InterContinental Hotels Group to open Crowne Plaza Riyadh

Updated 12 February 2018
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InterContinental Hotels Group to open Crowne Plaza Riyadh

RiIYADH: Leading hotel operator Inter Continental Hotels Group will be opening its seventh Crowne Plaza hotel in the Saudi capital Riyadh.
The 326-room hotel will be located in ‘Al-Ra’idah Digital City’ a mixed-use district that is expected to accommodate over 20,000 employees and up to 10,000 residents in the forseeable future. The Al-Ra’idah digital city has been welcoming multinationals, technology companies, government agencies, and many of the new ventures that are part of the National Transformation Project 2030.
The hotel features more than 12000m2 of exhibition and conference space including, a three-level circular conference center, a ballroom, large pre-function areas and 12 daylight meeting rooms.
Waleed Al Eisa, the chief operating officerof Al Ra’idah Investment Company said that he is “delighted to work with IHG to bring another Crowne Plaza hotel to Al Ra’idah Digital City.
“IHG continues to be a trusted brand in the Kingdom, offering guests world-class amenities, seamless guest experience and an unparalleled rewards program.”


Moody’s raises GDP growth forecasts for Saudi Arabian economy

Updated 18 October 2018
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Moody’s raises GDP growth forecasts for Saudi Arabian economy

  • The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating
  • he agency expects higher oil production to boost the Saudi economy

LONDON: Moody’s has raised Saudi Arabia’s GDP growth forecast for 2018 to 2.5 percent from 1.3 percent as it maintains a “stable outlook” for the Saudi economy.
The ratings agency also increased its 2019 GDP forecast to 2.7 percent, well above the 1.5 percent previously predicted, the Kingdom’s Ministry of Finance said.
Moody’s numbers exceed the forecasts of the Saudi Arabian government for the 2019 budget announced in September.
The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating.
The agency expects higher oil production to boost the economy, but also said developments in the non-oil sector will contribute to stronger GDP growth in the medium and long-term.
Moody’s said the Saudi government deficit for the 2018 and 2019 will hover between 3.5 percent and 3.6 percent, a far cry from its previous expectations of 5.8 percent and 5.2 percent.
Moody’s commended Saudi Arabia’s reasonable control of expenditure, even in the face of higher oil revenues.
“In addition to the moderate funding requirements, the government is able to access ample sources of liquidity, from both domestic or international capital markets and financial reserves. It is unlikely to face problems in financing the fiscal deficit,” the report said.
Last week, the IMF lifted its projections for economic growth in Saudi Arabia saying the Kingdom’s economy is expected to grow by 2.2 percent in 2018 and 2.4 percent next year, raising previous projections by 0.5 percent.