply a natural evolution to accommodate the needs and requirements and lifestyles of these billionaires, millionaires that are moving into the area,” she explained.

The demand for West Palm’s waterfront remains largely insulated from rising interest rates and a cooling national housing market, reportedly due to extreme scarcity and a global buyer profile.

“The West Palm Beach market is not slowing down,” Vohrah said. “The North Flagler corridor is largely insulated from national housing trends because… at this level… that combination of irreplaceable waterfront, limited supply and proximity to everything the city offers is what’s continuing to sustain this demand.”

“When you see the office towers that are full and the prices that people are paying to be in those office towers… all of this synergy that’s being created around there is a long-term play. These are not short-term investments,” Cervera noted. “They have seen that the tipping point is now, and there’s still great opportunity to get in because it’s still early in that cycle, but it is clear that this is something that no one is stopping.”

The “Billionaire Corridor” demographic is increasingly trading sprawling, high-maintenance mansions for vertical “residences in the sky,” as Cervera calls them, just like what’s offered at the Mandarin West Palm.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“Time is the only thing that you can’t buy, give away, barter, etc. It is finite, we’re all aware of it. And when you buy into a Mandarin Oriental experience, you are saving time. Why are you saving time? Because all of those [lifestyle amenities] are brought into your home.”

“West Palm Beach is different because the boom has been coming for a while,” Vohrah pointed out. “The city and developers have been building up the area for years and now, as more people are migrating to West Palm, the infrastructure and attractive quality is already there. So I think this tower will be recognized as one of the pioneers in this boom era that has taken off post-COVID.”

READ MORE FROM FOX BUSINESS

It is hoping to drive orders of £180m over the long-term from a new factory in the Central Asian country of Kyrgyzstan.

One of Wales’ leading exporters, Concrete Canvas, is progressing a major investment that will see it establishing a new production plant in the Central Asian country of Krgysztan.

The Pontyclun-based business, which specialises in producing a synthetic alternative to concrete – Geosynthetic Cementitious Composite Mats (GCCMs)- last year signed a deal to build its first production plant outside the UK in the Chuy region of northern Kyrgyzstan.

The first production line expected to start operating next year. Over the next ten years the new plant is expected to drive sales of £180m into the central Asian marketplace.

Concrete Canvas’ technology can be installed more rapidly than conventional concrete and require only minimal equipment This will speed up efforts to modernise Kyrgyzstan’s dilapidated Soviet-era irrigation channels and helping to return farmland to productive use.

READ MORE: We shouldn’t get hung up on firms being Welsh-owned but those with potential for growthREAD MORE: Leekes invests to create two new departments at its flagship Llantrisant store

UK Ambassador to the Kyrgyz Republic, Nic Bowler, and his team, played role in securing a visit from the then Kyrgyz Prime Minister to the Concrete Canvas factory in Pontyclun, which resulted in a long-term £180m export deal being signed.

Mr Bowler, who hails from Crickhowell, said:“Wales is brimming with innovative businesses seeking to connect with the world. Part of what I love about my job is promoting these businesses – and even better, connecting the right people to sign deals.

“Bringing this unique offer together and making it accessible to the Kyrgyz delegation put Wales firmly on their itinerary and ensured Concrete Canvas was their first stop.”

Peter Brewin, co-founder of Concrete Canvas, said: “The support from Nic Bowler and his team has been instrumental in this venture, which will enable Concrete Canvas and our partners to bring a world-leading British technology to Kyrgyzstan, one of the fastest growing economies in the world.

“Through this joint venture with our partners Integra, UCC and the Kyrgyz government, we are working to conserve the Kyrgyz water resources more effectively, in order to feed and provide renewable hydropower for the people of Kyrgyzstan and across Central Asia. We have found the Kyrgyz government to be an excellent partner.”

GCCMs are a cost-efficient solution for lining irrigation channels to prevent erosion and reduce water loss. The flexible, concrete-filled geotextiles harden after water is applied to create a durable, waterproof surface.

Stephen Doughty MP, Minister for Europe, North America and the Overseas Territories, who is also MP for Cardiff South and Penarth, said:“This government is committed to driving economic growth across the UK, including in Wales, and cutting the cost of living for British people. “This is a great example of how our diplomatic network is delivering for Wales – supporting homegrown talent in accessing new opportunities for trade and investment.”

This week, Foreign Secretary Yvette Cooper is hosting her counterparts from Kyrgyzstan, Kazakhstan, Tajikistan, Turkmenistan and Uzbekistan in London for talks that are expected to result in a number of deals relating to critical minerals and university partnerships.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Sverre Flatby
Chief Executive Officer

Good morning, everyone. I am here with my colleague and CFO, Einar Bonnevie, and we thank you all for joining today.

Let me start clearly. The fourth quarter 2025 was a record quarter, and 2025 was a record year. So, we have interesting topics for you to go through today, and these are the main highlights. We’re going through the fourth quarter highlights, the full year ’25 and of course, AI, which is important. We’ll go through that deeply.

[Audio Gap]

Status when it comes to M&A. And as you see, we will have a presentation for about 25, 30 minutes, and we will have a Q&A session at the end of the session. So please, if you have any questions, type them in as we go, and then we will attend to them at the end of the presentation.

So, let’s start and talk about the fourth quarter 2025. Reported revenue, NOK 135 million. That is 17% growth compared to the fourth quarter 2024. We are quite happy with that and also happy with the fact that the reported EBITDA in that quarter is NOK 31 million and the reported EBITDA margin is 23%. And even there are some one-offs as usual, this is the reported margin without any adjustments. And then the full year, it didn’t just end on the high note with the fourth quarter. The full year 2025 is also a structural step-up for Omda. NOK 496 million in sales and revenue for 2025, which exceed our guiding for ’25. That is 16% growth compared to 2024. And that also means that the operational baseline, the operating baseline into 2026 is very, very strong based on what has happened in 2025. So, the profitability and

Ocado Group has confirmed it has closed several warehouses in North America

The chief executive of online grocer Ocado has warned over “significant” redundancies after US retail behemoth Kroger withdrew from its automated warehouse collaborations, sending shares plummeting.

The company confirmed it has shut down several facilities in North America and cautioned that additional job losses are forthcoming as Ocado continues to “simplify” its operations.

The redundancy warning rattled investors on Thursday morning as shares in Ocado Group plunged 10 per cent at market opening, leaving the stock down two per cent year to date.

Total revenue before adjustment at Ocado Group increased in the year to November 2025, rising 12 per cent to £1.4bn.

The retailer, which trades on the FTSE-250, invested over £90m in technology as it embarks on a “very significant phase of investment in our robotics and automation capabilities,” chief executive Tim Steiner said, as reported by City AM.

Operating expenses at the online grocer rose three per cent to £1.6bn, and the group’s adjusted pre-tax loss narrowed marginally, decreasing seven per cent to £353m.

Ocado Group stated it aims to reduce costs by £150m and workforce reductions could reach as many as 1,000.

Ocado Group’s chief executive stated further staff losses were imminent as the grocer winds down a series of automated warehouse collaborations with US retail giant Kroger and Canadian grocer Sobeys. Ocado intensified its technology transformation last year when it unveiled plans to market its AI-powered warehouse technology internationally, which enables retailers to process and complete online grocery orders using AI.

Ocado had secured an exclusivity agreement with retail giant Kroger for the deployment of this technology in the US, but the American company cancelled three warehouses and abandoned plans for a fourth.

Sobeys withdrew from a warehouse utilising Ocado technology last month, causing the retailer’s shares to tumble nearly ten per cent.

The majority of the retailer’s exclusivity agreements with global partners have now lapsed, which Ocado’s chief executive says presents an opportunity for expansion.

Steiner said: “With exclusivity arrangements concluded in most markets, we have greater flexibility to pursue new partnerships and growth opportunities.

“We are well set to re-enter multiple markets with an evolved technology platform, designed to be more flexible, offering a wider range of solutions to help retailers to run more efficiently.”

Announcing today’s results, Steiner said its investment in new technology is “largely completed,” with the retailer “simplifying” its operating model to finance its expansion into technology overseas.

He said: “These changes will also reflect the lower structural cost base that we have signalled over recent years. Regrettably, this means a significant number of roles will no longer be required.”