Hyatt unveils 2 new luxury hotels in Saudi Arabia’s Jaumur, strengthening partnership with NEOM
Updated 01 October 2024
Sherouk Zakaria Miguel Hadchity
DUBAI: Hotelier Hyatt has revealed plans to open two new establishments in Jaumur, a coastal destination in Saudi Arabia’s Magna region, located along the Gulf of Aqaba.
According to a statement, this move marks a milestone for the firm, expanding its presence in the Kingdom and deepening its collaboration with NEOM.
The two hotels, set to open in 2027, will offer 350 rooms and suites, each designed to provide distinct, high-end experiences for guests.
Stephen Ansell, managing director for the Middle East and Africa at Hyatt, emphasized the importance of this development during an interview with Arab News at the Future Hospitality Summit in Dubai.
He also revealed more ambitions for the firm, saying: “We aim to triple our hotel portfolio in Saudi. We are expecting to develop around 3000 rooms, (with) new opening hotels, in the future. So we have already announced some hotels, and there are plenty of other things happening in the background.”
Ansell emphasized that it’s an exciting step forward as they aim to triple their hotel portfolio in Saudi Arabia, with plans to develop around 3,000 rooms nationwide.
The managing director added that the hotel chain would be “meeting with developers and future potential owners,” highlighting that Hyatt’s regional expansion has been very ambitious over the last several years.
The Park Hyatt Jaumur, located at the heart of the marina community, will feature 125 rooms and is set while the Andaz Jaumur Marina, will offer 225.
Jaumur, envisioned as a hub for coastal luxury, offers a blend of land and sea experiences and will be home to a 300-berth marina, while visitors will also have access to a deep-sea diving research center.
Ansell also emphasized that these hotels align with Saudi Arabia’s Vision 2030, which aims to attract 150 million visitors by the end of the decade.
In a statement, Javier Aguila, group president for Europe, Middle East, and Africa at Hyatt, shared his enthusiasm, saying: “The Kingdom of Saudi Arabia is a key market in Hyatt’s growth strategy in the Middle East, and these upcoming properties in NEOM reflect our dedication to expanding our brand footprint.”
Aguila added that the hotels will play a critical role in enhancing the region’s tourism landscape as part of NEOM’s sustainable tourism goals.
In keeping with Hyatt’s commitment to innovation, Ansell told Arab News about the integration of artificial intelligence into their operations.
“AI will contribute to a lot of our focus on customer service and how we operate our hotels. So I think there are going to be a lot of changes in the future and it’s something that we embrace but embrace with recognition, that this will take time as it evolves and will need to be treated very, very carefully,” he said.
ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Thursday after two days of gains, losing 715.18 points to close at 122,046.46 points, which a financial analyst attributed to profit-taking driven by fiscal year-end considerations.
The PSX closed at 122,046.46 points when trading ended on Thursday, witnessing a negative change of 0.58 percent. The KSE-100 had closed at 122,761.64 points on Wednesday and before that on Tuesday, it surged by 6,079 points or 5.23 percent to close at 122,246 points. Analysts attributed the surge on Tuesday to the ceasefire announcement between Iran and Israel.
As many as 473 companies transacted their shares in the stock market on Thursday, with 200 of them recording gains and 237 sustaining losses, state-run Associated Press of Pakistan (APP) said, adding that the share price of 36 companies remained unchanged.
“After two consecutive sessions of strong gains, the local bourse witnessed a round of profit-taking today, driven by fiscal year-end considerations and short-term portfolio rebalancing,” Maaz Mulla, the vice president of equity sales at Topline Securities Limited, said in a statement.
Mulla said the benchmark KSE-100 index saw a “volatile ride“— climbing 656 points intraday before losing 715 points at close of business. He said the closing figure of 122,046 points reflected “a cautious investor mood” as the quarter draws to a close.
He said despite the decline at the end of the day, the overall market activity remained “vibrant.”
“Total traded volume clocked in at 750 million shares, with a traded value of PKR 29.8 billion,” Mulla said.
APP reported that the three top trading companies on Thursday were Pak Int. Bulk with 37,503,501 shares traded at Rs 8.52 per share, WorldCall Telecom with 33,285,442 shares at Rs 1.45 per share and Pervez Ahmed Co. with 32,962,174 shares at Rs 3.29 per share.
IMF raises Saudi growth forecast to 3.5% for 2025, outstripping global average
IMF highlighted pivotal role of Vision 2030 mega projects in sustaining Kingdom’s economic momentum
It projects Saudi economic growth will outpace global average of 2.8% in 2025
Updated 26 June 2025
Miguel Hadchity
RIYADH: The International Monetary Fund has revised up its forecast for Saudi Arabia’s economic growth in 2025, raising it to 3.5 percent from the 3 percent projected in April.
In its concluding statement following an Article IV consultation, the IMF highlighted the pivotal role of Vision 2030 mega projects in sustaining the Kingdom’s economic momentum, noting its continued resilience amid lower oil prices and shifting international challenges.
The IMF projects Saudi economic growth will outpace the global average of 2.8 percent in 2025, as well as outstripping most of its Gulf peers.
“Robust domestic demand — including from government-led projects — will continue to drive growth despite heightened global uncertainty and a weakened commodity price outlook,” the IMF stated in its new report.
The fund expected this momentum, supported by the scheduled phase-out of OPEC+ production cuts, to push growth even higher to 3.9 percent in 2026 before stabilizing around 3.3 percent in the medium term.
The Saudi Ministry of Finance welcomed the IMF’s concluding statement, highlighting its confirmation of “the strong resilience of the Saudi economy in the face of global economic shocks, supported by the expansion of non-oil sector activities, containment of inflation, and a historically low unemployment rate — all aligning with the objectives of Saudi Vision 2030.”
The ministry noted the IMF’s praise for the government’s efforts to enhance public finance sustainability and resilience to shocks, as well as its recognition that strong domestic demand continues to support economic growth despite global uncertainty, reflecting the Kingdom’s continued implementation of Vision 2030 projects.
Non-oil gross domestic product growth, a key indicator of diversification success, is projected to grow at 3.4 percent in 2025.
While slightly lower than the 4.2 percent achieved in 2024, the IMF attributed this sustained performance to “continued implementation of Vision 2030 projects through public and private investment, as well as strong credit growth, which would help sustain domestic demand and mitigate the impact of lower oil prices.”
Medium-term non-oil growth is expected to approach 4 percent by 2027 before stabilizing at 3.5 percent by 2030.
The IMF also noted positive developments in the labor market and inflation. The unemployment rate for Saudi nationals fell to a record low of 7 percent in 2024, surpassing the original Vision 2030 target.
Headline inflation, despite a small rise to 2.3 percent in April, remains contained.
“Inflation would remain anchored around 2 percent, supported by a credible peg to the US dollar, domestic subsidies, and an elastic supply of expatriate labor,” the fund projected.
On fiscal policy, the IMF deemed the anticipated higher spending in 2025, leading to a deficit above budget targets, as “appropriate.”
“Given the upfront adjustment and ample fiscal buffers available, staff believes that additional spending restraint in 2025— triggered by lower-than-budgeted oil prices— is not necessary as it would make fiscal policy procyclical and exacerbate the impact on growth,” the statement added.
However, it emphasized the need for gradual fiscal consolidation over the medium term, recommending measures like non-oil revenue mobilization, removing energy subsidies, and rationalizing spending.
The IMF highlighted the banking sector’s resilience but cautioned about the risks associated with strong credit growth. “Addressing strong credit growth and associated funding pressures would help mitigate risks to systemic financial stability,” the report urged.
It welcomed the Saudi Central Bank’s recent introduction of a countercyclical capital buffer and ongoing efforts to enhance regulatory frameworks.
The fund strongly emphasized the need for continued structural reforms. “The current environment of heightened uncertainty underscores the importance of continued structural reform efforts to sustain non-oil growth and economic diversification,” the statement concluded.
It added: “The reform momentum should continue irrespective of oil price developments.”
This includes strengthening anti-corruption frameworks, enhancing human capital, improving access to finance, fostering digitalization, and deepening capital markets.
Closing Bell: Saudi main index rises to close at 11,068
Parallel market Nomu gained 215.80 points to close at 27,053.10
MSCI Tadawul Index rose 11.41 points to close at 1,418.88
Updated 26 June 2025
REEM WALID
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 94.29 points, or 0.86 percent, to close at 11,068.27.
The total trading turnover of the benchmark index was SR5.72 billion ($1.52 billion), as 206 of the stocks advanced and 40 retreated.
The Kingdom’s parallel market Nomu gained 215.80 points, or 0.80 percent, to close at 27,053.10. This comes as 54 of the listed stocks advanced while 31 retreated.
The MSCI Tadawul Index increased 11.41 points, or 0.81 percent, to close at 1,418.88.
The best-performing stock of the day was Ades Holding Co., whose share price rose 6.97 percent to SR13.82.
Other top performers included National Gypsum Co., whose share price increased 5.66 percent to SR22.40, as well as Zamil Industrial Investment Co., which rose 5.42 percent to SR42.80.
Specialized Medical Co. recorded the most significant drop, falling 3.31 percent to SR23.36.
Saudi Advanced Industries Co. also saw its stock price fall 2.55 percent to SR26.75.
Al-Taiseer Group Talco Industrial Co.’s stock price declined 2.27 percent to SR43.10.
Dar Al-Arkan Real Estate Development Co. has closed its 14th sukuk issuance, marking the tenth tranche under its USD-denominated Islamic Sukuk Program, with a total size of SR2.81 billion, the company said in a statement to Tadawul.
The five-year sukuk, carrying an annual profit rate of 7.25 percent, was issued on June 25 and attracted strong demand from both regional and international investors. The order book reached SR10.8 billion, nearly four times oversubscribed, according to the bourse filing.
The issuance comprised 3,750 sukuk units, each with a par value of $200,000.
Dar Al-Arkan appointed Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Alkhair Capital, Al Rayan Investment LLC, Arqaam Capital, Bank ABC, and Dubai Islamic Bank as joint lead managers for the transaction.
Also on the mandate were Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, as well as Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank.
Shares in Dar Al Arkan ended the session marginally lower, closing at SR19.22, down 0.10 percent.
The board of directors of Sahara International Petrochemical Co., also known as Sipchem, has approved SR362 million in cash dividends for the first half of 2025, according to a statement published on Tadawul.
The payout applies to 752 million eligible shares, translating to a dividend of SR0.50 per share, or 5 percent of the share’s par value.
Shares in Sipchem closed the session higher at SR19.06, gaining 4.24 percent.
Najran region’s business registrations jump 56% amid Saudi investment push
Updated 26 June 2025
Reem Walid
RIYADH: Saudi Arabia’s Najran region has recorded a 56 percent increase in commercial registrations over the past five years, signaling expanding economic activity and growth potential in the southern province.
According to government data presented at the Najran Investment Forum 2025, business licenses in the region reached 39,000, accounting for around 2.3 percent of the Kingdom’s 1.7 million total records.
The forum, held from June 25 to 26 under the patronage of Prince Jalawi bin Abdulaziz bin Musaed, brought together government officials and private sector leaders to highlight economic prospects in the region. According to organizers, the event featured 53 project opportunities valued at over SR639 million ($170 million).
The southern province is emerging as a regional development hub under Vision 2030. With its mineral wealth, fertile land, cultural heritage, and growing logistics capabilities, it is positioned as a gateway for trade and business in line with the Kingdom’s economic diversification goals.
Speaking during the forum’s opening session, Assistant Minister of Commerce Abdulaziz bin Saud Al-Duhaim said: “Najran is an important region that abounds with diverse investment opportunities, based on its geographical location, natural resources, and competitive sectors such as agriculture, mining, manufacturing industries, tourism, and others.”
He added: “We have reviewed and developed more than 110 pieces of legislation over the past few years, most notably regulations on companies, franchises, e-commerce, bankruptcy, commercial registration, trade names, and others.”
The region’s light transport sector saw the largest increase in new registrations, up 124 percent year on year in the first quarter to 536. The logistics sector followed with 111 percent growth, totaling 345 records. Registrations in civil protection equipment installation and maintenance rose by 26 percent, while storage facilities climbed 31 percent, reaching 717 records.
During his participation in the forum, Al-Duhaim also emphasized that the Ministry of Commerce has strengthened market regulations to protect consumers, monitor prices, and combat fraud and commercial cover-ups.
“We are working on a comprehensive consumer protection system, established a reporting center and a summons center, and launched the ‘Emtithal’ electronic inspection and monitoring system,” he said.
The assistant minister also noted that the National Competitiveness Center has worked with more than 65 government agencies, in partnership with the private sector, to implement over 900 economic reforms and recommendations aimed at enhancing business competitiveness.
He added that 21 branches of the Saudi Business Center have been established to facilitate business start-ups and operations.
“The Ministry is working to develop and implement comprehensive strategies for the wholesale, retail, and professional services sectors, and to develop the services sector by leveraging new technologies,” Al-Duhaim said.
During the event, 14 cooperation agreements were signed between the Najran Chamber and various public and private entities to support local initiatives and business development.
Abdullah bin Ali bin Mohammed Al-Ahmari, assistant minister of industry and mineral resources for planning and development, who also participated in the event, noted that Najran is one of the richest regions in mineral resources, with the estimated value of untapped reserves rising from SR145 billion to more than SR227 billion.
He also emphasized the importance of developing mining-related manufacturing industries to maximize added value and boost exports.
In the same context, Abdullah Al-Dubaikhi, assistant minister of investment, discussed the province’s competitive advantages, noting that the area offers promising opportunities in mining, specialized agriculture, tourism, and education — sectors that require coordinated efforts among relevant authorities to unlock their full potential.
He noted that total projects registered on the Invest in Saudi Arabia platform for the region amounted to approximately SR8 billion.
The forum aimed to showcase the area’s economic potential, attract quality investments, and provide an effective platform for engagement between local and international investors and government agencies.
“The ministry has been committed to addressing all challenges facing the business sector by developing legislation, facilitating procedures, and expanding financing programs and solutions that empower entrepreneurship and commercial establishments,” Al-Duhaim added.
Saudi Arabia to see 700% surge in millionaire inflows in 2025: Henley & Partners
UAE continues to lead globally, forecast to attract 9,800 millionaires this year,
Report predicts unprecedented 142,000 millionaires across the world expected to relocate in 2025
Updated 26 June 2025
Nour El-Shaeri
RIYADH: Saudi Arabia is projected to attract 2,400 high-net-worth individuals in 2025, marking a sharp increase from the 300 millionaires estimated to have relocated to the Kingdom in 2024.
This eightfold rise positions Saudi Arabia as the fastest climber in the Henley Private Wealth Migration Report 2025, published by Henley & Partners in collaboration with New World Wealth.
Across the Gulf, the UAE continues to lead globally, forecast to attract 9,800 millionaires this year, the highest net inflow worldwide, followed by the US with 7,500.
HNWIs are relocating to the Kingdom due to its ambitious Vision 2030 agenda, pro-business reforms, and growing investment opportunities. The surge in inbound wealth reflects the region’s growing appeal to both returning nationals and international investors, particularly in Riyadh and Jeddah.
Saudi Arabia has also introduced attractive residency programs, tax incentives, and a push to diversify the economy beyond oil.
Switzerland is projected to gain 3,000 millionaires, while Italy is set to receive 3,600. File/Reuters
Juerg Steffen, CEO of Henley & Partners said that 2025 marks a “pivotal moment” for global wealth migration, adding: “It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”
Mega projects like NEOM, improved infrastructure, and a focus on tourism and fintech are drawing international interest.
Additionally, the Kingdom offers political stability, regional influence, and a strategic location, making it an increasingly attractive destination for global wealth.
Henley & Partner’s report aligns with a recent study by consulting firm Capgemini, which highlighted the Middle East’s growing appeal to next-generation high-net-worth individuals, citing geopolitical security and economic stability as key drivers of investment interest in the region.
The analysis, published earlier in June, pointed specifically to Saudi Arabia’s aggressive efforts to attract global wealth through its economic diversification strategies, positioning the Kingdom as a rising center for international capital.
Capgemini also noted that the UAE is capitalizing on the same trend, with both Gulf economies drawing increased interest from global investors seeking high-growth markets and stable financial environments.
UK biggest loser amid global shift
Henley & Partner’s recent report predicts that an unprecedented 142,000 millionaires across the world are expected to relocate in 2025.
While Gulf countries and select European destinations see rising inflows, several traditional wealth hubs are witnessing record outflows.
The UK is forecast to lose 16,500 high-net-worth individuals, the highest on record, more than doubling China’s projected outflow of 7,800.
This reversal comes after years of the UK being a net destination for wealth, with recent tax reforms — including increases to capital gains and inheritance taxes and tighter regulations on non-domiciled residents — prompting an accelerated departure.
The UK is forecast to lose 16,500 high-net-worth individuals, the highest on record. Getty
“Since 2014, the number of resident millionaires in the UK dropped by 9 percent compared with the W10’s global average growth of 40 percent,” said Trevor Williams, chair and co-founder at FXGuard, a digital foreign exchange risk manager, according to the report.
The shift is part of a broader trend in Europe, where France, Spain, and Germany are also expected to experience net outflows of wealthy individuals.
In contrast, Southern Europe is emerging as a new hub for global wealth.
Switzerland is projected to gain 3,000 millionaires, while Italy is set to receive 3,600.
Portugal and Greece are expected to receive 1,400 and 1,200, respectively.
Smaller markets such as Malta, Montenegro, and Latvia are also benefiting from favorable tax regimes and investment migration programs.
Beyond Europe, Thailand and Japan are increasingly preferred by wealthy individuals in Asia.
Thailand is forecast to gain 450 millionaires, and Japan 600, driven by political stability and high-end real estate.
Hong Kong is also showing signs of recovery, with inflows from mainland Chinese executives linked to the region’s growing tech sector. However, South Korea is set to see a significant outflow of 2,400 millionaires, reflecting broader economic and political uncertainty.
Hong Kong is also showing signs of recovery, with inflows from mainland Chinese executives linked to the region’s growing tech sector. File/Reuters
Other countries in Asia and the Middle East, including Vietnam, Pakistan, Iran, and Lebanon, are expected to see continued outflows of wealthy individuals, many relocating to the UAE or the US.
Misha Glenny, rector at the Institute for Human Sciences in Vienna, said recent geopolitical developments, including tensions in the Middle East, are contributing to a reshuffling of wealth migration patterns, according to the report.
In the Americas, Central American and Caribbean jurisdictions such as Costa Rica, Panama, and the Cayman Islands are expected to attract record numbers of high-net-worth individuals.
Despite a lower-than-usual forecast for inflows, the US remains a top destination for relocating millionaires.
Parag Khanna, founder and CEO of AlphaGeo, an AI-powered predictive analytics platform for investing, noted the ongoing role of Asia in shaping global wealth trends.
“Asia’s wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification,” Khanna was quoted as saying in the report.
