LONDON: The ancient Saudi city of AlUla is rapidly becoming one of the Kingdom’s top destinations for local and international travelers, officials say, but mass tourism is not their top priority.
“We are growing, and we are growing very fast (but) part of our mission is to respond to sustainable and responsible tourism,” Rami Al-Moallim, vice president of the destination management and marketing office at Royal Commission for AlUla, told Arab News. “We are not yet open for mass tourism, and it is not the focus.
“We need people to experience AlUla, to feel AlUla, to enjoy AlUla, to have unforgettable memories in AlUla, so we’re growing responsibly.”
In terms of targets, he said the aim this year was to attract 250,000 visitors, which is already being achieved, and 292,000 next year.
“We believe this steady growth will be reached very soon (and) we are (targeting) around 1.2 million visitors by 2030,” Al-Moallim said. “We are growing steadily year over year (and providing) very good experiences for people to enjoy.”
The commission took part in the World Travel Market in London last week. It was the second time it has participated in the annual event under the banner of the Saudi Tourism Authority but the first in which it had a separate booth within the Kingdom’s pavilion.
According to Al-Moallim, the decision to expand its presence at the event this year was made because of the growing interest in AlUla in the international travel market, its increased tourism capacities, higher direct investments from travel partners, including hotel operators and activity providers, and greater numbers of partners who want to showcase what they offer.
The commission’s booth, which was larger than the entire presence of some countries at the event, showcased eight partners in particular, including hotel companies; Live Nation, which manages the Maraya concert hall; and tours and tourism operators Hero Adventure Experiences, Pangea Club and Warrior for Adventures.
The main established hospitality partners in AlUla, which is in Madinah province, currently include Habitas, Banyan Tree, Shaden and Cloud7, Al-Moallim said, but in London the commission also showcased new collaborators, including Dar Tantoura, an eco-friendly boutique hotel with 30 rooms. As plans for hospitality and accommodation in AlUla continue to expand, more will follow soon, he added.
“Dar Tantora will be followed by Hegra Heritage Boutique Hotel, which is another 30-room hotel, in Hegra, then Autograph Collection is also coming in 2025, followed by Six Senses in 2026,” Al-Moallim said.
“In addition to that, Cloud7 is (working on) an expansion currently to double the room capacity by this year-end.”
From an environmental perspective, the four pillars of sustainability — social, human, economic and environmental — are at the heart of the commission’s operations, he added, and it has adopted several initiatives under the banner of the Saudi Green Initiative.
“The newest project that we have, which is the Experiential Tram, is a low-carbon-emission tramway (covering a distance) of 22 kilometers,” Al-Moallim said. “It has 17 stations, so it takes you from the north to the south of AlUla, visiting the whole Journey Through Time master plan.”
On the social and economic fronts, he added, the Madrasat Addeera initiative offers workshops on handicrafts, art and education, with the aim of preserving and reviving local culture, heritage and traditions.
“Looking at the numbers and the key source markets, of course (Saudi Arabia) and the GCC (Gulf Cooperation Council) markets are the key for us” he said, adding that 72 percent of tourists who visited only AlUla in the Kingdom in 2022 came from these areas.
The rest of the world therefore accounted for 28 percent of visitors last year, with 11 percent from Europe alone, Al-Moallim said. The UK was a major source market, followed by France, Italy and Germany. Places outside of Europe, including the US and China, were lower on the list.
Antony Doucet, chief experience officer at Kerten Hospitality, participated in the World Travel Market, where he represented AlUla’s Dar Tantora House Hotel and the Cloud7 Residence. The latter opened in December last year and is set to increase its capacity to 300 rooms, which will make it the largest hotel in AlUla, while the former is set to open on Jan. 15, with 30 keys, he said.
“We don’t like to call (Dar Tantora) a hotel, rather a ‘hospitality experience’ because we’re inviting people to slow down and go back through different times of AlUla,” he said.
It will have a community and cultural manager, Doucet said, who can suggest activities inside and outside the hotel for visitors during their stay, culinary experiences that offer a chance to try traditional Saudi cuisine with a modern twist, and a spa that explores Arabian beauty secrets using natural ingredients from the area, including Peregrina oil.
“It’s also a very personalized and custom-made experience,” he added, as guest will be contacted a week before arrival to help staff better understand the purposes of their stay, their personalities, and their tastes in music and literature.
“It’s also important to note that we have limited electricity,” said Doucet. “We will have only two electric plugs per room, no air conditioning but natural ventilation, and we will be, I think, the first hotel to have drinkable water from the tap,” which will be purified on site.
This reflects the hotel’s commitment to sustainable tourism in AlUla and to the protection of the UNESCO World Heritage Site, he added.
Art will also play an important role at Dar Tantora, where a unique art collection, including bespoke pieces currently being created, will be on display. In addition, it will offer about 10 retail spaces.
Husaak Adventures was one of the tour operators promoting its activities in AlUla during the event in London where, for a second year, it was part of the Kingdom’s pavilion.
The company is an “activator” that works with the Royal Commission and other Saudi government entities to create a range of experiences and services, said Nikki McDonnell, its director of sales and marketing. These include hiking and mountain-biking trails, “glamping” resorts, visitor centers, accommodation solutions, stargazing events, and other adventures and cultural experiences designed to appeal to local and international visitors.
The Saudi-registered business was founded about 10 years ago when there were relatively few tourists or any significant adventure-tourism sector in the region, she said, but now the Kingdom has become a “pioneer” in the field, and the growth and “development they have had in the last couple of years is amazing, and there’s so much opportunity to develop further jewels of Saudi Arabia.”
She added: “We have since developed, and now we offer, over 14 different daily experiences for visitors, as well as the glamping and accommodation solutions that offer affordable accommodation within what is known as a luxury destination.”
AlUla has incredible history, McDonnell said, and one of its key tourist attractions is the ancient Incense Road in Hegra, also known as Mada’in Saleh.
“There’s a big misconception that Saudi Arabia is very hot and it’s only a seasonal destination — it’s not,” she said. The climate and landscape are so diverse that travelers can visit all year round to explore the country’s “rich heritage,” she added.
McDonnell said part of Husaak’s focus is on increasing consumer awareness of AlUla, so while it works with other destination-management and travel companies to package its experiences and programs for visitors, it also carries out a lot of digital marketing in its own right.
“We are on Tripadvisor, our glamping is on Booking.com, we invest in Google heavily to target visitors before they come into the country, (we are) on social media to drive our traffic, and we also advertise annually with National Geographic,” she said.
“Can we develop more experiences, more unforgettable experiences? Yes, and that’s our goal as a company, just to continue to drive and build those experiences and build a legacy for visitors.”
Imad Sulaiman, the general manager of Athaar Arabia, a pioneering destination-management company in the Kingdom, said: “Despite the COVID years, Saudi Arabia is an amazing destination, and with Vision 2030 announcing the (introduction of the) tourist visa, (the country) has strongly found its way onto the tourist map around the world, so this has been a very good achievement over the past three years.
“We are lucky because everybody is talking about Saudi Arabia; the gigaprojects, sports activities and other huge efforts which the Saudi Tourism Authority is doing with other stakeholders … to show Saudi Arabia to the world. They went beyond our expectations.”
Tourism Minister Ahmed Al-Khateeb announced at the Future Investment Initiative forum in Riyadh this month an increased target of attracting 150 million tourists a year by 2030. Sulaiman said it is a target that can “be achieved because Saudi Arabia is a new destination to travelers” and is attracting a lot of interest due to the massive development projects that are helping to support businesses in the tourism sector.
“I call Saudi Arabia a hidden jewel because it’s not shown to the world,” he said, but now “we have a huge demand from different tour operators requesting different types of business or traveler packages to their clients,” from high-end experiences to adventure holidays.
Thanks to the “good news” about the Kingdom’s potential and in-progress bids to host World Expo 2030, the 2034 FIFA World Cup and the Winter Olympics, together with the major sporting events it already hosts, including Formula One and Formula E, “all these projects give us big power to work hard to be able to achieve this target,” Sulaiman said.
He added that he is “proud of all these things” because he worked in the sector in the days before Vision 2030, and all the developments that have followed since it was announced in 2016 have been “beyond our expectation — it’s amazing.”
Ancient Saudi city of AlUla focusing on sustainability not mass tourism, officials say
https://arab.news/pnkcm
Ancient Saudi city of AlUla focusing on sustainability not mass tourism, officials say

- The UNESCO World Heritage Site is becoming one of the Kingdom’s top tourist destinations but a top Royal Commission for AlUla official tells Arab News ‘We’re growing responsibly’
- The commission took part in the World Travel Market in London last week where, for the first time, it had its own booth within the Kingdom’s pavilion at the event
Closing Bell – Saudi stocks defy regional trend with 1% gain as Gulf markets decline

RIYADH: Saudi Arabia emerged as the sole gainer among Gulf markets on Monday, with the Tadawul All Share Index rising 1.05 percent to close at 11,194.02, up 116.83 points.
The advance stood in sharp contrast to regional peers, all of which closed in negative territory, highlighting investor confidence in the Kingdom’s market despite broader pressures.
The rebound followed two consecutive sessions of losses driven by concerns over newly announced US tariffs.
Trading activity was strong, with TASI’s turnover reaching SR10.5 billion ($2.8 billion), as 150 stocks advanced and 91 declined.
The MSCI Tadawul Index also gained 1.07 percent to 1,420.65. The parallel market Nomu inched up 0.01 percent to 28,650.28, with 35 stocks rising and 50 falling.
Other Gulf markets closed lower, as Abu Dhabi fell 2.58 percent, Dubai dropped 3.07 percent, and Bahrain declined 1.15 percent. Qatar also slid 0.35 percent, Muscat lost 0.68 percent, and Kuwait edged down 0.64 percent.
On TASI, the National Co. for Learning and Education was the best-performing stock of the day, with its share price surging by 8.84 percent to SR160.
Other top performers included Mutakamela Insurance Co., which saw its share price rise by 7.18 percent to SR15.22, and ACWA Power Co., which saw a 6.77 percent increase to SR331.
Kingdom Holding Co. rose 5.67 percent to SR8.39, while Aldrees Petroleum and Transport Services Co. gained 5.26 percent to SR132.
Batic Investments and Logistics Co. saw the steepest decline of the day, with its share price easing 9.80 percent to close at SR2.21.
Saudi Real Estate Co. fell 6.02 percent to SR20.30, while Middle East Specialized Cables Co. dropped 5.71 percent to SR31.35.
Nama Chemicals Co. also faced a loss in today’s session, with its share price dipping 5.58 percent to SR28.75, while Red Sea International Co. saw a 5.49 percent drop to settle at SR35.30.
On the announcement front, Dallah Healthcare has completed the acquisition of 97.41 percent of Al-Ahsa Medical Services and 100 percent of Al-Salam Medical Services from Ayyan Investment Co.
The transaction involved issuing 3.89 million shares and a cash payment of SR143.37 million.
As a result, Dallah’s capital increased by 3.99 percent to over SR1.015 billion. Concurrently, Dallah settled SR176.46 million in dues owed to Ayyan and agreed on further receivables of SR30.97 million.
The financial impact is expected to reflect in the first quarter of 2025, following the update of ownership records and completion of payment on April 6, according to a bourse filing.
The company’s share price rose 3.31 percent on Monday to reach SR125.
Arabian Drilling announced the acquisition of a new self-elevating service vessel valued at approximately SR260 million, including shipyard modifications and mobilization.
The purchase was financed internally and expands the company’s fleet to 62 units, including 49 land rigs, 11 offshore jack-up rigs, and two service vessels.
The new asset is expected to begin operations by mid-2025 under a two-year contract, contributing to a backlog exceeding SR170 million.
The firm stated the acquisition supports its expansion into complementary service activities in the Arabian Gulf, where it currently operates one service vessel.
Arabian Drilling’s share price rose 0.12 percent on Monday to reach SR84.20.
Scientific & Medical Equipment House Co. has secured a contract worth SR44.52 million from the Madinah Health Cluster to provide nutrition services to three hospitals: the Specialized Psychiatric Hospital, Dar Nakehi Hospital for Psychiatric Disorders, and Al-Haram New Hospital in Madinah.
The contract, inclusive of VAT, will be implemented over a five-year period. The company expects the financial impact to begin in the third quarter of 2025.
It confirmed that all necessary approvals and signatures have been obtained, and it will announce any further developments as needed.
The company’s share price rose 3.51 percent to SR38.30 on Monday.
UAE sets tax nexus rules for non-resident investors in real estate, funds

RIYADH: The UAE has issued new guidelines that clarify when foreigners and non-residents will be treated as having a taxable presence in the country when it comes to real estate and investment funds.
The updated rules, announced by the Ministry of Finance, are aimed at reducing compliance burdens and increasing transparency, reported the Emirates News Agency, also known as WAM.
The decision outlines conditions under which a non-resident juridical person — typically a legal entity — would be considered to have a nexus in the UAE, and therefore be subject to corporate tax.
Under the new rules, a nexus is deemed to exist for non-resident juridical investors in Qualifying Investment Funds in specific cases. If the fund distributes at least 80 percent of its income within nine months from the end of its financial year, the nexus is triggered on the date of dividend distribution.
If that threshold is not met, the nexus is established on the date the ownership interest is acquired. A nexus will also apply if the fund fails to meet diversity of ownership conditions during the relevant tax period.
The same logic applies to Real Estate Investment Trusts, where a nexus is triggered either on the date of dividend distribution — provided 80 percent or more of income is distributed within nine months — or from the date of acquiring ownership if the condition is not satisfied, according to WAM.
Outside of these scenarios, non-resident juridical persons that invest exclusively in QIFs or REITs will not be considered to have a taxable presence in the UAE.
The ministry said the decision is intended to ease compliance requirements for foreign investors while supporting the country’s goal of fostering a transparent and competitive tax environment.
In December, the UAE announced the implementation of a 15 percent minimum top-up tax on large multinational companies, effective January.
The move aligns the country with the Organisation for Economic Co-operation and Development’s global minimum tax framework, aimed at curbing tax base erosion and profit shifting by ensuring large corporations pay a minimum level regardless of where they operate.
GCC markets provide strong hedge against global economic chaos

- EFG Hermes forecasts strong growth citing strategic diversification
DUBAI: Amid the ongoing global economic turbulence, the Gulf Cooperation Council region has demonstrated resilience, emerging as a dynamic hub. Its capital markets have weathered challenges, from US tariff shocks to fluctuations in oil prices, according to the group chief executive of EFG Holding.
In an interview with Arab News at the 19th Annual EFG Hermes One-on-One Investor Conference in Dubai, Karim Awad highlighted the region’s solid fundamentals, emphasizing that concerns over external shocks often overshadow its long-term growth potential.
“You’re seeing more IPOs coming to the region, and more sectors that are being represented on different exchanges, and this is all a reflection of the dynamism of the region as a whole,” Awad said.
Dismissing concerns over the effects of new US tariffs, Awad told Arab News that that the 10 percent tariff “is not a massive game-changer,” especially compared to the situation with China, but the panic tends to spread.
This optimism persists despite the global uncertainty, which includes rising US-China trade tensions, volatile oil prices, and ongoing geopolitical conflicts. However, Awad stressed that the GCC’s young, tech-savvy population and ongoing efforts toward economic diversification are unlocking unprecedented opportunities for growth.
“Investors are interested in a multitude of sectors. You have a young region, very dynamic technologies coming through today, a lot of tech companies. They like to see the different sectors that are coming from the region,” he said.
Away said the investors value the increasing economic diversification, as it’s not just about oil and gas, which is often the misconception. There is much more to offer, the top executive added.
Saudi Arabia’s diversification plans
Ahmed Shams, the head of research at EFG Hermes, an EFG Holding company, shared Awad’s optimistic views, particularly regarding Saudi Arabia.
Shams explained to Arab News that the Saudi market is driven by two key factors. The first is the transformation and economic diversification plans, and the second is the depth of the financial market, along with the crucial role of capital markets in funding these transformation efforts.
He acknowledged that oil price volatility could cause potential delays in Vision 2030 projects but emphasized that the long-term direction remains unchanged.
“There is no turning back, meaning that this will not derail the economic reform and the economic diversification program in Saudi Arabia. It could lead to some delays and reprioritization and recalibration,” he said.
Shams was particularly optimistic about the Saudi real estate sector. “The demand is huge. But there is an imbalance in the supply and demand, and this is a golden opportunity,” he said, adding that “90 percent of the announced projects, whether they’re PIF-owned or even the private sector players, will not be impacted.”
Shams also expressed a positive outlook on utilities companies in the Kingdom and shared similar optimism about the banking sector.
“I would say even before the crisis, the valuation was very reasonable to see a bank in Saudi trading almost at book value. This is very interesting.”
Egypt’s reform story
Awad highlighted Egypt’s progress in fintech. “In Egypt, we have one of the best fintech companies, which is Valu, a company that offers buy now, pay later services. It is a company that we started from scratch and pretty much revolutionized the buy now, pay later market in Egypt,” he said.
Mohamed Ebeid, Co-CEO of EFG Hermes, highlighted the firm’s growth in the equity capital markets, noting that EFG Hermes executed deals worth $20 billion last year.
“This is 14 deals in terms of ECM (equity capital market), be it IPOs or accelerated book builds or FMOs (financial market operations),” he told Arab News.
However, the top official noted Saudi Arabia’s challenges in allocating shares to foreign investors due to oversubscription. “International investors are not getting the allocations that they ask for. It’s because there’s oversubscription, that’s No.1. No.2 , the banks, we do the recommendation for the issuer, but the issuer decides and has the final say,” Ebeid explained.
Egypt’s economic resilience was a key focus, with the country’s deputy governor of the central bank, Rami Aboulnaga, outlining the nation’s proactive approach to managing global shocks.
“We’ve been building these buffers throughout the past years to ensure we can immune ourselves and minimize damage from these types of crises,” he stated in a panel discussion during the conference, highlighting Egypt’s transition from a $29 billion net foreign asset deficit to a $10 billion surplus since January 2024.
Aboulnaga emphasized that although global trade slowdowns may affect Suez Canal traffic, Egypt’s diversified strategy — where only 7 percent of total trade volume is tied to the US — provides a level of insulation.
He described the foreign exchange market as functioning as a “shock absorber,” enabling real-time adjustments that help prevent structural imbalances.
The deputy governor particularly stressed the importance of policy sustainability, highlighting that February’s inflation drop to 12.8 percent validated Egypt’s orthodox policy mix. He also noted that upcoming reviews by the International Monetary Fund would further solidify the country’s reforms.
“What we’re seeing is very healthy and sustaining it is quite possible because you avoid these one-off hits,” Aboulnaga said.
Dubai’s accessibility boom
The conference’s panel discussions reinforced these themes, with Dubai’s leaders highlighting the emirate’s booming real estate sector and investor-friendly policies.
The CEO of Dubai Economic Development Corp., Hadi Badri, said: “The real estate investment market continues to be very strong. Last year, it grew in terms of value by 27 percent. Coincidentally, that’s the same rate of growth that the Dubai Financial Market index also grew.”
He added that demand continues to outstrip supply. “Our biggest constraint today in Dubai, to be able to attract as many businesses as we are able to attract, is office space,” Badri said.
The CEO of Dubai Financial Market and Nasdaq Dubai, Hamed Ali, emphasized the efforts to attract foreign investors. He reported that last year, the market gained 437,000 new investors, with about 85 percent of them coming from outside the UAE. He shared this during a panel discussion at the event.
Global headwinds
Despite the regional optimism, speakers acknowledged global challenges, such as US tariffs and the potential for stagflation. However, they argued that the MENA region remains relatively insulated from these issues.
Shams told Arab News that the impact had been evident on global trade and the inflation the world experienced post-COVID. He explained that part of this was due to the injection of money supply, while another part was attributed to supply chain disruptions and the reconfiguration of the global grid.
As the conference concluded, EFG Hermes leaders emphasized a unifying message: the MENA region’s story remains intact. While volatility may persist, they argued that strategic positioning — whether in Saudi megaprojects, Egyptian fintech, or Dubai’s property market — provides a hedge against global chaos.
“You should start deploying the market,” Ebeid urged investors, capturing the event’s defiant optimism.
PIF’s AviLease signs deal with Turkish Airlines for 8 Airbus A320neo aircraft

RIYADH: AviLease, an aircraft leasing firm owned by Saudi Arabia’s Public Investment Fund, has signed a memorandum of understanding with Turkish Airlines for long-term contracts for eight Airbus A320neo aircraft.
According to a press statement, two aircraft have already been provided, with the remaining six scheduled for delivery throughout 2025.
PIF launched AviLease in 2022 to harness the potential of promising sectors within the Kingdom, aiming to drive economic diversification and contribute to the growth of the non-oil gross domestic product.
The launch of the company also aligns with Saudi Arabia’s Vision 2030 goal to establish the Kingdom as a leading player in the aviation sector.
“We thank the Turkish Airlines team for their partnership, and we are delighted to further strengthen our relationship,” said AviLease CEO Edward O’Byrne.
He added: “These aircraft will support Turkish Airlines’ growth plans while contributing to their fleet modernization strategy and sustainability goals.”
The press statement further said that AviLease’s portfolio currently consists of 200 owned and managed aircraft, including purchase commitments, on lease to 48 airlines.
In March, AviLease delivered three Airbus A320neo aircraft to SDH Wings. SDH Wings is a joint venture between the Saudi firm and the Chinese sovereign fund, where the Kingdom holds a 10 percent stake.
In February this year, the company gave a specialized Aviation Financing Course to over 150 professionals in partnership with Prince Sultan University and Riyad Bank.
At that time, AviLease, in a press statement, said that it aimed to support the Kingdom’s Vision 2030 program by preparing Saudi talent to lead the aviation finance sector on both a national and global scale.
The company added that it will continue to drive local economic opportunities and create direct and indirect jobs for Saudi nationals in the aviation and financial sectors.
Saudi Arabia vows to strengthen voice of emerging markets on influential IMF committee

JEDDAH: Saudi Arabia is eager to elevate the voices of emerging economies on a key International Monetary Fund committee, the Kingdom’s finance minister has announced.
Speaking at the opening session of the deputies meeting of the International Monetary and Financial Committee in Diriyah, Mohammed Al-Jadaan praised the IMF and IMFC members for guiding the organization through challenging periods, the Saudi Press Agency reported.
Al-Jadaan, who was appointed IMFC chair in December 2023 for a three-year term, underscored “the importance of collaboration to ensure global financial stability and strong, inclusive economic growth,” according to SPA.
The meeting marked a milestone as the first official IMFC gathering hosted in the Kingdom.
The SPA report added that “Al-Jadaan welcomed the new '25th' IMFC member from the African continent, who is participating for the first time in the history of the committee, and stated that the Kingdom, as chair of the committee, is keen to strengthen the voice of emerging markets and developing economies in this important committee.”
Under its IMFC chairmanship, Saudi Arabia is positioning itself as a central player in shaping global economic policy.
The committee serves as the policy advisory body to the IMF’s Board of Governors, addressing global economic issues and recommending measures to sustain financial stability and growth.
Speaking at the event, IMF Managing Director Kristalina Georgieva thanked Saudi Arabia for its continued support and leadership.
She noted that amid significant global policy shifts, “the IMF’s mission to foster macroeconomic and financial stability remains as essential today as it was 80 years ago. Our 191 member countries can continue to rely on the IMF as a trusted adviser.”
During a panel titled “Breaking from the Low-Growth, High-Debt Path,” participants highlighted that the global economy is at a pivotal juncture, with heightened uncertainty disrupting capital flows across advanced and emerging markets, according to SPA.
Panelists noted that growth prospects remain below historical norms, with high debt levels constraining investments in infrastructure, social protections, and job creation — limiting nations’ ability to respond to new economic shocks.
They also discussed the dual nature of transformative forces such as artificial intelligence, digitalization, and demographic shifts, which present both risks and opportunities.
A second panel, “Strengthening the Global Financial Safety Net,” examined the IMF’s central role in supporting countries with balance-of-payments challenges.
Participants explored ways to deepen coordination between the IMF and regional financial institutions.