A study is being conducted to establish a marine company that will promote business and trade between Saudi Arabia and Algeria, according to Abdularahman Al-Zamil, who is chairman of both the Council of Saudi Chambers (CSC) and the Riyadh Chamber of Commerce & Industry (RCCI).
"Once it is completed, it will be submitted to Saudi and Islamic banks and funds for finance," he told a recent meeting of the joint Saudi-Algerian business council held at the CSC headquarters.
Al-Zamil said promoting the trade and economic ties between the Kingdom and Algeria is a major goal for the top political leaders of the two Arab countries but absence of adequate information and lack of marine lines between the geographically distanced countries have contributed to the weakness of these ties. He hoped the new marine company under study will enhance business and trade between the two countries.
Algerian Chamber of Commerce and Industry Chairman Mohammed Al-Aid Bin Omar noted that the bilateral trade relations witnessed a four-fold increase with the trade balance very much favoring the Kingdom.
"The Kingdom’s exports to Algeria rose from $143 million in 2007 to almost $600 million in 2014. However, our exports to the Kingdom did not exceed $10 million," he said and called for serious efforts to boost its exports.
Bin Omar said that the investment and business environment in his country improved considerably in the last few years and hoped that this will attract more Saudi investment and business collaboration in trade and industry in his country.
"In the past few years, my country has gone very far in economic reforms that resulted in improving its legal, financial, and tax aspects to create better investment environment," he said, adding that the reforms have enabled the private sector to play a bigger role in the economy.
Saudi-Algerian marine company establishment under study
Saudi-Algerian marine company establishment under study
Diriyah Company, Raffles announce luxury residences
Diriyah Company and Raffles Hotels and Resorts have announced the launch of Raffles Residences Diriyah, marking their first residential partnership. The announcement shows the two companies’ shared commitment to offering world-class luxury living in the “City of Earth.”
Launched during Cityscape Global 2024 in Riyadh, Raffles Residences Diriyah will offer 90 apartments and townhouses primarily featuring one-, two- or three-bedroom residences and seven spacious duplex accommodations. Residents will have full access to the world-class luxury facilities and amenities at the upcoming Raffles Diriyah hotel.
Raffles Residences Diriyah will bring together the elegance and spirit of enchanted glamor for which Raffles is known alongside Najdi architectural influences. This unique collection of residential homes is located in Diriyah South, close to the 3 km escarpment walk overlooking Wadi Hanifah, blending cultural legacy with modern luxury.
Announcing the release of the residences, Diriyah Company Group CEO Jerry Inzerillo said: “We are thrilled to unveil these exceptional luxury residences from a top-tier, esteemed hotel brand. Introducing these stunning Raffles Residences to Diriyah reinforces our commitment to world-class standards of excellence and quality that we are delivering at every step of our accelerating development journey.”
Omer Acar, CEO for Raffles Hotels and Resorts, added: “Raffles hotels and residences worldwide are located in destinations rich in history and heritage. With Raffles Residences Diriyah, we are offering residents an unparalleled living experience steps away from the 300-year-old UNESCO World Heritage Site of At-Turaif and overlooking the breathtaking natural landscape of Wadi Hanifah, putting homeowners in one of Saudi Arabia’s cultural centers. We look forward to welcoming residents from the Kingdom and wider region to enjoy these exceptional homes where they can experience the inspirational and glamorous lifestyle of Raffles while benefiting from the outstanding service and amenities at the forthcoming Raffles Diriyah hotel.”
Raffles Residences Diriyah is part of a comprehensive residential strategy by the Diriyah Company, which will create diverse living opportunities for more than 100,000 future residents. This wide-ranging plan underscores Diriyah’s vision to become a highly sought-after place for luxury living and community development.
UAE luxury retail fit-out leader Abra marks one year in KSA
Abra, a leader in luxury retail fit-outs in the UAE and the MENA region, is celebrating one year of successful operations in Saudi Arabia. Since establishing its presence in Riyadh, Abra has transformed Saudi Arabia’s retail landscape, catering to the demands of a rapidly growing luxury market.
Abra’s expansion aligns with the booming luxury retail fit-out market in the Kingdom, currently valued at around $1.2 billion, with projections indicating steady growth at a compound annual growth rate of approximately 6.85 percent, potentially reaching $1.8 billion by 2027. As Saudi Vision 2030 drives initiatives to elevate the Kingdom’s status as a global hub for luxury retail and tourism, Abra is well-positioned to meet the demand for immersive, high-end shopping environments across the Kingdom.
“Marking our first anniversary in Saudi Arabia reinforces our long-term commitment to this dynamic market,” said Anand Kumar, managing director of Abra. “The past year has shown us the potential for growth, as we have successfully delivered over 90 projects, including a complete turnkey boutique for a French luxury brand and a large-scale popup for an Italian luxury brand.
“We are excited to continue creating tailored solutions that align with Saudi Vision 2030’s transformative goals. With local production capabilities and independent operations, Abra is well-prepared to continue supporting the Kingdom’s evolving retail landscape through innovation and quality-driven solutions.”
Indu Govindan, director of Abra, added: “Our journey over the past year in Saudi Arabia reflects our dedication to delivering excellence and building strong relationships with our clients. We’re thrilled to deepen our partnerships and continue shaping the luxury retail experience in the Kingdom.”
With 150,000 square feet of purpose-built facilities in the UAE supporting everything from joinery and electrical work to painting and metalwork, Abra’s expansion in Saudi Arabia is anchored by robust infrastructure and a skilled team of more than 300 professionals. The company has consistently delivered bespoke fit-outs for prestigious brands, combining quality, precision, and craftsmanship that resonate with Saudi clients’ discerning tastes.
Looking ahead, Abra’s commitment to sustainability aligns with global and regional priorities, as the company integrates eco-friendly materials and energy-efficient technologies into its luxury fit-outs. Abra’s sustainable approach reflects the growing importance of environmentally conscious design in the Kingdom’s high-end retail sector, ensuring a positive impact on both the market and the community.
Hyundai partners with Saudi Ministry and NetZero to plant 20,000 trees
Hyundai Motor Company Middle East and Africa, in collaboration with the Saudi Ministry of Environment, Water and Agriculture, and Netzero, has announced a new initiative to plant 20,000 trees across the Kingdom. This project aligns with Vision 2030’s goals, emphasizing sustainability and environmental stewardship within the Kingdom.
The announcement was made during a signing ceremony held at the Ministry of Environment, Water and Agriculture office in Riyadh, with attendance from Hyundai, the Ministry’s Sedra Program, and Netzero.
The tree-planting campaign is designed to have a substantial impact on CO2 absorption, ecosystem restoration, and overall sustainability efforts in the Kingdom. By enhancing green spaces, this initiative contributes to a healthier environment, supports biodiversity, and bolsters climate resilience.
Tarek Mosaad, business strategies and planning group director for Hyundai Middle East and Africa, said: “Hyundai’s commitment to environmental responsibility goes beyond vehicle manufacturing and marketing. The company strives to enhance customer trust through impactful corporate social responsibility initiatives, demonstrating that sustainable practices are at the core of its operations. This tree-planting project reflects Hyundai’s dedication to fostering a greener future for Saudi Arabia and underscores its role as a leader in sustainability.”
The benefits of this initiative are both environmental and social. By engaging local communities in the planting process, Hyundai aims to raise awareness about the importance of environmental conservation and inspire collective action toward a sustainable future. This initiative not only promotes a cleaner environment but also strengthens community bonds and encourages active participation in environmental stewardship.
As Hyundai continues to work hand-in-hand with the Saudi government and local distributors, this tree-planting initiative marks a key milestone in its ongoing journey to support Vision 2030.
GSMA M360 MENA opens in Doha with AI, digital partnerships at the forefront
M360 MENA opened its doors in Doha today with host sponsor Ooredoo Qatar, in partnership with the Ministry of Communications and Information Technology of Qatar. As mobile services are projected to contribute $360 billion to the region’s GDP, the event brings together leaders from the industry, technology, telecoms, and government sectors to foster the advancement of the MENA digital economy.
M360 MENA’s opening ceremony was led by Minister of Communications and Information Technology of Qatar Mohammed bin Ali Al-Mannai, alongside Group CEO of Ooredoo Aziz Aluthman Fakhroo and Head of MENA at GSMA Jawad Abbassi.
Key topics on this year’s M360 MENA agenda include the 5G monetization, the importance of building AI-ready networks, the smart projects unlocked by digital innovations, and the digital partnerships key to advancing the region’s digital economy.
Taking to the stage for keynote 1, GSMA’s Director General Mats Granryd said: “It’s fantastic to be hosting M360 MENA in Doha for the first time, and we look forward to exploring the powerful potential of AI, digital partnerships, and mobile connectivity for MENA. With mobile services projected to contribute $360 billion to the region’s GDP by 2030, M360 MENA stands as a powerful platform for collaboration and the innovation that will drive the region’s digital transformation.”
Ooredoo Qatar’s CEO Sheikh Ali bin Jabor Al-Thani said: “Hosting M360 MENA in Doha reflects Ooredoo Qatar’s commitment to advancing digital transformation across the region. We are proud to be at the forefront, leading initiatives in AI and 5G that have a direct impact on enhancing connectivity and quality of life for the people of Qatar. By collaborating with the GSMA and our regional partners, we are dedicated to creating a robust digital ecosystem that supports our nation’s vision of becoming a leader in technology and innovation. Together, we are laying the foundations for a future where digital connectivity empowers communities and strengthens our economy.”
Ooredoo is the latest partner to join the GSMA Open Gateway initiative in the Middle East region, joining other operators including E&, du, Omantel and Zain. Sixty-six mobile operator groups representing 278 networks and three-quarters of global mobile connections have now signed up to the initiative, alongside many of the world’s leading technology companies.
Early implementations of the GSMA Open Gateway initiative in MENA have focussed on fraud prevention and security, supporting the region’s drive toward digital collaboration. Launched at MWC Barcelona 2023, the GSMA Open Gateway is a framework of network APIs that provides developers with universal access to operator networks, designed to speed up the creation of new digital products and services.
Mobile Economy MENA 2024 report
The GSMA launched its Mobile Economy MENA 2024 report, which forecasts 5G will account for half of all mobile connections in MENA by 2030. The report finds that genAI adoption is gaining significant momentum across MENA, with operators leveraging AI to enhance customer service, optimize network performance, and drive new business opportunities.
Other findings include:
- In 2023, mobile technologies and services contributed 5.5 percent of MENA’s GDP, equating to $310 billion, while supporting approximately 1.3 million jobs.
- By 2030, mobile services will contribute $360 billion to the region’s GDP, driven by the growth of 5G and mobile Internet connectivity.
- 64 percent of the population — 427 million people — were subscribed to a mobile service at the end of 2023, while almost half (49 percent) were using mobile Internet.
- Licensed cellular IoT connections are projected to grow from 48 million in 2023 to 78 million by 2030.
This year’s M360 MENA also introduced the GSMA Foundry AI Use Case Library, featuring over 60 real-world AI use cases from across the globe, including Huawei, ZTE, Ericsson, Nokia, and IBM. The library showcases how AI is powering mobile technology in areas from customer service to network planning, with the GSMA aiming to rapidly expand the library with use cases across the mobile ecosystem.
Speaker session recordings, news releases, and photography from M360 MENA 2024 are available in the event press zone.
Presented by the GSMA, M360 is a series of global events that unify the regional mobile ecosystem. The events aim to discover, develop and deliver innovation that serves as the foundation for positive business environments and societal change. The calendar of GSMA events returns next year, beginning with MWC Barcelona, which returns to the Fira Gran Via between March 3-6, 2025.
OYO launches premium hotel brand ‘Sunday’ in KSA
Global hospitality technology company OYO has launched its premium hotel brand Sunday in Saudi Arabia with the opening of Sunday Emerald Hotel in Jeddah. It is a 72-room property on Saeed bin Zaqr Street, near to popular tourist hotspots such as the world’s tallest unsupported flagpole, King Fahad’s Fountain and Bicycle Square in Jeddah.
There are multiple food and beverages outlets in the hotel to cater to the different requirements of the guests.
OYO has strategically chosen Jeddah to launch its Sunday brand of hotels in Saudi Arabia, recognizing the city’s role as a critical transit hub for millions of Muslim pilgrims traveling to Makkah and Madinah, especially during the Hajj and Umrah seasons. This religious importance draws a vast influx of visitors annually, many of whom seek premium accommodation options to enhance their pilgrimage experience.
Through the Sunday brand, OYO will meet this demand by offering high-quality stays that blend comfort, convenience, and cultural sensitivity. It breaks away from the mold of traditional hotels and offers a unique proposition of modern-day luxury coupled with mindfully curated experiences that enable guests to unwind at their own pace.
Sunday Hotels offer an immersive experience, designed to engage the local community, and showcase creativity. Each property has a dedicated team of highly trained hospitality professionals that ensure personalized services for every guest. From the moment of arrival, guests are treated to a seamless check-in process, with staff available around the clock to cater to their needs.
One of the hallmarks of the Sunday brand is its luxurious amenities, designed to offer the ultimate in comfort and convenience. Each hotel features spacious and elegantly furnished rooms equipped with modern amenities such as high-speed Wi-Fi, flat-screen TVs, premium bedding, and well-appointed bathrooms. Many Sunday hotels also offer additional luxuries such as in-room dining, mini-bars, and premium toiletries. The concierge service provides travel arrangements, local recommendations, and any special requests, ensuring a memorable stay for all visitors.
Mohannd Bazerbashi, country head, OYO Saudi Arabia, said: “Through this launch, we aim to contribute to the Kingdom’s vibrant tourism ecosystem and drive a positive economic impact by creating local employment opportunities and fostering community engagement. It also aligns with Vision 2030’s ambition to attract 150 million visitors annually by 2030 and further strengthens OYO’s footprint in the Middle East region.”
According to the World Tourism Barometer by UN Tourism, Saudi Arabia recorded a 73 percent increase in the number of international tourist arrivals in the first seven months of 2024 compared to the same period of 2019.
OYO Hotels and Homes is a global hospitality chain with a presence in more than 35 countries. Sunday was originally launched in May 2023 in India by a joint venture between Softbank and Oravel Stays.
The first Sunday hotel was launched in the globally popular heritage destination Jaipur followed by the UK and Dubai.
