OXAGON’s ‘blue economy’ ambition: Explained

OXAGON’s ‘blue economy’ ambition: Explained
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Updated 18 November 2021

OXAGON’s ‘blue economy’ ambition: Explained

OXAGON’s ‘blue economy’ ambition: Explained
  • This core design of OXAGON reflects NEOM’s focus on regenerative and innovative development

DUBAI: NEOM is promising the world a “blue economy,” an emerging model that encourages better use of marine resources. 

The Kingdom's flagship project is doing this through OXAGON, that is set to be the largest floating industrial complex in the world. 

The blue economy plots will cover 10 square kilometers of water where it intends to combine "sustainable blue innovation and water-based living."

“Blue economy is centered around sustainable use of ocean resources for economic growth, improved livelihood and jobs, and ocean ecosystem health,” NEOM said in a statement. 

In its final stages of development, the site will feature a floating cruise terminal, as well as an oceanographic institute for marine exploration and research, marine biotechnology, and aquaculture. 

It will also have floating greenhouses, as well as mixed-used and residential floating districts. 

This core design of OXAGON reflects NEOM’s focus on regenerative and innovative development, as well as a mission to integrate land-based innovations with water-based living. 


TASI higher despite market uncertainty: Closing bell

TASI higher despite market uncertainty: Closing bell
Updated 13 sec ago

TASI higher despite market uncertainty: Closing bell

TASI higher despite market uncertainty: Closing bell

RIYADH: The Saudi main index managed to close Tuesday slightly higher, despite the uncertainty that is gripping the market at the moment.

At the closing bell, TASI gained 0.53 percent to reach 12,300, while the parallel market, Nomu, fell 0.50 percent to 22,251.

The shares of Saudi Industrial Export Co. gained 9.87 percent, leading the gainers in the market.

Kingdom Holding Co. fell 6.95 percent to lead the laggards, despite reporting profits for the first quarter of 2022.

Saudi Aramco, the largest player on the Saudi oil market, closed today’s trading up 1.65 percent.

Alhokair Group shares closed flat, following the announcement that its losses decreased by 48 percent in the first quarter.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.33 percent, while Alinma Bank climbed 3.14 percent.

Telecom giants STC and Zain KSA were both down by 0.77 percent and 0.62 percent respectively.

From the pharma sector, Aldawaa Medical Services Co. gained 1.31 percent, and Nahdi Medical Co. advanced 1.58 percent.

The energy market saw Brent crude traded at $110.28 a barrel and US West Texas Intermediate crude reached $113.58 a barrel, as of 3:31 p.m. Saudi time

 


HSBC among banks hired for PIF-backed utility firm’s $1.2bn IPO: Bloomberg

HSBC among banks hired for PIF-backed utility firm’s $1.2bn IPO: Bloomberg
Updated 46 min 27 sec ago

HSBC among banks hired for PIF-backed utility firm’s $1.2bn IPO: Bloomberg

HSBC among banks hired for PIF-backed utility firm’s $1.2bn IPO: Bloomberg

RIYADH: Saudi Power and Water Utility Co. for Jubail and Yanbu, known as Marafiq, has selected banks as it seeks to raise $1.2 billion from an initial public offering.

HSBC Holdings Plc and Riyad Capital are among the banks hired to manage the IPO process, Bloomberg reported citing unnamed sources.

The sources added that Marafiq is looking to sell a 30 percent stake to the public by the second half of this year.

Marafiq and the selected banks did not comment on the news, Bloomberg reported.

The utility is owned by four major shareholders — Saudi Aramco, Saudi Basic Industries Co., the Public Investment Fund, and the Royal Commission for Jubail and Yanbu.


Saudi Arabia and US to establish joint centers of excellence in emerging technologies

Saudi Arabia and US to establish joint centers of excellence in emerging technologies
Updated 54 min 47 sec ago

Saudi Arabia and US to establish joint centers of excellence in emerging technologies

Saudi Arabia and US to establish joint centers of excellence in emerging technologies

RIYADH: Saudi Arabia’s King Abdulaziz City for Science and Technology has signed a number of cooperation agreements with American research and academic bodies to establish centers of excellence in emerging technologies.

The deals also aim to implement strategic projects that enhance economic growth in the Kingdom, in line with its vision to transform into an innovation-based economy, Saudi Press Agency reported.

Agreements were concluded with US institutions including the University of California- Santa Barbara, Stanford University, University of California - Los Angeles and California Institute of Technology, known as Caltech. 

The partnership with the world’s leading research and technology centers seeks to consolidate the Kingdom’s position as a regional center for research, development and innovation, KACST President, Munir bin Mahmoud El-Desouki, said.

It also aims to achieve Saudi Vision 2030 by transferring and localizing emerging technologies and empowering national human resources, he added. 


Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO
Updated 24 May 2022

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

RIYADH: The efforts of the Saudi Tourism Ministry are a catalyst for the massive transformation of the hospitality sector in the Kingdom, said Sultan Bader Al-Otaibi.

Speaking at the Future Hospitality Summit in Riyadh, the CEO of Dur Hospitality said Saudi Arabia’s tourism and hospitality sector is witnessing a massive transformation and lauded the Tourism Ministry’s efforts in this regard. 

He also said events like Wold Hospitality Summit are very productive gatherings that help in learning and growing together. 

Dur Hospitality is a Saudi hospitality company established in 1976, recognized for its extensive record in managing, developing and operating a wide portfolio of hotels and residential compounds across the Kingdom of Saudi Arabia. 

 


Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official
Updated 24 May 2022

Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official

RIYADH: Saudi Arabia’s tourism sector will create 1 million jobs by 2030 and the Kingdom will welcome 100 million visitors, said Qusai Al-Fakhri, CEO of the Saudi Tourism Development Fund.

The sector will create one of every three new jobs in Saudi Arabia in the next decade, as the nation focuses more on the growth of non-oil sectors, said Al-Fakhri.

Talking about the progress of the Saudi tourism sector at the Future Hospitality Summit in Riyadh, he said: “Last year, with the support of the tourism ecosystem, and the larger government ecosystem and enablers, Saudi Arabia achieved record levels of domestic tourism that is remarkable globally.”

Al-Fakhri also noted that the tourism sector is expected to contribute 10 percent to the Kingdom’s gross domestic product by the end of this decade.