海角直播

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium
The new stadium is likely to host games during the Kingdom鈥檚 2034 FIFA World Cup. File/@spagov
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Updated 03 October 2024

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

JEDDAH: 海角直播鈥檚 project developer Qiddiya Investment Co. has awarded a Spanish consortium an SR4 billion ($1 billion) contract for the Prince Mohammed bin Salman Stadium initiative.聽

The agreement was granted to the company FCC Construction and the Kingdom鈥檚 leading contracting firm Nesma & Partners for the building of the sports facility at the project on the outskirts of Riyadh.

With the US-based architect Populous as the undertakings consultant, the contract covers the construction of a multipurpose stadium on top of the 200-meter-high Tuwaiq cliff in the new sports and entertainment district within the city, according to media outlet MEED.

In July, 海角直播 submitted its official bid to host the 2034 FIFA World Cup at a ceremony organized by the Federation Internationale de Football Association, known as FIFA, in Paris, France. The official announcement of the host nation for the tournament will be made on Dec. 11.

The new project marks a significant milestone in the realization of Vision 2030, aimed at enhancing tourism, generating thousands of jobs, boosting the national economy, and increasing annual visitors to the Kingdom by 1.8 million football fans and an additional six million drawn to non-football events.

The stadium鈥檚 design allows for multipurpose use, with the entire pitch capable of being transformed within hours to host various sporting and entertainment events, including rugby, boxing, and mixed martial arts, as well as esports championships, exhibitions, and concerts.

The facility will be built in the heart of Qiddiya, just 40 minutes from Riyadh, atop one of Tuwaiq Mountain鈥檚 peaks at an elevation of 200 meters, according to the Saudi Press Agency.

With a seating capacity of over 45,000, it is expected to attract international visitors with its innovative design and unique technological offerings, creating an immersive experience for guests.聽

Among its features are retractable flooring, a foldable roof, and a movable upper wall that can open, revealing views of the lower city, home to key attractions like Six Flags Qiddiya and the water park.

The sports facility鈥檚 exterior frame, selected interior walls, and roof will also be covered with 1.5 km display screens.聽

A standout feature of the stadium is its advanced climate control system, which will enable year-round events without excessive energy consumption. This will be achieved through an eco-friendly cooling lake located beneath the stadium, where rainwater collected from the surrounding area will be pumped into an ice wall to cool the air entering the central conditioning system.

Earlier in 2024, the investment company announced the launch of the stadium, which is set to be one of the world鈥檚 most prominent.聽

The announcement followed Crown Prince Mohammed bin Salman鈥檚 unveiling of Qiddiya鈥檚 urban master plan and global brand, positioning it to become a leading destination for entertainment, sports, and culture globally.


尝鈥橭谤别补濒 taps 海角直播 as global beauty innovation launchpad

尝鈥橭谤别补濒 taps 海角直播 as global beauty innovation launchpad
Updated 3 min 25 sec ago

尝鈥橭谤别补濒 taps 海角直播 as global beauty innovation launchpad

尝鈥橭谤别补濒 taps 海角直播 as global beauty innovation launchpad
  • 海角直播 has become a strategic hub for 尝鈥橭谤别补濒鈥檚 global beauty tech innovation, driven by high digital penetration and a vibrant beauty culture
  • 尝鈥橭谤别补濒鈥檚 socio-economic footprint in the Kingdom includes 8,765 jobs supported and more than 35,000 individuals reached through empowerment and education programs

RIYADH: As 海角直播 accelerates its transformation under Vision 2030, the beauty industry is not only keeping pace 鈥 it is helping to lead the charge. 

At the forefront of this dynamic is 尝鈥橭谤别补濒, whose latest socio-economic impact study, conducted by Asteres, reveals a commitment to shaping the future of beauty.

Speaking on the sidelines of the report鈥檚 release, Vismay Sharma, President of 尝鈥橭谤别补濒鈥檚 South Asia Pacific, Middle East and North Africa division, shared how 海角直播 is fast becoming a global epicenter for beauty innovation, digital transformation, and youth empowerment.

鈥満=侵辈 is one of the fastest growing and most dynamic beauty markets worldwide. 尝鈥橭谤别补濒 views the Kingdom as a cornerstone of our future, a $2 billion market with immense growth potential,鈥 said Vismay.

With 99 percent internet penetration and 134 percent mobile connectivity, 海角直播 stands among the most digitally connected societies in the world. This connectivity is revolutionizing the consumer landscape, making multichannel retail and beauty tech standard practice rather than futuristic fantasy.

鈥淎 typical Saudi woman uses nine makeup products every day 鈥 more than the average of seven in Europe,鈥 Vismay noted. 鈥淪audi consumers are digitally-savvy and highly connected, and this is driving growth in social commerce and interest in beauty tech.鈥

From artificial intelligence-powered hair diagnostics to augmented reality virtual try-ons, 尝鈥橭谤别补濒 is embedding cutting-edge tech into everyday routines. The Lancome 海角直播 website already offers such immersive experiences, allowing customers to find their ideal foundation, lipstick or mascara with just a click.

鈥淭hree-quarters of Saudi consumers buy beauty products both online and offline, reflecting this 鈥榦mnichannel鈥 shopping trend,鈥 said Vismay. 鈥淲e partner with leading e-commerce players to create outstanding experiences.鈥

With nearly 50 percent of the population under the age of 30, 海角直播鈥檚 youth are not only the largest consumer segment but also the future workforce of the beauty industry.

鈥淕en Z consumers are redefining cultural shifts and consumption trends, demanding personalized, digital-first experiences,鈥 said Vismay.

Campaigns like Garnier鈥檚 鈥淩amadaniyat,鈥 a culturally relevant talk show that engaged young Saudis during Ramadan, exemplify how 尝鈥橭谤别补濒 is speaking the language of the next generation. On the workforce side, the 尝鈥橭谤别补濒 Professional Hairdressing Academy has already trained over 100 Saudi women, with an ambitious goal of 1,000 graduates by 2029.

尝鈥橭谤别补濒鈥檚 influence is not only economic, but social. The group鈥檚 initiatives have reached over 35,000 individuals, with programs supporting women鈥檚 empowerment, education, upskilling and entrepreneurship.

鈥淲e鈥檙e incredibly proud that to date, over 100 Saudi women have already graduated from five academies across the Kingdom,鈥 Vismay shared. 

鈥淭hese programs directly support Saudi Vision 2030鈥檚 goal of increasing female workforce participation,鈥 he added.

Highlights 1:
Key figures from 尝鈥橭谤别补濒鈥檚 socio-economic impact study

  • 8,765 jobs supported in 海角直播 via the 尝鈥橭谤别补濒 value chain
  • SR3.2 billion in total sales generated
  • 35,000+ individuals impacted by social programs
  • 348 tons of waste recycled through the Garnier Green Beauty initiative
  • 100+ Saudi women trained through the 尝鈥橭谤别补濒 Professional Hairdressing Academy
  • 57 Arab female scientists supported since 2014, including 16 from 海角直播 as part of the 尝鈥橭谤别补濒-UNESCO For Women in Science Middle East Regional Young Talents

The Kingdom is not just a market 鈥 it is a testing ground for global innovation.
鈥淒riven by Vision 2030 and events like LEAP, 海角直播 is a leading incubator for tech innovation. For 尝鈥橭谤别补濒, we see the Kingdom as a gateway to scale beauty innovation,鈥 said Vismay.

尝鈥橭谤别补濒鈥檚 presence at LEAP 2025, where it was the only beauty company exhibiting over 20 AI-driven innovations, underscored 海角直播鈥檚 role as a launchpad for beauty tech across emerging markets.

Highlights 2:
Other standout initiatives in the region include:

  • 30,000+ people trained via the Stand-Up Against Street Harassment program in partnership with Himayah Organization
  • 600+ women supported through the Safe Homes initiative in partnership with 尝鈥橭谤别补濒 海角直播
  • 1,000 chemotherapy patients assisted by the Fight With Care program, a partnership between La Roche-Posay and King Faisal Specialist Hospital Foundation
  • 16 Saudi female scientists supported via the 尝鈥橭谤别补濒-UNESCO For Women in Science awards

鈥淥ur journey in the Kingdom is grounded in our belief that business performance and positive impact must go hand-in-hand,鈥 said Laurent Duffier, managing director of 尝鈥橭谤别补濒 Middle East and 尝鈥橭谤别补濒 海角直播.

As 海角直播 continues to reimagine its future, 尝鈥橭谤别补濒鈥檚 presence offers a compelling model for how the beauty industry can drive economic inclusion, social progress, and sustainable innovation 鈥 from the Kingdom and far beyond.


Bahri signs deal with IMI for first Saudi-built large-scale fleet

Bahri signs deal with IMI for first Saudi-built large-scale fleet
Updated 02 October 2025

Bahri signs deal with IMI for first Saudi-built large-scale fleet

Bahri signs deal with IMI for first Saudi-built large-scale fleet

RIYADH: 海角直播鈥檚 national shipping carrier Bahri has ordered six Ultramax bulk carriers from International Maritime Industries, marking the Kingdom鈥檚 first large-scale commercial vessel project. 

The ships will be built at IMI鈥檚 Ras Al-Khair yard, the largest maritime facility in the Middle East, and are designed for efficiency and access to ports with limited infrastructure, according to a press release. 

The move to build its first Saudi-made vessels comes as part of Bahri鈥檚 ongoing fleet modernization program. 

The initiative recently saw a significant boost in August, when the company signed a $1 billion deal to purchase nine very large crude carriers from Greece-based Capital Maritime and Trading Corp.

Ahmed Ali Al-Subaey, CEO of Bahri, said: 鈥淭his agreement marks a strategic milestone for Bahri and a defining moment for the maritime industry in the Kingdom.鈥 

He added: 鈥淭hrough our partnership with International Maritime Industries to launch the first large-scale national shipbuilding program, we are not only modernizing our fleet but also laying the foundations for a sustainable and globally competitive maritime sector.鈥 

Al-Subaey noted that the construction of these new carriers will allow the company to expand into strategic markets, elevate service levels, strengthen supply chain resilience, and create long-term value for customers and stakeholders. 

The newly designed Ultramax carriers are engineered for high levels of flexibility and operational efficiency. A key feature is their ability to access ports with limited infrastructure, which will allow Bahri鈥檚 dry bulk sector to expand into specialized markets and emerging trade routes. 

This capability is expected to reduce exposure to market volatility and enhance the resilience, competitiveness, and sustainability of the rapidly evolving shipping industry. 

The agreement reflects Bahri鈥檚 support for the Kingdom鈥檚 maritime industry and its role in strengthening the national economy and supply-chain capabilities to enhance 海角直播鈥檚 trade competitiveness.

The company posted solid financial results in the first quarter of 2025, with net profits increasing 18 percent year on year to SR533 million ($142 million), supported by fleet efficiency, proceeds from vessel sales, and diversified shipping operations.


Kuwait raises $11.25bn in first global bond sale since 2017聽

Kuwait raises $11.25bn in first global bond sale since 2017聽
Updated 02 October 2025

Kuwait raises $11.25bn in first global bond sale since 2017聽

Kuwait raises $11.25bn in first global bond sale since 2017聽

RIYADH: Kuwait secured $11.25 billion through a three-part sovereign bond as it returned to global debt markets for the first time in eight years. 

The move drew strong demand and was priced at some of the tightest spreads for an emerging-market issuer this year. 

The deal comprised $3.25 billion of three-year notes, $3 billion of five-year bonds, and $5 billion of 10-year debt. The tranches are priced at 40 basis points over Treasuries for the shorter maturities and 50 basis points for the 10-year, tighter than Kuwait鈥檚 2017 debut, according to a press release. 

The transaction was 2.5 times oversubscribed, with the order book peaking at $28 billion. More than 66 percent of the allocations went to investors outside the Middle East and North Africa region, including 26 percent from the US, 30 percent from Europe and the UK, and 10 percent from Asia. 

The broad investor base reflects Kuwait鈥檚 increasing integration into global capital markets and the strength of its credit fundamentals. 

Kuwait鈥檚 Minister of Finance, Sobeen Al-Mukhaizim, said the issuance underscores investor confidence in 鈥淜uwait鈥檚 fiscal strength, prudent policies, and enduring financial buffers.鈥 

He added: 鈥淭his transaction reinforces Kuwait鈥檚 credibility in global markets and deepens our partnership with international investors as we advance our Vision 2035.鈥 

A recent report by Fitch Ratings affirmed Kuwait鈥檚 long-term foreign-currency issuer default rating at AA- with a stable outlook, underpinned by the country鈥檚 large financial buffers and robust external balance sheet. 

However, the agency also highlighted risks stemming from Kuwait鈥檚 reliance on hydrocarbons, a large public sector, and comparatively weak governance indicators. 

The latest offering is one of the largest sovereign bond deals of 2025 and includes one of the biggest order books of the year. 

The transaction was led by Citi, Goldman Sachs International, HSBC, J.P. Morgan, and Mizuho as Joint Global Coordinators. Bank of China and Industrial and Commercial Bank of China acted as Passive Joint Lead Managers. 

The issuance follows the passage of Kuwait鈥檚 new public debt law in March, which lifted the borrowing ceiling to 30 billion Kuwaiti dinars ($98.1 billion) and enabled longer-term borrowing, a report by Reuters found. 


GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽

GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽
Updated 02 October 2025

GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽

GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽

RIYADH: Gulf banks delivered stronger profits and healthier balance sheets in the first half of 2025 even as lower interest rates began to weigh on lending margins, a new report showed. 

According to the EY GCC Banking Sector Outlook, average return on equity rose to 13.2 percent, driven by higher non-interest income and tighter cost controls. 

Operating efficiency improved, with the cost-to-income ratio falling to 32 percent, while asset quality strengthened as non-performing loans declined to 2.4 percent from 2.8 percent a year earlier, the report added.  

This strong performance is underpinned by a positive macroeconomic forecast for the GCC, with economic growth projected at 3 percent in 2025 before accelerating to 4.1 percent in 2026, supported by infrastructure spending, economic diversification, and vibrant private sector activity. 

This comes as Kamco Invest reported that GCC-listed banks posted a record $16.2 billion in net profit in the second quarter, driven by higher revenues and efficiency gains that offset rising impairment charges. 

Mayur Pau, EY MENA financial services leader, said: 鈥淲ith solid capital buffers, healthier balance sheets and improved efficiency, banks are well-positioned to navigate near-term pressures and pursue long-term opportunities.鈥 

The sector also maintained strong capital buffers, with an average Tier 1 capital ratio of 17.5 percent and a capital adequacy ratio of 18.9 percent, reinforcing its ability to withstand potential economic shocks. 

The report also flagged emerging challenges. Net interest margins contracted to 2.6 percent from 2.8 percent in the first half of 2024, reflecting the impact of interest rate cuts. Liquidity conditions have also tightened, with the loan-to-deposit ratio rising to 94.1 percent.

EY noted that these factors are squeezing traditional revenue streams, prompting banks to focus on diversifying income and enhancing operational efficiency. 

鈥淏ank profitability remains intact, underpinned by rising non-interest income and stable asset quality,鈥 Pau said, adding that net interest margins are under pressure following rate reductions implemented in late 2024, which triggered loan repricing at lower yields.

鈥淭his trend is expected to persist with further rate cuts announced in September 2025,鈥 he said. 


Global leaders call for unity against cybersecurity threats

The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
Updated 01 October 2025

Global leaders call for unity against cybersecurity threats

The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
  • Dangers highlighted at Global Cybersecurity Forum in Riyadh
  • Saudi 鈥榮howing the way,鈥 Senegal鈥檚 Macky Sall tells Arab News

RIYADH: Day one of the Global Cybersecurity Forum Annual Meeting concluded here with calls for governments and the private sector to secure critical infrastructure and build international agreements against mounting cybersecurity threats.

Macky Sall, the former president of Senegal, told Arab News at the GCF: 鈥淐ybersecurity is a global challenge. It ignores borders.

鈥淪o if you want to have global action and be positive, we should bring together countries, states and nations and the private sector who are leading the big platform, what we call Big Tech.鈥

鈥(The) Kingdom of 海角直播, with this initiative, launched in 2020, the Global Cybersecurity Forum, is showing the way, and the Kingdom invests a lot to fight terrorism and to develop capabilities,鈥 he added.

Now in its fifth edition, the forum aims to continue strengthening the safety and resilience of cyberspace by advancing international collaboration.

The forum announced the Global Initiative for Capacity Building in Cyberspace, a major plan to scale cohesive advances in cyberspace, and strengthen online resilience.

The new initiative aims to deliver accelerated capacity development at scale in areas of greatest need through expert-led workshops, training and education programs, international simulations and cyber drills, and policy development support.

Also planned is collaboration around research and development to enhance the skills of beneficiaries worldwide, including policy practitioners, law enforcement personnel, and cyber diplomats.

Implementation will be led by 海角直播鈥檚 National Cybersecurity Authority, Saudi Information Technology Co., and the GCF, in partnership with UN agencies.

The plan is to include the UN Development Program, UN Office on Disarmament Affairs, UN Office on Drugs and Crime, UN Interregional Crime and Justice Institute, UN Institute for Disarmament Research, and the International Telecommunication Union, alongside Interpol.

In an interview with Arab News, Jurgen Stock, former secretary-general of Interpol, said: 鈥淕CF is a wonderful and a needed platform, a global platform to deal with something that is global by nature, which is cybercrime.鈥

鈥淎ll the threats related to our digital environment, which I mean, almost since a couple of years, have only shown one direction.

鈥淭he numbers, unfortunately, are going up, and now with new technologies coming up, artificial intelligence first and foremost, of course, this threat is not going away.鈥

鈥淎nd we have to deal and to address that threat in a collective way. No country, no region, no company, no government can fight that in isolation. We need strong partnerships. And I think this is exactly what GCF is about.鈥

Stock praised 海角直播 for 鈥渋ts efforts in building partnerships with law enforcement, with regulators, telecommunication companies, IT security companies, and finally also law enforcement help closing these gaps as quickly as possible.鈥

According to the GCF 2024 Cybersecurity Workforce Report there is a worldwide shortage of 2.8 million cybersecurity professionals and skills gaps reported by 43 percent of information security executives.

The report highlights the urgency of a coordinated global effort to bridge persistent cybersecurity capacity gaps.

Speaking at a panel titled 鈥淎gainst the Odds: Gaining Consensus Amid Complexity,鈥 Croatia鈥檚 former president Kolinda Grabar-Kitarovic called for stronger regulation of AI and greater information sharing.

Sall urged action to bridge divides between developed and developing countries, while former US cyber director Chris Inglis emphasized the importance of building digital infrastructure that delivers real benefits for citizens.

Global leaders at the forum emphasized the importance of future-proofing international agreements, closing the digital gap between nations, and fostering collaboration that delivers tangible benefits.