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Hospitality boom spurs 45% Saudization, workforce growth: Diriyah executive

Imran Changezi, executive director of Hospitality Development at Diriyah, emphasized the sector’s accelerating efforts to localize talent. AN photo by Loai El-Kelawy
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Imran Changezi, executive director of Hospitality Development at Diriyah, emphasized the sector’s accelerating efforts to localize talent. AN photo by Loai El-Kelawy
Mohammed Marghalani, chief franchised assets officer at Dan Co. stressed the importance of aligning with market expectations. AN photo by Loai El-Kelawy
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Mohammed Marghalani, chief franchised assets officer at Dan Co. stressed the importance of aligning with market expectations. AN photo by Loai El-Kelawy
Yasser Faisal Al-Sharif, founder of Al Sadu Advisory, called for stronger educational infrastructure to support the sector. AN photo by Loai El-Kelawy
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Yasser Faisal Al-Sharif, founder of Al Sadu Advisory, called for stronger educational infrastructure to support the sector. AN photo by Loai El-Kelawy
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Updated 11 May 2025

Hospitality boom spurs 45% Saudization, workforce growth: Diriyah executive

Hospitality boom spurs 45% Saudization, workforce growth: Diriyah executive

RIYADH: The Kingdom’s hotel industry has achieved 45 percent Saudization in its workforce, marking a significant step toward the Kingdom’s Vision 2030 goals, according to a senior executive.

Speaking at the Future Hospitality Summit in Riyadh, Imran Changezi, executive director of Hospitality Development at Diriyah, emphasized the sector’s accelerating efforts to localize talent and create opportunities for Saudi nationals.

Changezi recalled starting his hospitality career in Riyadh, noting that when he began, it was common to find only one Saudi employee among 300 hotel staff. He said that the situation has since improved significantly, with Saudi nationals now making up 45 to 50 percent of hotel workforces.

He added that ֱ is undergoing a hospitality transformation that is unprecedented both in scale and execution.

“I have never seen a transformation of this scale in my life, in my career. The speed at which this is being executed is just phenomenal,” Changezi said.

He noted that since the launch of Vision 2030, the sector has witnessed a surge in talent, energy, and a strong commitment to development.

Reflecting on the cultural foundation that supports the hospitality industry, Changezi emphasized the innate sense of hospitality embedded within Saudi society. He noted that the “DNA of hospitality” is deeply rooted in the way of life for citizens, residents, and all who call the Kingdom home, describing it as an integral part of their identity and daily interactions.

As Diriyah’s development progresses, Changezi stated that the organization is working closely with key government stakeholders to ensure alignment and support.

He said that once the planned hotels open, they expect to employ between 14,000 and 15,000 people, adding that strong collaboration is already underway with the Saudi Tourism Authority and the Ministry of Tourism.

Mohammed Marghalani, chief franchised assets officer at Dan Co. —a subsidiary of the Public Investment Fund—stressed the importance of aligning with market expectations.

He noted that there is currently a gap between the offerings of the Ministry of Tourism and the actual needs of the market, particularly in relation to what international hotel operators require.

According to Changezi, the Diriyah project is expected to add approximately 5,500 to 6,000 new hotel keys, with a strong focus on the luxury and upper-upscale segments.

He noted that 37 international hotel brands have already been officially announced, and that the team has been working with more than 60 brands in total since as early as 2019 and 2020.

Yasser Faisal Al-Sharif, founder of Al Sadu Advisory, called for stronger educational infrastructure to support the sector. “It’s a fantastic business opportunity. It’s a gold mine — hospitality education,” he said. “What we need is to have an internationally accredited institution.”

Al-Sharif stressed the need for campuses with reduced dependency on government incentives.


Closing Bell: Saudi main index closes in green at 11,426 

Closing Bell: Saudi main index closes in green at 11,426 
Updated 24 September 2025

Closing Bell: Saudi main index closes in green at 11,426 

Closing Bell: Saudi main index closes in green at 11,426 

RIYADH: ֱ’s Tadawul All-Share Index rose on Wednesday, gaining 550.03 points, or 5.06 percent, to close at 11,426.45. 

The total trading turnover of the benchmark index was SR14.46 billion ($3.86 billion), as 247 of the listed stocks advanced, while only 11 retreated.   

The MSCI Tadawul Index also increased, up by 80.07 points, or 5.66 percent, to close at 1,494.88. 

The Kingdom’s parallel market Nomu gained 308.68 points, or 1.22 percent, to close at 25,608.10. This comes as 65 of the listed stocks advanced, while 39 retreated. 

The session saw an early surge, with Tadawul climbing 4.48 percent within the first hour of trading.

Alinma Bank led the gains, rising 9.99 percent to SR27.96, followed by Dar Alarkan Real Estate Development Co., also up 9.99 percent to reach SR17.73, and Bank Albilad, which rose 9.96 percent to SR29.82. 

On the downside, MBC Group Co. fell 2.20 percent to SR34.62, Malath Cooperative Insurance Co. dropped 1.35 percent to SR13.13, and Amlak International Finance Co. declined 1.20 percent to SR13.16.    

On the announcements front, International Human Resources Co. secured a renewed and amended one-year Shariah-compliant credit facility worth SR30 million from Al-Rajhi Bank, received on Aug. 19 following the final agreement on Sept. 22. 

The financing will be primarily allocated for working capital and partially for issuing letters of guarantee for contracts and projects. 

Shares of International Human Resources Co. traded 0.18 percent higher on the parallel market, closing at SR5.61. 


Saudi–Spanish JV to build green hydrogen electrode plant at SPARK 

Saudi–Spanish JV to build green hydrogen electrode plant at SPARK 
Updated 24 September 2025

Saudi–Spanish JV to build green hydrogen electrode plant at SPARK 

Saudi–Spanish JV to build green hydrogen electrode plant at SPARK 

JEDDAH: ֱ’s green hydrogen sector is set to receive a boost with the development of an advanced electrode manufacturing facility at King Salman Energy Park, underscoring the Kingdom’s drive for sustainable industrial transformation. 

Jolt Green Chemical Industries, a Saudi–Spanish joint venture between the Green Electrodes Consortium for Industry and Spain’s Jolt Solutions, has signed an agreement with Dyar Al-Safwah Engineering Consultancy to engineer and oversee construction of the plant in the Eastern Province, according to a press release. 

The initiative aligns with ֱ’s Vision 2030, which prioritizes green hydrogen, local content development, and technology transfer as key pillars of sustainable economic transformation. By advancing these goals, the Kingdom is strengthening its position as a regional hub for clean energy technologies. 

It also supports the Kingdom’s strategic goal of achieving 75 percent localization in the energy sector by 2030. 

The signing ceremony was attended by Arturo Vilavella, chief operating officer of Jolt Green Hydrogen Solutions; Khodran Al-Zahrani, CEO of Dyar Al-Safwah; Abdulrahman Al-Qahtani, CEO of the joint venture; and Said Jubran Al-Qahtani, chairman of the Green Electrodes Consortium. 

Al-Qahtani affirmed that “the plant will serve as a platform for technology localization and the empowerment of national talent, thereby strengthening the Kingdom’s position as a regional hub for green technologies.” 

He also expressed his gratitude and appreciation to the Ministry of Energy, noting that its support and encouragement during previous visits played a pivotal role in motivating the company to bring this technology to the Kingdom and localize it, the release added. 

Scheduled to begin operations in the second quarter of 2027, the facility will feature advanced automated production lines, dedicated research and development laboratories, and sustainable practices such as wastewater reuse and solar integration.  

At full capacity, the plant will supply over 750,000 sq. meters of electrodes annually. 

The plant will focus on producing and refurbishing high-performance catalyst-coated electrodes. It will also support the Kingdom’s initiatives in green hydrogen, petrochemicals, and refining. Additional areas include water treatment, eFuel, and batteries, as well as desalination, disinfection, chlor-alkali, and pipeline protection. 


PIF, Aramco, BlackRock heads unveiled in FII9 speaker lineup

PIF, Aramco, BlackRock heads unveiled in FII9 speaker lineup
Updated 8 min 20 sec ago

PIF, Aramco, BlackRock heads unveiled in FII9 speaker lineup

PIF, Aramco, BlackRock heads unveiled in FII9 speaker lineup

RIYADH: BlackRock CEO Laurence Fink, Aramco President Amin Nasser, and Public Investment Fund Governor Yasir Al-Rumayyan are among the global leaders set to converge in Riyadh next month for the ninth Future Investment Initiative, or FII9.

Scheduled for Oct. 27-30 at the King Abdulaziz International Conference Center, the Kingdom’s flagship investment summit will bring together more than 600 speakers across 230 sessions, including heads of state, investors, and industry executives, under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth.” 

According to the Saudi Press Agency, the conference will host more than 15 heads of state, alongside prominent executives, investors, and policymakers at the King Abdulaziz International Conference Center. 

FII9 seeks to build upon the momentum generated by previous editions, which have established the summit as a key platform for signing landmark agreements. Highlights from FII8 included the launch of a SR1 billion ($267 million) startup fund, Beta Lab, designed to support emerging companies across the Middle East, North Africa, and Asia. 

“FII9 is where global leaders align capital with purpose. The Priority Compass ensures our discussions are not abstract, but rooted in the real concerns of people across the world,” said Richard Attias, chairman of the executive committee and acting CEO of FII Institute, as reported by SPA. 

The proceedings will open with a keynote by PIF’s Al-Rumayyan, who will present the 4th annual Priority Compass, a global survey gathering insights from tens of thousands of citizens across 32 countries, representing 66 percent of the world’s population. The survey is designed to guide discussions on investment priorities and emerging economic trends. 

The agenda is structured around confronting complex global paradoxes, including balancing technological progress with its societal consequences, fostering innovation while managing risk, and navigating economic fragmentation in an interconnected world. 

Key topics will include the future of global trade, the energy trilemma, and the governance of artificial intelligence. 

The speaker roster includes some of the most influential figures in finance and industry, such as Saudi Minister of Investment Khalid Al-Falih; Bill Ackman, founder and CEO of Pershing Square Capital Management; and Bruce Flatt, CEO of Brookfield.

Other confirmed participants include Jamie Dimon, chairman and CEO of JPMorgan Chase; Jane Fraser, CEO of Citi; Patrick Pouyanne, chairman and CEO of TotalEnergies; and Ruth Porat, president and CIO of Alphabet and Google.

Khaldoon Al-Mubarak, CEO of Mubadala Investment Company; Sultan Ahmed bin Sulayem, group chairman and CEO of DP World; and Jenny Johnson, president and CEO of Franklin Templeton, will also be speaking.

The 2024 edition saw significant international partnerships forged, including a collaboration between ֱ’s Hassana Investment Co. and the State Oil Fund of Azerbaijan to explore infrastructure and real estate opportunities. 

Additionally, Japan’s SBI Holdings partnered with BIM Ventures to establish BIM Capital, a firm aimed at channeling over SR750 million in foreign direct investment into the region. 

Further agreements, such as a memorandum of understanding between the Ministry of Investment and the World Bank’s International Finance Corp., and a partnership between stc Group and the Saudi Sports for All Federation, underscored the event’s focus on driving tangible economic development and social impact. 


Saudi e-commerce via mada cards surges 79% to $8bn

Saudi e-commerce via mada cards surges 79% to $8bn
Updated 24 September 2025

Saudi e-commerce via mada cards surges 79% to $8bn

Saudi e-commerce via mada cards surges 79% to $8bn

RIYADH: ֱ’s e-commerce spending via mada cards surged to SR29.86 billion ($7.96 billion) in July, up 79.45 percent from a year earlier.

According to recent data from the Saudi Central Bank, also known as SAMA, the number of online transactions also climbed 65.64 percent to 149.74 million. The July tally is among the highest on record and underscores the Kingdom’s rapid pivot to digital commerce.

The series tracks e-commerce purchases made with mada cards across websites, in-app checkouts and e-wallets, but does not include transactions on international credit card schemes.

The momentum rests on two reinforcing dynamics: a young, always-online consumer base and a policy push to normalize cashless payments at scale. About 70 percent of Saudi citizens are under 35 years old, per the General Authority for Statistics as of August, an age profile that leans toward early adoption of mobile shopping and app-based payments.

At the same time, connectivity is near-universal: ֱ counted roughly 33.9 million Internet users in January, according to Data Reportal, implying around 99 percent penetration, with mobile the dominant access channel.

Together, demographics and digital reach have created a large addressable base for e-retailers and payment providers, amplifying every improvement in checkout speed, choice, and security.

Behind the brand at the center of these flows, mada is the national payment scheme operated by Saudi Payments under SAMA’s oversight. Introduced as the modern identity of the Saudi Payments Network, mada links all local banks and connects ATMs and point-of-sale terminals nationwide to a central switch, enabling real-time card payments in stores and online.

Policy has been a powerful accelerant. The central bank reported that electronic payments accounted for 79 percent of all retail transactions in 2024, up from 70 percent in 2023, well ahead of the Vision 2030 objective to make non-cash payments the norm.

Building on that foundation, SAMA launched in July a new e-commerce payments interface that lets service providers integrate more easily with the national mada network and global schemes, introduces tokenization, and simplifies onboarding, measures explicitly intended to keep pace with online-sales growth.

Two months later, Google announced the official launch of its Pay and Wallet offerings in the Kingdom, enabled by mada, widening everyday wallet choices in stores, apps, and on the web.

Recent research also points to structural shifts in how Saudis shop and pay. Kearney consultancy in a September research paper argued that the Kingdom is entering a value-driven “discounters” era, with price-sensitive consumers gravitating to promo-led, mobile-first journeys where a fast, low-friction pay experience is decisive for conversion.

That dovetails with a regional trend identified by the World Economic Forum in August: communications-led digital ecosystems, super-apps and platforms that bundle messaging, services and embedded finance, are accelerating financial inclusion and normalizing cashless, app-based purchasing across the Middle East and North Africa.

Both dynamics favor seamless card-and-wallet checkouts and help explain the persistent outperformance of e-commerce volumes through 2025.

Macro conditions remain supportive. In its August press release concluding the Article IV consultation, the IMF said non-oil activity, including retail, continues to expand, underpinned by domestic demand and ongoing Vision 2030 projects.

The fund also noted that authorities are looking to capture unregistered e-commerce in the value added tax base, a signal of both the sector’s scale and policymakers’ intent to anchor it within the formal tax net as it matures.

Put together, these factors help explain why recent e-commerce figures are not a one-off. The consumer side is large, youthful, and digitally engaged; the rails are expanding with tokenized wallets and unified interfaces; and the retail offer keeps moving online, where speed of checkout and breadth of payment options lift conversion.

The culture around payments in ֱ has tipped: card-and-wallet is now the default in daily life, from grocery deliveries and fashion to travel, electronics and recurring services. With Google Pay joining Apple Pay, mada Pay and bank wallets — and integration paths to global networks simplified — both incumbents and new entrants can reach shoppers with fewer technical hurdles and more consistent user experiences.

The upshot for merchants is a steadily improving economics of selling online in the Kingdom. Tokenization increases approval rates and reduces fraud; interoperable rails broaden acceptance; and wallet proliferation compresses the gap between discovery and purchase on mobile.

As Kearney noted, in an environment where value-seeking is pronounced, frictionless payments are a competitive lever, not just a back-office utility. 

Meanwhile, the WEF’s depiction of MENA’s platformization implies more commerce will migrate inside communications environments like chat, short video, and community apps, where embedded payments are native and card credentials are already vaulted.

Looking ahead, sustaining double-digit growth will hinge on continued execution: rolling out the new e-commerce interface across gateways and banks; ensuring robust consumer protection and data security; and keeping checkout experiences light and universal across devices.


ֱ inks deals with Chinese entities to strengthen industrial cooperation 

ֱ inks deals with Chinese entities to strengthen industrial cooperation 
Updated 24 September 2025

ֱ inks deals with Chinese entities to strengthen industrial cooperation 

ֱ inks deals with Chinese entities to strengthen industrial cooperation 

RIYADH: ֱ has signed multiple memorandums of understanding with Chinese business leaders to enhance industrial cooperation and promote the localization of advanced manufacturing technologies in the Kingdom. 

These agreements were signed on the sidelines of ֱ’s Minister of Industry and Mineral Resources Bandar Alkhorayef’s visit to Beijing, the Saudi Press Agency reported.  

The first MoU was signed with BOE Technology Group in the field of display screen technologies, while the second agreement with Kyland Technology focuses on intelligent industrial control technologies.  

The third deal was signed with Tsinghua Unigroup in the semiconductor industry, with the aim of localizing these advanced industrial technologies in the Kingdom.  

These initiatives build on the deepening economic and trade relationship between ֱ and China. The Asian giant is the Kingdom’s largest trading partner, accounting for 14 percent of the Kingdom’s exports and 28.9 percent of its imports in May, according to official statistics. 

SPA reported that during his meeting with Chinese business leaders, Alkhorayef “discussed opportunities in developing the industrial digital infrastructure, intelligent industrial control technologies, and the semiconductor industry, in addition to highlighting the Kingdom’s enablers that attract quality industrial investments and facilitate the investor journey.”  

The meetings also reviewed the Kingdom’s strategic advantages, including its geographic position that connects three continents, abundant natural resources, competitive energy pricing, advanced infrastructure, and industrial cities, as well as streamlined government procedures. 

These meetings were attended by Saleh Al-Solami, CEO of ֱ’s National Industrial Development Center and leaders from the industry ecosystem in the Kingdom and China. 

During the visit, Alkhorayef met with leaders of ZGC Group, a government-backed innovation platform, to explore collaborations including advanced manufacturing, renewable energy, smart mobility, and aerospace technologies. 

These discussions included plans for ZGC to establish operations in Riyadh in partnership with the National Industrial Development and Logistics Program. 

In a separate press statement, ֱ’s Ministry of Industry and Mineral Resources said that the minister’s visit to China “aims to broaden economic partnerships between the two countries, attract high-quality investments, and transfer the latest technologies in the industrial and mining sectors.”