DUBAI: A new wellness-focused Ritz-Carlton destination is set to open in Saudi Arabia as Red Sea Global inked a strategic agreement with Marriott International.     

The new destination will be part of the luxury wellness spot AMAALA development and marks the fourth collaboration between the two organizations.     

Scheduled to open in 2025, the Ritz-Carlton will be situated at the northernmost point of Triple Bay, a key area within the AMAALA project.     

The new property will feature 391 guestrooms, with 80 percent of these offering water-facing views, alongside a mix of Marina Village, sea, and mountain views.     

In an interview with Arab News during the Future Hospitality Summit in Dubai, Lindsay Madden-Nadeau, senior director of wellness strategy at Red Sea Global, emphasized the importance of collaboration in shaping the wellness portfolio of the AMAALA project.     

“We’re constantly looking at different brands and experiences that will help enhance and leverage our already existing wellness portfolio,” Madden-Nadeau said. “I think the power of collaboration goes a long way these days,” she added.     

The new destination's design, created by Foster + Partners, seeks to blend in with the natural sand dune landscape, which has been preserved to offer shaded areas. The resort is designed to provide various views of the sea from multiple locations.   

The announcement builds on recent partnership successes, including the opening of the St. Regis Red Sea Resort and Nujuma, a Ritz-Carlton Reserve, as well as the signing of The Red Sea EDITION.     

The new resort’s architecture will reflect the local design influences of Al Wajh, a nearby seaside town, and will incorporate elements of traditional craftsmanship, blending them with contemporary features.     

Madden-Nadeau highlighted the unique position of AMAALA as a destination and how each operator brings a distinctive advantage to the location.     

The new Ritz-Carlton will include a range of leisure and wellness amenities, such as multiple culinary venues, including sunset-facing restaurants, a spa, fitness and recreational centers, adult and family pools, and a rock pool.   

The property will offer expansive event facilities, including a ballroom and meeting spaces capable of accommodating up to 1,500 guests, suitable for weddings, conferences, and corporate events.     

The AMAALA project is focused on delivering a wellness and luxury tourism experience, with the first phase of the Triple Bay masterplan set to welcome its guests in 2025.     

This initial phase will include eight resorts with over 1,400 hotel keys. Once complete, AMAALA will encompass more than 4,000 hotel rooms across 30 hotels, in addition to approximately 1,200 luxury residential units, including villas, apartments, and estate homes, alongside retail, dining, and recreational facilities.     

Madden-Nadeau also spoke about the upcoming additions to their wellness offerings. “In general, over the next six months, we hope to be able to announce three additional brands. Two of them will be dedicated wellness operators that really complement the already existing assets and operators that are there,” she said.     

“We’re also looking at developing our own wellness brand, and we’re in exploratory phases of that right now. And we have another asset that we’re working on, something that’s new to the market, something that’s a bit disruptive, and so we’re exploring that as well,” she added.

RIYADH: The global economy presents promising growth opportunities, but emerging challenges could disrupt predictability, complicating the landscape for investors and policymakers, according to the Saudi Central Bank governor. 

Addressing the opening session of the 48th Council of Governors of Arab Central Banks and Monetary Authorities in Cairo, Ayman Al-Sayari emphasized the need for collaborative efforts to navigate ongoing economic turbulence. 

He acknowledged the crucial role central banks play in managing monetary policies amid shifting global dynamics, particularly regarding inflation, debt management, and evolving financial technologies.  

“The recent interest rate cuts by several central banks signal the start of a monetary easing cycle. This is expected to gradually reduce borrowing costs and public debt risks, while also stimulating investment and enhancing economic activity,” he said in his address. 

He noted that recent years have seen the Saudi economy experience accelerating growth, driven by significant transformation and economic diversification efforts. 

“In this context, Saudi Arabia continues to uphold a balanced and robust economy that can absorb external shocks, even as many economies worldwide are affected by external factors and geopolitical tensions,” added Al-Sayari. 

These issues were further emphasized by Fahad Al-Turki, director general and chairman of the board of directors of the Arab Monetary Fund, who noted that the region’s unemployment rate was alarmingly high at 10.9 percent by the end of last year — double the global average, according to World Bank figures. 

He underscored the importance of adopting policies that would address this issue and meet the economic aspirations of the region’s populations. 

He also pointed out that rising debt levels remain a significant concern for Arab economies in light of current global conditions, emphasizing the need for effective debt management to ensure sustainable financial health. 

Despite these challenges, Al-Turki expressed optimism for the future, citing AMF projections that predict an improvement in the region's economic growth rate. 

The Arab economies are expected to grow by 2.8 percent this year, with a forecasted rise to 4.5 percent in 2024, compared to a modest 0.3 percent growth last year. 

Inflation, which remains a concern, is also expected to decrease over the next two years. The AMF anticipates inflation across Arab countries to drop from 13.2 percent last year to around 11 percent in 2023, and further to 7.8 percent in 2024. 

However, these projections exclude certain Arab nations experiencing extraordinary inflation due to internal challenges. 

Al-Turki noted that financial safety indicators in the Arab region show an average capital adequacy ratio of 17.4 percent by the end of last year — well above the Basel III requirements. 

Additionally, liquid assets made up 34 percent of total assets in the sector, while loan provisions covered over 90 percent of non-performing loans in Arab banks. 

On the technology front, he pointed out that opportunities presented by artificial intelligence offer significant potential for Arab countries but stressed the need for robust regulations and risk management frameworks to fully harness its benefits. 

He called for enhanced economic resilience across Arab nations to better withstand potential global shocks.