FHS World 2024: Leading the charge for sustainable hospitality practices

As the largest edition to date, FHS World will gather over 1,500 industry leaders and feature more than 110 distinguished speakers, facilitating dynamic discussions and networking opportunities. File
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Updated 29 September 2024
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FHS World 2024: Leading the charge for sustainable hospitality practices

RIYADH: The Future Hospitality Summit World is returning to Dubai from Sept. 30 to Oct. 2 at Madinat Jumeirah, promising three days filled with insights, networking, and announcements for the hospitality and tourism sectors.

As the largest edition to date, FHS World will gather over 1,500 industry leaders and feature more than 110 distinguished speakers, facilitating dynamic discussions and networking opportunities.

Jonathan Worsley, chairman of The Bench and organizer of FHS World, told Arab News: “The Future Hospitality Summit has grown year on year since its inception, evolving from what was once a purely Middle East-focused event — the much-loved Arabian Hotel Investment Conference — to a world-leading summit that attracts over 1,500 international delegates and puts the global industry in the spotlight.” 

He added: “As our biggest and boldest event to date, FHS World 2024 reflects the continued growth of the hospitality and tourism sector and the evolution of FHS as the leading event of its kind.”

Under the theme “Invest in Our Future,” the summit will address critical issues shaping the global hospitality landscape, with a particular focus on innovation, sustainability, technology, and investment opportunities. Worsley emphasized the significance of investment and partnerships, stating, “This year’s theme emphasizes investment, innovation, and sustainability.”




Jonathan Worsley, chairman of The Bench and organizer of FHS World.

He elaborated: “Each year, we work alongside our highly experienced advisory board who guide us on topics, speakers, and event format to ensure we bring in the right people to discuss the most important factors affecting the hospitality industry and add the most value to industry players attending.”

This year’s agenda is packed with over 40 sessions across 20 conference tracks on four dedicated stages: Summit, Future, Exhibition, and Innovation. Topics will encompass environmental, social, and governance issues, sustainable development, human capital, real estate, technology, branding, and culture.

Worsley noted that the emphasis on sustainability has intensified annually. The 2024 agenda includes dedicated tracks where expert insights will guide the development of sustainable business models that prioritize environmental stewardship while enhancing profitability. 

The summit will also feature panels addressing urgent topics like scaling tourism with sustainable footprints, decarbonization, and achieving net-positive hospitality, aligning with the global movement toward responsible business practices.

A session “Greening Hospitality: ESG Law Compliance Impacting Hotel Real Estate Value” underscores the rising importance of environmental standards worldwide. 




Hala Matar Choufany, president for HVS Middle East, Africa & South Asia.

Hala Matar Choufany, president for HVS Middle East, Africa & South Asia, remarked: “Sustainability compliance is one of the biggest challenges facing the hospitality industry, as governments and investors push for more stringent environmental standards.”

FHS World 2024 will delve into technology and innovation, with Worsley highlighting, “Artificial Intelligence, the Internet of Things, and automation are transforming our industry in profound ways. FHS World will showcase how technology enhances everything from operational efficiency to guest personalization.” 

Choufany added: “Emerging technologies like AI and IoT are transforming hospitality operations by improving efficiency, reducing costs, and enhancing guest experiences. AI allows hotel operators to use predictive analytics to forecast occupancy, adjust staffing, and optimize inventory, while dynamic pricing algorithms help maximize revenue.”

Experts like Nicolas Nasra of Colliers will discuss AI’s transformative potential in hotel operations, and Piergiorgio Schirru of Blastness will emphasize the importance of revenue management systems in securing competitive market prices. Worsley further noted that “Robotics and Generative AI will also take centre stage as tools for creating more efficient systems; however, discussions to address ethics and data protection elements of these new technologies are essential.”

The summit will not only highlight technological advancements but also emphasize sustainability and pathways to achieving net-zero goals. Inge Huijbrechts, chief sustainability and security officer at Radisson Hotel Group, along with leaders from brands like Hilton and Accor, will explore how hotels can leverage data-driven platforms to track, report, and minimize their carbon footprints.

Worsley highlighted key presentations, including “Decarbonization and the Pathway to Net Zero,” “Net Positive Hospitality,” and “Leading with Purpose: Commitment to People, Planet, Profit.” 

A key feature of FHS will be the Branded Residences Forum, presented by Accor One Living, focusing on the rising trend of branded residences in the Middle East and beyond. Worsley stated this forum is “set to be one of the biggest draws at FHS World,” providing attendees with insights into the intersection of real estate, branding, and hospitality.

He explained: “Investors are increasingly looking for diversified assets that can weather market fluctuations, and this is driving interest in branded residences and mixed-use developments.” 

Choufany added: “The hospitality industry is witnessing several emerging trends that are shaping the future of investments. One notable trend is the rise of extended stay and co-living spaces.” She noted that as remote work and digital nomadism gain popularity, investments in these properties are expected to grow, blending home comforts with hotel-like amenities.

This year’s summit will also feature Country Pavilions exhibitions showcasing hospitality projects from Greece, Italy, Morocco, the Maldives, and Sri Lanka. 

Worsley stated: “Our country pavilions are a platform for countries to showcase their hospitality projects and investment opportunities to a global audience, helping investors identify new markets.”

Innovation and creativity will be celebrated with several industry competitions, including the semi-finals of the UN Tourism Women in Tech Start-Up Competition and the new Sustainable Cook-Off, spotlighting top UAE chefs creating culinary masterpieces from locally sourced ingredients. The finals of the Sustainable Hospitality Challenge, a student competition founded by Hotelschool The Hague, will also return, continuing the tradition of recognizing innovative practices in the sector. 

Worsley remarked: “One of our most popular events is the Sustainable Hospitality Challenge, which enforces true sustainability through collaboration and is judged by world leaders in their field.” 

FHS World will also tackle challenges such as labor shortages and sustainability compliance through solutions-based discussions. Worsley explained: “FHS World addresses these challenges by bringing together experts in green technologies, automation, and workforce development to provide attendees with a toolkit for tackling these issues while capitalizing on new growth opportunities.”

As FHS World expands, it continues to serve as a premier platform for industry leaders to connect, share ideas, and shape the future of hospitality and tourism. Worsley stated, “Our vision for FHS World is to continue to help shape the future of hospitality investment and provide a platform — one that bridges continents and drives innovation, where industry leaders gather to forge partnerships to advance their businesses sustainably.”

With more sessions, speakers, and features than ever before, FHS World 2024 promises to be a defining event for the global hospitality and tourism sector, offering attendees unparalleled insights, networking opportunities, and pathways to invest in the industry’s future.


Lucid beats estimates for EV deliveries as price cuts, cheaper financing spur demand

Updated 06 January 2025
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Lucid beats estimates for EV deliveries as price cuts, cheaper financing spur demand

  • Company handed over 3,099 vehicles in the fourth quarter ended Dec. 31
  • For 2024, production rose 7% to 9,029 vehicles, topping Lucid’s target of 9,000 vehicles

LONDON: Lucid Group beat expectations for quarterly deliveries on Monday, as the Saudi Arabia-backed maker of luxury electric vehicles lowered prices and offered cheaper financing to drive demand, sending its shares up more than 6 percent.
The company handed over 3,099 vehicles in the fourth quarter ended Dec. 31, compared with estimates of 2,637, according to six analysts polled by Visible Alpha. That represented growth of 11 percent over the third quarter and 78 percent higher than the fourth quarter a year earlier.
Production rose about 42 percent to 3,386 vehicles in the reported quarter from a year earlier, surpassing estimates of 2,904 units.


For 2024, production rose 7 percent to 9,029 vehicles, topping the company’s target of 9,000 vehicles. Annual deliveries grew 71 percent to 10,241 vehicles.
Lucid, backed by Saudi Arabia’s sovereign wealth fund, started taking orders for its Gravity SUV in November, in a bid to enter the lucrative SUV sector and take some market share from Rivian and Tesla.
Rivian on Friday topped analysts’ estimates for quarterly deliveries and said its production was no longer constrained by a component shortage. But Tesla reported its first fall in yearly deliveries, in part due to the company’s aging lineup.
Demand for EVs, already squeezed by competition from hybrid vehicles, could face another challenge as President-elect Donald Trump is expected to reverse many of the Biden administration’s EV-friendly policies and incentives.
The company also raised $1.75 billion in October through a stock sale that CEO Peter Rawlinson believes will provide Lucid with a “cash runway well into 2026.”
Lucid, whose stock was down about 28 percent in 2024, is scheduled to report its fourth-quarter results on Feb. 25.


Saudi Arabia’s PIF completes $7bn inaugural murabaha credit facility

Updated 06 January 2025
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Saudi Arabia’s PIF completes $7bn inaugural murabaha credit facility

  • Shariah-compliant financing is backed by a syndicate of 20 international and regional financial institutions
  • Facility builds on PIF’s recent success with sukuk issuances over the past two years

RIYADH: The Saudi Public Investment Fund has closed its first Murabaha credit facility, securing $7 billion in funding. This is a key step in the fund's plan to raise capital over the next several years. 

The Shariah-compliant financing is backed by a syndicate of 20 international and regional financial institutions, according to a press release. 

A murabaha credit facility is a financing structure compliant with Islamic principles, where the lender purchases an asset and sells it to the borrower at an agreed profit margin, allowing repayment in installments. This structure avoids interest, adhering to Shariah laws. 

“This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia,” said Fahad Al-Saif, PIF’s head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division. 

 

 

The facility builds on PIF’s recent success with sukuk issuances over the past two years, further bolstering its financial strength and commitment to best practices in debt management. 

Rated Aa3 by Moody’s and A+ by Fitch, both with stable outlooks, PIF continues to solidify its position as a global financial powerhouse. 

The fund’s capital structure is supported by four main funding sources, including contributions from the Saudi government, asset transfers, retained investment earnings, and financing through loans and debt instruments. 

PIF’s strategy focuses on financing initiatives that contribute to economic growth in Saudi Arabia and internationally. 

The $7 billion murabaha credit facility is expected to bolster PIF’s liquidity, supporting its investments both locally and globally. 

By diversifying its funding sources through a Shariah-compliant structure, PIF looks to enhance its financial partnerships while complementing its existing financing tools, such as sukuk issuances. 

 

 

This aligns with its medium-term capital strategy, ensuring flexibility, competitive financing terms, and risk mitigation. 

Earlier in January, the National Debt Management Center also secured a Shariah-compliant revolving credit facility worth SR9.4 billion ($2.5 billion). 

The three-year facility, supported by three regional and international financial institutions, is designed to meet the Kingdom’s general budgetary requirements. 

Aligned with Saudi Arabia’s medium-term public debt strategy, the arrangement focuses on diversifying funding sources to meet financing needs at competitive terms. 

It also adheres to robust risk management frameworks and the Kingdom’s approved annual borrowing plan. 

PIF has been actively engaging in credit arrangements to support its investment initiatives and the Kingdom’s Vision 2030 economic diversification plan. 

In August 2024, PIF secured a $15 billion revolving credit facility for general corporate purposes, replacing a similar facility agreed upon in 2021. 

In addition to the revolving credit facility, PIF has diversified its financing instruments by issuing a $2 billion seven-year Islamic sukuk earlier in 2024 and planning to issue bonds in pounds sterling. 

These efforts are part of PIF’s strategy to leverage a variety of funding sources to support its expansive investment activities. 


Closing Bell: Saudi main market gains to close at 12,105 points

Updated 06 January 2025
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Closing Bell: Saudi main market gains to close at 12,105 points

  • MSCI Tadawul Index increased by 1.07 points, or 0.07%, to close at 1,510.91
  • Parallel market Nomu lost 190.29 points, or 0.61%, to close at 30,864.09

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Monday, gaining 34.87 points, or 0.29 percent, to close at 12,104.69. 

The total trading turnover of the benchmark index was SR6.43 billion ($1.71 billion), as 137 of the listed stocks advanced, while 94 retreated.  

The MSCI Tadawul Index also increased by 1.07 points, or 0.07 percent, to close at 1,510.91. 

The Kingdom’s parallel market Nomu dropped, losing 190.29 points, or 0.61 percent, to close at 30,864.09. This comes as 36 of the listed stocks advanced, while 43 retreated. 

Al Majed Oud Co. was the best-performing stock of the day, with its share price surging by 5.62 percent to SR158. 

Other top performers included SAL Saudi Logistics Services Co., which saw its share price rise by 5.42 percent to SR276, and Riyadh Cables Group Co., which saw a 5.17 percent increase to SR158.80. 

Al Mawarid Manpower Co. and Astra Industrial Group also saw a positive change, with their share prices surging by 5.17 percent and 5.05 percent to SR114 and SR195.40, respectively. 

United International Holding Co. saw the steepest decline of the day, with its share price easing 2.45 percent to close at SR183.40. 

Zamil Industrial Investment Co. and Nayifat Finance Co. both recorded falls, with their shares slipping 2.43 percent and 2.43 percent to SR36.15 and SR14.44, respectively. 

National Co. for Learning and Education and Saudi Electricity Co. also faced losses in today’s session, with their share prices dipping 2.27 percent and 2.25 percent to SR197.80 and SR16.54, respectively. 

On the announcement front, the Saudi Exchange announced the listing and trading of shares for Almoosa Health Co. on the main market starting Jan. 7. 

During the first three days of trading, daily price fluctuation limits will be set at plus or minus 30 percent, while static price fluctuation limits will also apply. 

From the fourth trading day onward, the daily fluctuation limits will revert to plus or minus 10 percent, and the static limits will no longer be enforced. 

In a separate development, Almujtama Alraida Medical Co. announced the signing of a credit facility agreement with Alinma Bank worth SR45 million. 

Alinma Bank saw a 0.17 percent decrease in its share price on Monday to settle at SR29.90.

The financing package includes an SR35 million revolving facility aimed at purchasing goods and an SR10 million revolving facility for capital expenditures. 

The credit facilities have a duration of three years and are secured by a promissory note. The objective of the financing is to support working capital requirements and fund capital expenditures, the company stated. 

Meanwhile, Mufeed Co. revealed the awarding of an SR41.5 million project focused on the development of concept, content, and execution of events aimed at reviving the Kingdom’s cultural and historical heritage. 

The contract, which is set to be signed on Jan. 20, will involve a legal entity as the counterparty. 

The project entails organizing unique activities designed to showcase and enhance the Kingdom’s rich historical and cultural narratives. 

Mufeed Co. saw a 2.93 percent increase in its share price by the close of Monday’s trading session to reach SR73.80. 


Saudi Arabia’s expat remittances up 19% to $3.21bn: SAMA

Updated 06 January 2025
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Saudi Arabia’s expat remittances up 19% to $3.21bn: SAMA

  • Remittances sent abroad by Saudi nationals totaled SR6.17 billion, reflecting a 22.71% increase
  • Kingdom ranks among the most affordable countries for remittance transfers, according to the World Bank

RIYADH: Expatriate remittances from Saudi Arabia rose to SR12.03 billion ($3.21 billion) in November, marking an 18.73 percent increase compared to the same month of 2023, new data showed. 

Figures from the Kingdom’s central bank, also known as SAMA, indicated that remittances sent abroad by Saudi nationals totaled SR6.17 billion, reflecting a 22.71 percent increase during this period. 

Saudi Arabia’s rising remittance flows underscore its growing prominence as a global economic hub and a premier destination for expatriate workers. 

According to the latest Saudi government census released in May 2023, expatriates comprise 41.6 percent of the Kingdom’s population. Among the largest expatriate communities are 2.12 million Bangladeshi nationals, followed by 1.88 million Indians and 1.81 million Pakistanis. 

These sizable populations highlight the scale of remittance transfers from the Kingdom, driven by competitive salaries, tax-free income, and comprehensive employee benefits. 

This dynamic has positioned Saudi Arabia as a major contributor to remittance-dependent economies, supporting millions of families in South Asia, the Middle East, and Africa. 

The Kingdom ranked second in the 2024 InterNations Working Abroad Index, reflecting its appeal to professionals across sectors such as finance, health care, and technology. 

The Vision 2030 initiative, aimed at diversifying the economy and boosting investment, has spurred unprecedented growth in job opportunities, particularly as new industries emerge and existing sectors expand. 

Expatriates in Saudi Arabia often benefit from attractive compensation packages that include housing allowances, health insurance, children’s education funding, and annual flights home. 

With limited personal living expenses and no income tax, expatriates enjoy significant disposable income, enabling them to remit substantial amounts to their home countries. 

According to World Bank data, the Kingdom ranks among the most affordable countries for remittance transfers, thanks to competitive fees and streamlined processes. 

Digitalization is reshaping how remittances are managed, further enhancing efficiency and accessibility. Saudi Arabia’s fintech landscape, buoyed by the Vision 2030 Financial Sector Development Program, has introduced a range of innovations. 

Mobile banking apps, online payment gateways, and partnerships with global remittance platforms have simplified transactions. Services such as the Saudi Payments Network, or Mada, and the adoption of blockchain technology by local banks have improved transfer security and speed. 

Additionally, increased competition in financial services has driven down costs, making transfers more affordable compared to global standards. 

The growing reliance on digital channels aligns with the Kingdom’s broader push toward a cashless economy. Remittance platforms integrated with mobile wallets and QR-based payments have democratized financial access, especially for lower-income workers. 

As Saudi Arabia continues to implement Vision 2030’s transformative agenda, remittance flows are expected to remain robust. 

The Kingdom’s focus on diversifying its economy, creating a business-friendly environment, and investing in technology will likely attract even more expatriates. 

With stronger remittance infrastructure and growing digital adoption, the ease, affordability, and volume of transfers will further enhance the global economic impact of expatriate labor in Saudi Arabia. 


Saudi Arabia’s e-commerce sector sees 10% growth, official figures reveal

Updated 06 January 2025
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Saudi Arabia’s e-commerce sector sees 10% growth, official figures reveal

  • Logistics sector recorded 82% surge in the issuance of records in the fourth quarter of 2024
  • Fintech solutions sector recorded 12% year-on-year increase with the issuance of 3,152 records

RIYADH: Saudi Arabia’s e-commerce sector saw its upward momentum continue in the fourth quarter of 2024, with 40,953 businesses now registered across the Kingdom— a 10 percent increase year on year.

The latest data from the Ministry of Commerce revealed that Riyadh led with 16,834 registrations, followed by Makkah with 10,314, and Eastern Province with 6,488. In the Madinah and Qassim regions, e-commerce enrollments reached 1,952 and 1,324, respectively. 

The growth falls in line with Saudi Arabia’s ongoing transition toward a diversified, digitally-driven economy, with e-commerce playing a crucial role. The Kingdom now ranks among the top 10 countries globally in expansion of this sector.

These figures align with the nation’s goal to increase modern commerce and e-commerce’s share of the retail sector to 80 percent by 2030, as well as the government’s aspiration to raise online payments to 70 percent by the same year.

The Ministry of Commerce’s latest quarterly report further revealed that the logistics sector recorded an 82 percent surge in the issuance of records in the fourth quarter compared to the same period of 2023 to reach 16,561 registrations.

The capital led the list with 8,074 registrations, followed by Makkah with 4,235 and Eastern Province with 2,038. The Madinah and Qassim regions recorded 486 enrollments each.

Regarding application development, the report showed that the sector witnessed a 36 percent year-on-year jump in the issuance of records to reach 15,775 registrations in the final quarter of 2024, compared to the corresponding quarter of 2023.

Riyadh topped the list with 9,647 registrations, followed by Makkah with 3,191 and the Eastern Province with 1,590.

The Kingdom’s fintech solutions sector also recorded a 12 percent year-on-year increase with the issuance of 3,152 records in the fourth quarter of 2024, compared to the same period a year earlier.

The bulletin also underscored significant growth across various promising sectors, aligning with Saudi Arabia’s Vision 2030 goals. 

Notable expansions were observed in several key fields, including cloud computing services, manufacturing solar panels and their parts, and real estate activities.

Growth was also seen in organizing tourist trips, entertainment events, conferences, and trade fairs.

These developments reflect the Kingdom’s strategic focus on fostering innovation and sustainable growth across diverse industries.  

The ministry’s quarterly business sector bulletin provides an overview of the latest developments in the nation’s commercial environment, highlighting Saudi Arabia’s economy’s continued growth and diversification.