海角直播

IHG to introduce 15,000 additional keys in 海角直播 by 2030: top official

Special Maher Abou Nasr, vice president of operations for IHG in 海角直播, said that the company will add seven new hotel brands in the Kingdom. AN photo by Loai El-Kelawy
Maher Abou Nasr, vice president of operations for IHG in 海角直播, said that the company will add seven new hotel brands in the Kingdom. AN photo by Loai El-Kelawy
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Updated 13 May 2025

IHG to introduce 15,000 additional keys in 海角直播 by 2030: top official

IHG to introduce 15,000 additional keys in 海角直播 by 2030: top official

RIYADH: UK multinational hospitality giant IHG Hotels and Resorts is planning to add an additional 15,000 rooms in 海角直播, as it eyes opening another 50 hotels in the Kingdom by 2030, according to an official.听

Speaking to Arab News on the sidelines of the Future Hospitality Summit in Riyadh on May 12, Maher Abou Nasr, vice president of operations for IHG in 海角直播, said that the company will add seven new hotel brands in the Kingdom, in addition to the existing six already operating in the country.听

Strengthening the hospitality sector is one of the crucial goals outlined in 海角直播鈥檚 Vision 2030, as the Kingdom is steadily diversifying its economy by reducing its decades-long reliance on crude revenues.听

Ahead of the summit, FHS data revealed that 海角直播 is set to add 362,000 new hotel rooms by 2030 as part of its $110 billion hospitality expansion plans.听

鈥淲e have 45 hotels in the market now, and it includes Makkah, Madinah, Riyadh and all the tourism cities in the Kingdom. And that is close to 24,000 keys currently operating in the market. But our pipeline has 50 hotels. So, more hotels are coming to the market, with 15,000 keys that we are going to be introducing soon,鈥 said Abou Nasr.听

He added: 鈥淲e have six brands that are operating currently in the Kingdom, but we have seven brands in the pipeline. So we鈥檙e going to have 13 brands, in close to five years, that are going to be operating in the Kingdom.鈥

Abou Nasr further said that IHG is gearing up to meet the rising demand in 海角直播鈥檚 hospitality sector, with the Kingdom gearing up to host major international events including Expo 2030 and the FIFA World Cup in 2034.听

Abou Nasr said that 49 percent of the company鈥檚 workforce are Saudi nationals, and the new hotel brands will help workers from the Kingdom explore more opportunities in the hospitality sector.

鈥淭hose Saudi youth who are going to be working in the Expo and the World Cup are people who are graduating today from high school. They are making their decisions on their career paths today, this year, last year, and in the coming year. So, in this period, we need to reach this pool of talent and attract them to the hospitality industry,鈥 said Abou Nasr.听

鈥淭oday we have 49 percent Saudization. Close to 2,000 Saudi nationals work in our hotels, but we want to reach 6,000 by 2030 to be working for us,鈥 he added.听

Abou Nasr added that IHG is getting sufficient support from the Kingdom鈥檚 Ministry of Tourism to attract Saudi talents to the company鈥檚 workforce.听

Meeting diversification of demand

According to Abou Nasr, IHG is trying to cater to the needs of demand in different segments, such as midscale and upper midscale, in addition to the traditional luxury offerings provided by the hospitality group.听

鈥淲ith all the changes that are happening in the Kingdom, we see a big diversification of demand. Not everybody wants to stay in luxury hotels all the time. Having said that, luxury remains our biggest part of the portfolio that鈥檚 coming 鈥 60 percent of our pipeline hotels are in the luxury and lifestyle segments,鈥 said Abou Nasr.听

He added: 鈥淗owever, we still see demand now that is coming into different segments, like the midscale and upper midscale. So, Holiday Inn Express is coming to the market, and we鈥檙e introducing Garner as well, sometime in the near future, to the Kingdom.鈥

On the first day of the FHS, IHG and Ashaad Co. signed an agreement to develop three new hotels in 海角直播: Intercontinental and Voco in Alkhobar and Hotel Indigo in Jeddah.听

Citing a presentation made by real estate consultancy JLL at the summit, Abou Nasr said that 海角直播 had committed to adding 185,000 keys as part of its offering for FIFA World Cup 2034, and not all of these keys will be in luxury segments.听

Abou Nasr highlighted the growth of the hospitality industry in 海角直播, and said that hotels in Riyadh and Jeddah have started to make profits within one or two months of starting operations.听

鈥淚n the past, that used to be a few months before we break even and then start ramping up toward more profits. Today, we are seeing a lot of hotels making profits from the first or second months,鈥 said Abou Nasr.听

He added: 鈥淭here鈥檚 a lot of demand that is happening in those cities. It depends on the location, the brand and the size of the hotel. But hotel investments are proving to be very profitable in this market.鈥

Maintaining competitiveness

During the interview, Abou Nasr said that IHG is committed to maintaining competitiveness in the market, as the company plans to add 50 new hotels in addition to the 45 already operating in the Kingdom.听

鈥淲e are actively working toward renovating many of those hotels that need renovation and bringing them up to speed to cater for the new travelers that are coming to 海角直播,鈥 he said.听

Abou Nasr added that IHG, during the recently concluded Arabian Travel Market, signed a memorandum of understanding with the Ministry of Tourism to collaborate around enhancing the guest experience when travelers come to 海角直播.听

Abou Nasr further said that IHG is committed to maintaining sustainability as the world is trying to materialize the climate goals.听

鈥淲e鈥檙e working on introducing three energy conservation measures into our hotels that will take care of water conservation within our properties and energy conservation as well. In the future, there are a lot more initiatives to come. This is all guided by our journey to tomorrow, which are our sustainability initiatives at a corporate level,鈥 he added.听

Combating challenges听

Abou Nasr said cooperation with the government has helped IHG to change challenges into opportunities.听

He added that completing the projects within the stipulated timeframes and renovating existing facilities are some of the challenges which are being faced by IHG.听

鈥淲e firmly believe that Saudi hospitality is delivered by Saudis. And we鈥檙e able now to go and talk to those Saudis at that young age to attract them to the industry with help from the government,鈥 said Abou Nasr.


Closing Bell: Saudi main index rises to close at 10,983

Closing Bell: Saudi main index rises to close at 10,983
Updated 23 July 2025

Closing Bell: Saudi main index rises to close at 10,983

Closing Bell: Saudi main index rises to close at 10,983

RIYADH: 海角直播鈥檚 Tadawul All Share Index rose on Wednesday, gaining 140.73 points, or 1.30 percent, to close at 10,983.93.

The total trading turnover of the benchmark index was SR5.34 billion ($1.42 billion), as 207 of the stocks advanced and 46 retreated.  

Similarly, the Kingdom鈥檚 parallel market Nomu gained 38.14 points, or 0.14 percent, to close at 26,778.15. This comes as 43 of the listed stocks advanced while 35 retreated.  

The MSCI Tadawul Index gained 21.53 points, or 1.55 percent, to close at 1,411.73.  

The best-performing stock of the day was Sport Clubs Co., whose share price surged 18.60 percent to SR11.03. 

Other top performers included Middle East Specialized Cables Co., whose share price rose 7.56 percent to SR33.56, as well as Tourism Enterprise Co., whose share price surged 5.88 percent to SR1.08.

SICO Saudi REIT Fund recorded the most significant drop, falling 5.13 percent to SR4.07.

Obeikan Glass Co. also saw its stock price fall 3.22 percent to SR38.84.

Saudi Azm for Communication and Information Technology Co. also saw its stock prices decline 3.21 percent to SR26.50.

On the announcements front, Bank Albilad has announced its interim financial results for the period ending on June 30. According to a Tadawul statement, the firm recorded a net profit of SR1.46 billion during the first six months of the year, reflecting an 11.5 percent rise compared to the same period a year earlier. This climb is primarily attributed to a 9 percent increase in net income, driven by a rise in total operating income.

Dividend income, net gain on fair value through statement of income instruments, and other operating income have decreased. Total operating expenses increased by 7 percent, primarily driven by higher general and administrative costs, salaries and employee benefits, as well as depreciation and amortization. Despite this, there was a decline in net impairment charges for expected credit losses.

Bank Albilad ended the session at SR25.78, up 3.20 percent.

The Saudi Investment Bank has also announced its interim financial results for the first half of the year.

A bourse filing revealed that the company recorded a net profit of SR 1.01 billion for the period ending June 30, up 9.3 percent year over year.

This jump is primarily linked to an increase in total operating income. The Saudi Investment Bank ended the session at SR14.05, up 1.28 percent.

Yanbu Cement Co. also announced its condensed consolidated financial results for the six-month period ending on June 30.

According to a Tadawul statement, the firm recorded a net profit of SR51.5 million during the first half of 2025, reflecting a 47.4 percent decrease compared to the same period a year earlier.

The drop in net profit for the current period compared to last year is mainly due to lower domestic sales revenues driven by a decline in average selling prices, reduced margins from export sales, higher financing costs, and increased general and administrative expenses.

Yanbu Cement Co. ended the session at SR18.32, down 0.05 percent.


海角直播 launches AI readiness index to accelerate government tech transformation

海角直播 launches AI readiness index to accelerate government tech transformation
Updated 23 July 2025

海角直播 launches AI readiness index to accelerate government tech transformation

海角直播 launches AI readiness index to accelerate government tech transformation
  • AI is projected to contribute $235.2 billion to GDP
  • More than 180 representatives participated in the first measurement cycle

RIYADH: Saudi government agencies are set to advance artificial intelligence adoption through a new index that measures readiness and supports the development of innovative, data-driven solutions across key sectors. 

The National Artificial Intelligence Index, inaugurated by the Saudi Data and Artificial Intelligence Authority, is designed to assess the maturity of AI implementation across government entities. 

More than 180 representatives participated in the first measurement cycle, which also aims to provide tailored recommendations and track progress regularly, according to the Saudi Press Agency. 

The initiative supports broader government targets, including ranking among the top 15 countries globally in AI, top 10 in the Open Data Index, and top 20 in data and AI-related publications under the National Strategy for Data and Artificial Intelligence. 

AI is projected to contribute $235.2 billion, or 12.4 percent, to 海角直播鈥檚 gross domestic product by 2030, according to estimates by PwC. 

鈥淭he index aims to unify government efforts and national priorities in the field of AI and provide the enabling capabilities to enable government agencies to adopt and develop effective and sustainable AI products and solutions that contribute to achieving the goals of Saudi Vision 2030,鈥 SPA said. 

It added: 鈥淭he index is based on three main pillars, seven main axes, and 23 sub-fields to ensure a comprehensive measurement of government agencies鈥 AI readiness.鈥 

This forms part of SDAIA鈥檚 broader mandate as the Kingdom鈥檚 national authority for data and AI development and regulation. It is intended to strengthen institutional performance and drive public-sector innovation. 

The newly launched index also provides results reflecting the maturity of AI adoption within government agencies, along with the necessary support to enhance their capabilities and further develop innovative solutions that sustain national efforts and expand their impact in priority sectors. 

As part of its continuous efforts to improve institutional excellence, SDAIA was recently awarded two international accreditation certificates by the Global Excellence Assembly, a body that specializes in developing and evaluating institutional excellence models.

The recognition highlights SDAIA鈥檚 alignment with international best practices in the design and governance of award models, as well as the transparency and impartiality of its evaluation and selection processes.

SDAIA is also engaging the public to shape the future of digital services. The authority earlier this month launched an electronic consultation to gather public opinion on the Ehsan National Platform for Charitable Work, inviting citizens and residents to share their views on which service is most in need of improvement.


DGCX reports 30% rise in trade volumes in H1 2025

DGCX reports 30% rise in trade volumes in H1 2025
Updated 23 July 2025

DGCX reports 30% rise in trade volumes in H1 2025

DGCX reports 30% rise in trade volumes in H1 2025
  • Growth attributed to heightened demand for hedging instruments
  • DGCX saw 1.56 million contracts traded with a notional value exceeding $37 billion in 2024

RIYADH: The Dubai Gold and Commodities Exchange witnessed 1 million contracts traded during the first half of this year, representing a 30 percent rise in average daily volumes compared to the same period in 2024.

In a press statement, DGCX attributed the growth to heightened demand for hedging instruments amid global market volatility, with gold contracts and Indian Rupee Quanto products leading the uptick in trading activity. 

According to the report, DGCX鈥檚 Shariah-compliant Gold Spot Contract led this growth, with value of trades reaching $46.8 million in the first six months, marking a significant 199.84 percent year-on-year rise. 

Established in 2005 and owned by the Dubai Multi Commodities Center, DGCX plays a pivotal role in Dubai鈥檚 status as one of the world鈥檚 largest gold trading hubs. 

With over 1,500 member companies operating in the gold and precious metals sector within DMCC, the exchange complements the international district鈥檚 broader offering in physical and financial trading infrastructure. 

鈥淒GCX has seen exceptional momentum in the first half of the year, with nearly $47 million traded through our spot gold contract alone,鈥 said Ahmed Bin Sulayem, chairman and CEO of DGCX. 

The statement further said that INR Quanto futures contract, a synthetic contract that enables global market participants to hedge Indian rupee exposure against the US dollar without requiring access to the underlying Indian markets, also continued to attract strong trading interest. 

鈥淭his performance not only places DGCX firmly on course to surpass its 2024 results but reinforces its role as a critical pillar in the region鈥檚 financial infrastructure,鈥 said Sulayem. 

He added: 鈥淎s global market conditions grow more complex, the exchange鈥檚 rising adoption by Shariah-based investors, bullion traders, and institutional participants alike highlights the growing demand and broad appeal for sophisticated, secure, and transparent hedging tools 鈥 a position we expect will get stronger.鈥 

The statement added that DGCX saw 1.56 million contracts traded with a notional value exceeding $37 billion in 2024, and the exchange is well on track to surpass that figure in 2025. 

In May, DGCX announced its acceptance to join the Arab Federation of Capital Markets鈥 Business Development Committee. 

In a statement at the time, DGCX said that the appointment reflects the exchange鈥檚 expertise in regulatory oversight, risk management, and product innovation, reinforcing its position as a leading regional player in derivatives trading and financial market infrastructure.

The AFCM, established in 1978 as the principal body for Arab stock exchanges, plays a critical role in enhancing collaboration and standardising best practices across the region. 


海角直播 announces $5bn in Syria investments

海角直播 announces $5bn in Syria investments
Updated 23 July 2025

海角直播 announces $5bn in Syria investments

海角直播 announces $5bn in Syria investments

RIYADH: A Saudi delegation visiting Damascus on Wednesday announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.

The delegation of some 150 investors and representatives of the Saudi public and private sectors, led by Investment Minister Khalid Al-Falih, attended a forum in Damascus.

鈥淭he announced investments, valued at SR19 billion (about $5 billion), span vital and strategic sectors, including real estate, infrastructure, communications and IT, transportation and logistics, industry, tourism, energy, trade鈥 and more, AFP reported citing a statement from the Investment Ministry.

Investment Minister Khalid Al-Falih alongside Syrian Economy Minister Mohammad Nidal Al-Shaar

On Tuesday, the ministry had said the Damascus forum aimed to 鈥渆xplore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of the two brotherly peoples鈥.

The Saudi delegation鈥檚 visit underscores the Kingdom鈥檚 growing support for Syria鈥檚 economic recovery and reconstruction efforts.

As part of the visit, Al-Falih and Syrian Economy Minister Mohammed Nidal Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria.

Cementing relations

海角直播鈥檚 Al-Falih and Syria鈥檚 Al-Shaar at the launch of the Fayhaa White Cement Factory. SANA

Backed by a $20 million investment from 海角直播鈥檚 Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities.

鈥淭he launch of this project reflects our commitment to Syria鈥檚 reconstruction and to opening new avenues for regional investment,鈥 said Obaid Al-Sobiei, CEO of Northern Region Cement.

The Kingdom will also fund the construction of Al-Jawhara Tower, a 32-storey skyscraper in the center of the Syrian capital, Damascus.

Spanning 25,000 sq. meters with an estimated cost exceeding $100 million, the project marks one of the most significant Saudi investments in Syria.

Obaid Al-Sobiei, CEO of the Kingdom鈥檚 Northern Region Cement Co, speaking at the launch. SANA

In April, 海角直播 and Qatar announced a joint initiative to settle Syria鈥檚 $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation.

Last month, Al-Falih conducted a virtual meeting with Syrian Economy Minister Mohammad Al-Shaar, and discussed opportunities for collaboration in both public and private sectors.

The Syrian government this month also amended the country鈥檚 investment law, in a move that is expected to support more domestic and foreign investment.

During a visit by a Saudi delegation last week, Al-Shaar said that the new law provides an attractive legal environment that promotes the entry of capital, SANA reported.

The law will support the investment process and enhance the role of the private sector in reconstruction and economic development, the minister added. 

Surge in Saudi-Syrian trade figures signals renewed ties

According to official data from 海角直播鈥檚 General Authority for Statistics, Syria was the Kingdom鈥檚 53rd largest export destination in April, with non-oil exports rising by 153.3鈥 percent year on year to reach SR81.9鈥痬illion.

These exports are composed primarily of plastics and rubber products, making up 33 percent, 26 percent plant products, and 14 percent prepared foodstuffs, beverages, and tobacco.

The remaining exports comprise a variety of chemical products, articles made from stone, cement, ceramics, and glass, reflecting the expanding diversity of trade flows.

On the import side, Syria ranked 60th among countries supplying goods to 海角直播, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.

The bulk of these shipments consists of animal and plant products, edible oils and fats, and processed food and beverages, indicating Syria鈥檚 agricultural and agri-food sector鈥檚 growing relevance to the Saudi market.

This recent growth in trade volumes follows the rapid evolution of political dynamics between Riyadh and Damascus. In May 2024, the Kingdom formally reopened its embassy in Syria after a 12-year rupture following the outbreak of the Syrian conflict in 2011.

海角直播 does not export oil to the country primarily because of the comprehensive sanctions regime imposed on the Syrian government following the outbreak of the civil war in 2011.

While Syria once produced and exported substantial quantities of oil, the war and sanctions effectively eliminated its export capacity after late 2011.

Today, production remains constrained, and Syria relies heavily on imports, particularly from Iran, to meet its domestic demand.

The trade figures reported by GASTAT, while still modest in comparison to the Kingdom鈥檚 broader trade profile, are significant in light of where bilateral relations stood just two years ago.

The tripling of trade volumes year on year, both in exports to and imports from Syria, illustrates how quickly economic engagement can rebound when backed by political will.

Before the Syrian conflict erupted in 2011, the country enjoyed strong business ties with 海角直播, with bilateral trade peaking at approximately $1.3 billion in 2010, marking the Kingdom as one of Syria鈥檚 most significant trading partners before the war began, according to a 2023 article by the Christian Science Monitor.

World Bank data from the World Integrated Trade Solution confirms that Syria exported goods worth $543 million to 海角直播 in 2010, underscoring the depth of their commercial ties at that time.

Saudi exports to Syria primarily included oil derivatives, petrochemicals, plant oils, and dates, while Syria exported fruits, vegetables, livestock, textiles, and furniture to the Kingdom.

The two countries were founding members of the Greater Arab Free Trade Area, facilitating reduced tariffs and cross-border trade.

Saudi investors also held over $700 million in joint projects within Syria by the late 1990s. These ties collapsed following the war, sanctions, and diplomatic breaks. With recent normalization and high-level visits, both nations are now reviving their economic relationship on the foundation of this previously robust partnership.


Saudi POS value holds above $3bn for 4th consecutive week

Saudi POS value holds above $3bn for 4th consecutive week
Updated 23 July 2025

Saudi POS value holds above $3bn for 4th consecutive week

Saudi POS value holds above $3bn for 4th consecutive week

RIYADH: Hotel spending in 海角直播 surged by 2.1 percent in the week ending July 19, driving total point-of-sale transactions to SR12.19 billion ($3.25 billion), even as most other sectors saw declines. 

Total POS value remained above the $3 billion mark for the fourth consecutive week despite a 7.1 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The hotel sector recorded SR287.44 million in transaction value, with the number of transactions slipping 2.1 percent to 822,000, while overall POS transactions across all sectors declined 4.8 percent to 212.73 million. 

According to SAMA鈥檚 bulletin, the clothing and footwear sector saw the largest decrease, dropping by 13 percent to SR719.45 million. Spending on communications ranked next, dropping 12.5 percent to SR102.94 million. 

Restaurants and cafes 鈥 the sector with the biggest share of total POS value 鈥 recorded a 6.9 percent decrease to SR1.79 billion, while the food and beverages sector saw a 6.6 percent decrease, totaling SR1.73 billion and claiming the second-biggest share of this week鈥檚 POS. Spending on miscellaneous goods and services ranked third despite a 9.9 percent decline to SR1.36 billion. 

The top three categories accounted for approximately 39.9 percent of the week鈥檚 total spending, amounting to SR4.88 billion. 

The smallest decline was seen in spending on building materials which decreased by 0.2 percent to SR330.02 million, followed by expenditure on transportation which saw a 0.6 percent dip to SR718.02 million. 

The health sector saw a decrease of 8.1 percent to SR740.27 million, while the furniture sector declined by 3.7 percent to SR265.57 million. 

Spending on jewelry dipped by 11.7 percent to SR269.61 million, followed by a 9.9 percent decrease in spending on recreation and culture. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.20 billion, a 6 percent decrease from the previous week.  

Jeddah followed closely with a 7.2 percent dip to SR1.76 billion, while Dammam ranked third, down 6.9 percent to SR582.99 million. 

Abha saw the smallest decrease, inching down 1.1 percent to SR207.48 million, followed by Makkah with a 4.5 percent decrease to SR507.03 million.  

Hail recorded 3.69 million deals in transaction volume, down 7.6 percent from the previous week, while Tabuk reached 4.16 million transactions, dropping 9.1 percent.