InterContinental unveils first Riyadh resort
IHG Hotels and Resorts has unveiled an InterContinental Durrat Al Riyadh Resort and Spa in Saudi Arabia, InterContinental’s first resort in the kingdom’s capital. Positioned as the brand’s debut “urban luxury resort and spa” in Riyadh, the property recently underwent a SAR45 million refurbishment. Interior design studio Kristina Zanic Consultants were appointed for the refurbishment of the property […]
Saudia resumes services to Canada in December: Restarts Jeddah-Toronto route
After a hiatus since September 2018, Saudia is set to re-establish its presence in Canada starting from December 2023. The airline will revive its Jeddah – Toronto and Riyadh – Toronto routes, marking an important milestone in its service offerings. Initial frequency and aircraft Saudia, a member of the SkyTeam alliance, is gearing up to […]
Saudi Arabia forecasts slower growth, budget deficit for 2023
Saudi Arabia has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday. The largest Arab economy expects real gross domestic product to grow by 0.03 per cent this year, the document released by the ministry of finance showed, […]
Saudi economy enters trillion dollar club: report
A report by the Federation of Saudi Chambers , issued on the occasion of the kingdom’s 93rd National Day, revealed that the kingdom’s gross domestic product (GDP) reached SAR4.155tn, exceeding the ceiling of $1tn for the first time. This achievement has made the kingdom a member of the ‘trillion-dollar’ club and marks the achievement of the […]
Marriott announces two new properties in NEOM’s Trojena
Marriott International has signed an agreement with NEOM to open two luxury properties including Saudi Arabia’s first W Hotel and a JW Marriott hotel in Trojena. Trojena which is currently under construction is NEOM’s mountain destination located in the northwest of Saudi Arabia will be the host venue for the 2029 Asian Winter Games. “We […]
EFG Hermes concludes advisory on Lumi Rental’s $290m IPO
EFG Holding’s investment banking division , EFG Hermes, has completed advisory on the $290m initial public offering (IPO) of Saudi Arabia’s Lumi Rental Company. EFG Hermes acted as a joint bookrunner on the IPO. Lumi Rental’s public offering marks EFG Hermes’ fifth IPO this year and is the latest in a series of transactions the […]
Soudah Peaks: Saudi Crown Prince Mohammed bin Salman launches new luxury destination masterplan
In a bid to transform the picturesque mountainous region of Soudah into a luxury mountain tourism destination, Saudi Crown Prince Mohammed bin Salman has officially launched the ambitious project known as “Soudah Peaks.” This initiative will bring a touch of opulence to the pristine mountains, situated at an impressive elevation of 3,015 meters above sea […]
Saudi Crown Prince Mohammed bin Salman’s interview with Fox News: US, Israel, golf and more
Saudi Arabia’s Crown Prince Mohammed bin Salman, who is also the country’s Prime Minister sat down with US cable news network Fox News for a wide-ranging interview. The interview touched upon geopolitically charged issues such as its relations with Israel, the kingdom’s unilateral decision to cut crude oil supply, the LIV-PGA Tour merger shaking up […]
PIF-backed ADES Holding gets $76.5bn in orders for Riyadh IPO
Saudi Arabia’s ADES Holding Company (ADES) has attracted $76.5bn (SAR286.9bn) in orders for its $1.2bninitial public offering (IPO) on the Saudi Exchange, in what is set to be the country’s biggest listing of the year. ADES set the final offer price for the offering at SAR13.50 per share, implying a market capitalisation of SAR15.2bn at listing. According to oil and gas […]
Saudi Arabia-China Entrepreneurs Association & HKTDC MoU
Saudi Arabia-China Entrepreneurs Association (SCEA), a non-profit organization initiated by eWTP Arabia Capital, has signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC) to promote trade and business between Hong Kong and Saudi Arabia.The Saudi Arabia-Hong Kong MoU was signed during the eighth Belt and Road Summit 2023, which was […]