Saudi Arabia to witness ‘a golden era of hospitality’ in next 10 years: Knight Frank

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Updated 26 May 2022

Saudi Arabia to witness ‘a golden era of hospitality’ in next 10 years: Knight Frank

Turab Saleem said Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map. (AN photo)
  • Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map more strongly and forcefully

RIYADH: The next 10 years will be a golden era for Saudi hospitality as the country has laid down the foundation of transformation in the sector, according to a top official of Knight Frank in the Middle East and North Africa.

“You can call the coming 10 years of Saudi Arabia the golden era of its hospitality. It will not happen again in the coming years and years to come. It will lay the foundation for hospitality in the long term,” Turab Saleem, head of hospitality, tourism and leisure consultancy at Knight Frank in the Middle East and North Africa, told Arab News in an exclusive interview on the sidelines of the Future Hospitality Summit in Riyadh.

MENA affirms top spot on global tourism map

Saleem added that the entire Middle East and North Africa region is becoming a tourism hotbed, as each country is flowering its own tourism plan to elevate the industry.

“Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map more strongly and forcefully. You got half-a-million keys under development within Egypt, UAE and KSA. Where else is this happening?” asked Saleem.

The advent of Saudi cuisine

Saleem predicted that Riyadh would soon become one of the top five food destinations globally and added that the flavors of the Saudi capital would mesmerize the world.

“Riyadh will be among the top five-six destination in the world. It is going to emerge from Riyadh and is happening. Three or four very talented chefs and entities are doing it, and one or two are ahead of others. I can’t share the name, though,” pointed out Saleem.

He further added: “It’s a matter of a few months. Soon, you will see some great Saudi cuisines launched from Riyadh that will reach out to London, New York, and other international destinations.”

Saleem lauded the Kingdom’s lofty ambitions to attract 100 million tourists by the end of this decade as part of its Vision 2030 blueprint.

“It’s a very ambitious target. We will reach it. Even if we reach it partially, it’s still a big success. Let the world know we are at par with them,” said Saleem.

 


Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday
Updated 13 sec ago

Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday

RIYADH: Saudi Arabian stocks gained on Wednesday, supported by a rise in oil prices despite ongoing concerns over a potential global recession.

The main index TASI advanced 0.5 percent to reach 11,727, while the parallel market, Nomu, added 1.8 percent to 20,728.

TASI was lifted by a 0.9 percent rise in oil giant Aramco and a 2.9 percent surge in the Kingdom’s biggest lender Saudi National Bank.

Elsewhere in the Gulf, Dubai, Abu Dhabi, and Qatar lost 0.2, 0.4 and 0.5 percent, respectively.

Outside the Gulf, the Egyptian blue-chip index EGX30 slightly rebounded by adding 0.5 percent.

Brent crude traded at $115.9 a barrel as of 9:30 a.m. Saudi time on Thursday, and US benchmark West Texas Intermediate reached $109.74 a barrel.

Stock news

Mouwasat Medical Services Co. acquired 51 percent of Jeddah Doctors Co. in a SR102 million ($27 million) deal

Shareholders of Scientific & Medical Equipment House Co. approved the board's recommendation to distribute cash dividends of SR1 per share for 2021

Banque Saudi Fransi will distribute dividends of SR0.75 per share for the first half of 2022

The Saudi Ground Services Co. closed a SR100 million medical insurance deal with Bupa Arabia

Fawaz Abdulaziz Alhokair Co. received shareholders’ approval to reduce its capital from SR2.1 billion to SR1.15 billion

Saudi Fisheries Co. appointed Awwad Aldasouqi as acting CEO following the resignation of Walid Al-Bathi due to “special circumstances”

Al Rajhi Bank announced the resignation of Stefano Paolo Bertamini from his position as board member

Saudi Kayan Petrochemical Co. made an early repayment of SR1.68 billion to settle part of the company’s outstanding loans

Arabian International Healthcare Holding Co.’s shareholders approved the distribution of SR3 per share in dividends for 2021 as well as a buyback of up to 210,000 shares for an employee incentive plan

State-owned Saudi Electricity Co. transferred its entire stake in the Saudi Power Procurement Co. to the government

Riyadh Development Co. appointed Faisal bin Ayyaf as board chairman and Majid Al-Subaie as vice-chairman

Sipchem’s board approved the distribution of SR1.75 per share in dividends for the first half of 2022

Saudi Advanced Industries Co.’s board approved buying back 2.5 million shares to keep them as treasury shares

Tanmiah Food Co.’s unit secured a short-term financing facility worth SR150 million with the Agricultural Development Fund

Arabian Centres Co.'s net profit declined by 11 percent to SR433.8 million in its fiscal year ending March 31, 2022

Nomu-listed Riyadh Cement Co. got its board’s approval to transfer to the main market TASI

Saudi Research and Media Group signed a deal worth SR200 million annually to provide services for visual platforms

Abdulaziz & Mansour Ibrahim Albabtin Co. and Arabian Plastic Industrial Co. got the Capital Market Authority’s approval to list on Saudi Arabia's parallel stock market

Schlumberger-backed Arabian Drilling Co. received CMA’s approval to float 30 percent of its capital in an initial public offering

Batic Investments and Logistics Co.’s real estate arm signed an agreement to develop a land with an area of 229,000 square meters in Madinah

Tawuniya was awarded a SR55 million contract from Elm Co. for health insurance services

Calendar

June 30, 2022

End of the Wafrah for Industry and Development Co.’s subscription to new shares

End of Petro Rabigh’s subscription to new shares

July 4, 2022

Launch of single-stock futures trading on Tadawul

July 7, 2022

Saudi Exchange will close for Eid Al Adha holidays and resume trading on July 13


Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m
Updated 29 min 52 sec ago

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

RIYADH: Saudi healthcare provider Mouwasat Medical Services Co. has signed a final agreement to acquire 51 percent of Jeddah Doctors Co. in a deal worth SR102 million ($27 million).

The deal is expected to close during the third quarter of 2022, according to a bourse filing.

Jeddah Doctors Co. is a Saudi closed joint stock company that owns a hospital presently under construction in Jeddah called Jeddah Doctors Hospital.


Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 

Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 
Updated 56 min 11 sec ago

Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 

Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 

RIYADH: Saudi Kayan Petrochemical Co. has cut its financial costs after paying SR1.68 billion ($450 million) as an early loan settlement.

The petrochemical firm said in a bourse filing that the transaction will reduce financial costs by nearly SR72 million.

Saudi-listed Kayan had seen its net profit plunge by 57.5 percent to SR209 million in the first quarter of 2022, weighed down by higher average sales prices.

 


Unemployment among Saudis fell to 10.1% in 1Q

Unemployment among Saudis fell to 10.1% in 1Q
Updated 4 min 29 sec ago

Unemployment among Saudis fell to 10.1% in 1Q

Unemployment among Saudis fell to 10.1% in 1Q

RIYADH: Unemployment among Saudis fell to 10.1 percent in the first quarter of 2022 from 11 percent in the fourth quarter of 2021, according to official data provider GASTAT.


Banque Saudi Fransi to pay out $240m in dividends for H1

Banque Saudi Fransi to pay out $240m in dividends for H1
Updated 30 June 2022

Banque Saudi Fransi to pay out $240m in dividends for H1

Banque Saudi Fransi to pay out $240m in dividends for H1

RIYADH: Banque Saudi Fransi’s board has declared cash dividends of SR900 million ($240 million) in total for the first half of 2022.

The dividend payout will be SR0.75 per share, to be paid on Aug. 4, with almost 1.2 billion shares eligible for dividends, a bourse filing revealed.

This comes after the bank's net profit surged to SR875 million in the first quarter of the year, from SR780 million in the same period a year ago.