Radisson Hotel Group set to launch Mansard Riyadh in the next 2 weeks

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Updated 05 June 2022

Radisson Hotel Group set to launch Mansard Riyadh in the next 2 weeks

Radisson Hotel Group set to launch Mansard Riyadh in the next 2 weeks
  • The company currently operates 25 hotels with 20 more under development in the Kingdom and plans to reach 80 hotels by 2026

RIYADH: Radisson Hotel Group is opening its second flagship hotel under its luxury brand Radisson Collection Mansard Riyadh.

Elie Milky, the company’s vice president of business development in the Middle East, Pakistan, Cyprus and Greece, told Arab News at the Future Hospitality Summit that Mansard Riyadh will open in the next two weeks.

“Radisson Collection is our premium brand. We launched it with Nofa Riyadh a few years ago. It’s a flagship for us. It grows our resort and luxury portfolios in the Kingdom,” said Milky.

Located on Prince Mohammed bin Salman Road, Mansard Riyadh will have 140 guestrooms, 27 serviced apartments and 24 three-bedroom villas.

“It’s one of our best properties globally, not only in Saudi Arabia,” said Milky.

The company is also planning to become carbon negative in the next few years and increase its human capital by opening an office in Saudi Arabia.

The company currently operates 25 hotels with 20 more under development in the Kingdom and plans to reach 80 hotels by 2026.

Milky added that the company currently generates $150 million in revenue from its hotels and expects to reach $300 million by 2026.

“The whole of Saudi Arabia has only 150,000 hotel rooms today. We need to add 450,000 to 500,000 rooms in Saudi Arabia by 2030,” Milky added.


Saudi Arabia sees 79 industrial factories with $266.5m investments in May: Ministry

Saudi Arabia sees 79 industrial factories with $266.5m investments in May: Ministry
Updated 15 sec ago

Saudi Arabia sees 79 industrial factories with $266.5m investments in May: Ministry

Saudi Arabia sees 79 industrial factories with $266.5m investments in May: Ministry

RIYADH: The Ministry of Industry and Mineral Resources licensed 79 new factories in May, with investments exceeding SR1 billion ($266.5 million), reaching 411 as total number of licenses since the beginning of the year.

The number of industrial facilities across the Kingdom reached 10,638, led by non-metallic minerals with over 2,056 factories, Saudi Press Agency reported.

Rubber and plastics factories followed with 1,346, while food factories reached 1,268.

Making food products accounted for the largest proportion of the total new licenses with 16 licenses, a report by the ministry’s National Industrial Information Center showed.

Small establishments acquired the vast majority of the new industrial licenses during May, with a rate of 92.4 percent, followed by medium enterprises with 6.3 percent. 

Large enterprises consisted of 1.3 percent of the new licenses, while national factories acquired new licenses by type of investment by 77 percent, followed by foreign enterprises with 13 percent, and joint investment enterprises with 10 percent.

The ministry's report showed that 62 industrial facilities began actual production in May, with investments of SR1.3 billion.

As many as 32 new industrial licenses were issued in the Saudi capital Riyadh, while 19 were issued in the Eastern region, and 11 in Makkah, the report said.

The eastern region occupied the largest number of factories that started production with 17 factories, followed by Riyadh with 16, and the Asir region with 10 factories.

Number of jobs created by the industrial sector during May reached 2,516, all of them citizens, while more than 19,000 expatriate workers left the sector during the same month, the ministry said.


TASI down from record high to 2nd biggest monthly decline in 2022: Monthly Recap

TASI down from record high to 2nd biggest monthly decline in 2022: Monthly Recap
Updated 01 July 2022

TASI down from record high to 2nd biggest monthly decline in 2022: Monthly Recap

TASI down from record high to 2nd biggest monthly decline in 2022: Monthly Recap

RIYADH: The Saudi main index, TASI, sank to its second-largest monthly decline in 2022 in the final session of June, led by fears of interest rate hikes hitting investors’ optimism.

TASI ended June losing 11 percent, to reach 11,523 at the closing bell of Thursday’s session.  

During June, the Tadawul All Share Index suffered its worst decline in six months to reach 11,299.

This was led by a 5.43 percent fall in oil giant Saudi Aramco, and 15.47 percent decrease in the Kingdom’s largest valued bank, Al Rajhi.

Saudi Industrial Export Co. topped the fallers list despite being the top gainer last month, down 63.87 percent.

Also adding to this was a weak performance from all listed sectors as they ended June in the red.

Another factor contributing to the performance was the ongoing Russia-Ukraine conflict, which sent oil prices on a rollercoaster, creating instability and shaking the market.

It would be pertinent to mention that despite global economic shocks, TASI managed to cross 13,000 points for the first time since 2006 in March, and maintained the level during April as it closed at 13,733.


Saudi crude supplied a third of Japan’s oil needs in May

Saudi crude supplied a third of Japan’s oil needs in May
Updated 01 July 2022

Saudi crude supplied a third of Japan’s oil needs in May

Saudi crude supplied a third of Japan’s oil needs in May

TOKYO: Japan’s imports of Saudi crude oil in May amounted to 27.10 million barrels, or 33.5 percent of the total in that month, according to the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry.

In April, Japan’s imports of Saudi crude oil were 38.49 million barrels — 43.9 percent of the total.

During May, Japan imported 80.81 million barrels, which was a record high of 94.5 percent, some 76.38 million barrels, provided by five Arab countries: the UAE, Saudi Arabia, Qatar, Kuwait and Oman, according to the data.

Russia remained on the list of Japan’s suppliers of crude oil, with the Japanese government exempting the energy sector from sanctions, but Japanese company imports decreased to 651,848 barrels — 0.8 percent — of the total.

Japan imported 36.21 million barrels from the UAE – 44.8 percent of the total imported in May. Qatar provided 5.559 million barrels (6.9 percent), Kuwait 5.556 million barrels (6.9 percent) and Oman supplied about 1.5 million barrels (1.9 percent).

The remaining imports came from Central and South America (3.8 percent), Southeast Asia (0.3 percent), and Oceania (0.6 percent).

The figures cited represent the quantities of oil that arrived at refineries, tanks and warehouses in ports in Japan during May 2022. Japan uses oil to generate about a third of its energy needs. 

 


Saudi Alamar fast food chain franchiser sets final offer price at $30.64 

Saudi Alamar fast food chain franchiser sets final offer price at $30.64 
Updated 01 July 2022

Saudi Alamar fast food chain franchiser sets final offer price at $30.64 

Saudi Alamar fast food chain franchiser sets final offer price at $30.64 

RIYADH: Alamar Foods has set the top range of its initial public offering prices at SR115 ($30.64) per share, with a 47.5 percent oversubscription, after completing its pricing and book building process for institutional investors.

The final offer price gives the fast food chain franchiser an implied market capitalization at listing of SR2.933 billion.

Alamar Foods is developer and operator of two global household brands: Domino’s, which operates across the Middle East, North Africa, and Pakistan region, and Dunkin’, which operates in Egypt and Morocco.

“This IPO stands as a testament to the milestones achieved towards becoming a leading QSR player across the MENAP region,” Filippo Sgattoni, CEO at Alamar Foods, said.

The individual investor subscription period is scheduled to start on July 20 and to close on July 21. 

The Capital Market Authority approved on June 7 Alamar’s application to offer 10.63 million shares, or 41.7 percent of the company’s capital, to the public.

Alamar’s capital stands at SR255 million.


Oil prices ease on recession fears, headed for 3rd weekly loss

Oil prices ease on recession fears, headed for 3rd weekly loss
Updated 01 July 2022

Oil prices ease on recession fears, headed for 3rd weekly loss

Oil prices ease on recession fears, headed for 3rd weekly loss
  • OPEC+ sticks to oil output policy, avoids debate on September
  • Traders prepare for long Fourth of July holiday weekend
  • Some Norway oil workers to strike from July 5

TOKYO: Oil prices eased on Friday as lingering fears of a recession demand weighed on sentiment, putting the benchmarks on track for their third straight weekly losses, according to Reuters.

Brent crude futures were down 20 cents, or 0.2 percent, at $108.83 a barrel by 0428 GMT, giving up earlier gains of over $1.

WTI crude futures for August delivery slid 37 cents, or 0.4 percent, to $105.39 a barrel, also surrendering an early gain of nearly $1.

Both contracts fell around 3 percent on Thursday.

“Earlier in the session, the market took a breather from Thursday’s sell-off as the OPEC+ gave no surprise, saying it would stick to its planned oil output hikes in August,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.

“But uncertainty over OPEC+ policy in and after September and fears that the aggressive rate hikes by the Federal Reserve would lead to a US recession and hamper fuel demand dampened sentiment,” he said.

On Thursday, the OPEC+ group of producers, including Russia, agreed to stick to its output strategy after two days of meetings. However, the producer club avoided discussing policy from September onwards.

Previously, OPEC+ decided to increase output each month by 648,000 barrels per day (bpd) in July and August, up from a previous plan to add 432,000 bpd per month.

US President Joe Biden will make a three-stop trip to the Middle East in mid-July that includes a visit to Saudi Arabia, pushing energy policy into the spotlight as the United States and other countries face soaring fuel prices that are driving up inflation.

Biden said on Thursday he would not directly press Saudi Arabia to increase oil output to curb soaring prices when he sees the Saudi king and crown prince during a visit this month.

“All eyes are on whether or not Saudi Arabia or any other Middle Eastern oil producers would bolster output to respond the US request,” NLI’s Ueno said.

Elsewhere, 74 Norwegian offshore oil workers at Equinor’s Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday, likely shutting about 4 percent of Norway’s oil production.

Oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed on Thursday, though economic risks could slow the climb. (Reporting by Stephanie Kelly and Yuka Obayashi; editing by Richard Pullin and Kim Coghill)