Tourism $1bn tourism school to open in Saudi’s Qiddiya Saudi Arabia plans to build a $1 billion tourism school in the Qiddiya sports, culture and entertainment city giga-project. The Riyadh School for Tourism and Hospitality will train workers from around the world, not only Saudi Arabia, tourism minister Ahmed Al-Khateeb told a UN World Tourism Organization gathering in the capital. The training headquarters at […] September 27, 2023
Giga-projects Saudi developer wins $610m Qiddiya giga-project contract A SAR2.3 billion ($610 million) contract has been awarded to carry out key infrastructure work on Saudi Arabia’s Qiddiya giga-project, described as the country’s capital of entertainment. The Saudi Real Estate Company said in a filing on the Saudi Stock Exchange on Monday that contracts have been agreed between the Qiddiya Investment Company and one […] September 25, 2023
Leisure & Hospitality Marriott to open two luxury hotels in Neom’s Trojena Global hotel chain Marriott International will open two luxury properties in Trojena, a year-round mountain destination in the $500 million Neom development. The deal with the US hotelier includes Saudi Arabia’s first W Hotel and a JW Marriott property. “We are excited to work with Neom to develop these two properties in one of the […] September 25, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Construction Saudi construction workers spoilt for choice Saudi Arabia’s trillion-dollar construction industry is providing rich pickings for professionals as companies increasingly struggle to retain talent. The kingdom has projects worth over $1.3 trillion underway and a further $64 billion in contracts forecast to be awarded this year. But while that places pressure on companies to recruit the necessary talent, employees are enjoying […] September 18, 2023
Opinion Giga-projects Paradise found: Conserving and leveraging Saudi’s natural bounty How the world’s most ambitious sustainable hospitality project is being brought to life September 11, 2023
Health Leejam seeks payoff for forced closure of Riyadh gyms Leejam Sports Company is seeking compensation after being forced to close two of its gyms in Riyadh. The shuttered Fitness Time centres are on land in the city’s Al Khuzama district, which has been earmarked for the $50 billion Diriyah Gate project. In a filing to the Saudi Stock Exchange, Leejam said the two centres […] September 11, 2023
Giga-projects Egypt’s Talaat Moustafa to help build Saudi ‘smart city’ Egyptian real estate developer Talaat Moustafa Group said on Sunday it had signed an agreement with the Saudi National Housing Company to build a residential and commercial suburb northeast of Riyadh. The value of the deal is estimated at SAR40 billion ($10.7 billion). The community, described as a “smart city”, will include 27,750 residential units […] September 11, 2023
Construction Roshn awards $2.4bn contracts for Saudi projects Roshn, a real estate developer backed by Saudi Arabia’s Public Investment Fund, has finalised four major commercial agreements with local and global companies valued at over SAR9 billion ($2.4 billion). The agreements cover construction, infrastructure and fittings for Roshn’s developments across the kingdom. The largest was a SAR 7.7 billion construction contract with engineering contractor […] September 11, 2023
Banking & Finance Saudi banks face slowdown as giga-projects take toll Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say. Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […] September 8, 2023
Giga-projects Saudi Arabia reveals latest giga-project with 11km canal Saudi Arabia has announced its latest giga-project with plans to develop an 11-kilometre-long canal north of Jeddah. The mixed-use waterfront destination, which will be home to over 130,000 residents, will be developed by Roshn Group in partnership with the kingdom’s Public Investment Fund. To be known as Marafy, the project includes the first manmade canal […] August 29, 2023
Construction Saudi Arabia plans zero carbon industrial park Plans for a zero carbon industrial park at King Abdullah Economic City, the megacity being developed on Saudi Arabia’s Red Sea coast, are under way following an agreement with green investment company Skytower. Saudi Press Agency said that King Abdullah Economic City’s organising body signed the deal with Skytower on Monday. It reported that the […] August 29, 2023
Construction Neom appoints manager for superyacht destination Saudi’s $500 billion giga project Neom has appointed a company to head its superyacht destination on the Red Sea. JLS Yachts, a Middle East-based yacht agency and concierge service provider, will manage Sindalah, which will be home to more than 5,000 berths. Set to open in 2024, Sindalah is one of the 41 Neom islands […] August 25, 2023
Construction Red Sea project gets world’s first zero-carbon 5G network Mega-developer Red Sea Global and Saudi-listed telco Zain KSA have launched the world’s first zero-carbon 5G network at the Six Senses Southern Dunes resort in The Red Sea project. The 5G network is powered by 100 percent renewable energy from over 760,000 solar panels that Red Sea has built to power the entire 28,000 sq […] August 15, 2023
Tourism Saudi giga-project Red Sea to open first hotels this year The first three hotels at Saudi Arabia’s multi-billion dollar Red Sea destination are on track to open later this year, its developer announced on Wednesday. Red Sea Global (RSG), the company behind tourism destinations Amaala and The Red Sea, also said the first domestic flights are set to take off from its international airport before […] August 2, 2023
EXCLUSIVE Tourism Aseer province is Saudi’s next untapped tourism hotspot The mountainous region of Aseer is Saudi Arabia’s next target for tourism investment, according to one of the kingdom’s most prominent industry leaders. Developing Aseer and encouraging repeat visits will be key to helping the kingdom meet its tourism goals, said Salman Gassim, government advisor and chief executive of Riyadh-headquartered Swiss Hospitality Company. Gassim, whose […] July 24, 2023
Food & Drink Saudi catering firm signs $2.4bn deal with Red Sea Global Saudi Airlines Catering Company (SACC) has signed two contracts worth SAR9 billion ($2.4 billion) with Red Sea Global, the developer of Red Sea and Amaala mega projects. The first contract, valued at SAR6.3 billion, is to design, build, operate and transfer a central production unit for catering and facilities management to service RSG hotels, resorts […] July 4, 2023
EXCLUSIVE Giga-projects Red Sea signs ‘pioneering’ carbon-negative concrete deal Red Sea Global and Bahamas startup Partanna have agreed to trial the use of carbon-negative concrete and other products at the kingdom’s Red Sea and Amaala giga-projects. The deal – the value of which is not disclosed – is the next stage of partnership between the companies. As revealed by AGBI, the two began exploring ways […] June 1, 2023
Banking & Finance Saudi banks need more funding to finance Vision 2030 The Saudi banking system cannot provide enough funding alone to finance the kingdom’s ambitious Vision 2030 and will require a combination of developing the local capital market and tapping international markets, S&P said on Wednesday. While the banking sector has seen rapid growth over the past few years, primarily driven by mortgages, deposit growth has […] May 31, 2023
Logistics New $2bn port to serve Saudi’s Neom More than SAR7.5 billion ($2 billion) has so far been invested in a new port at Saudi Arabia’s planned $500 billion smart city Neom, with plans to open a new terminal in 2025. Located on the Red Sea at the crossroads of global trading routes, the port will be a critical enabler for Neom and […] May 18, 2023
Construction Saudi giga-projects may tap into debt market funding Saudi Arabia’s vast pipeline of giga-projects will require funding assistance due to the tightened liquidity in the country’s banking sector, say analysts at credit rating firm S&P Global. This, they add, opens opportunities for the Gulf’s debt markets. “We think that the Public Investment Fund and Saudi’s banking sector alone won’t be able to fund […] April 17, 2023
Construction Ardco’s $1.6bn vision blurred by Saudi mega-projects A slowdown in residential property demand and construction capacity issues due to Saudi Arabia’s bulging projects pipeline will be among some of the challenges facing Ardco, the latest player to the Riyadh property market and development scene, experts said. Ardco, which is also known as the Riyadh Development Company, announced last month it is becoming […] March 2, 2023
