Details revealed of $3bn plan for new era of sustainable mountain tourism in Saudi Arabia

Soudah Development, which was founded in February 2021 and is an affiliate member of the UN’s World Tourism Organization, said that its main commitment is to protecting Soudah. (Supplied/SD)
Soudah Development, which was founded in February 2021 and is an affiliate member of the UN’s World Tourism Organization, said that its main commitment is to protecting Soudah. (Supplied/SD)
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Updated 21 November 2022

Details revealed of $3bn plan for new era of sustainable mountain tourism in Saudi Arabia

Details revealed of $3bn plan for new era of sustainable mountain tourism in Saudi Arabia
  • Soudah Development said its plans span 627 sq. km in the Sarwat Mountains, in the southwestern Asir region, that is home to 90 percent of the Kingdom’s greenery and plant life
  • ‘By restoring biodiversity, boosting vegetation cover and rewilding vast swathes of terrain, we want to create a greener future that unlocks the potential of sustainable tourism,’ the company said

SHARM EL-SHEIKH: Soudah Development, a company owned by the Saudi Public Investment Fund, said it plans to invest SR11 billion ($2.93 billion) as it spearheads a new era of sustainable mountain tourism, as part of the Kingdom’s ambitious environmental action plans.

Its project spans a 627 sq. km area that includes Soudah and the mountain village of Rijal Alma, in the Sarwat Mountains in the southwestern Asir region, and is home to 90 percent of the Kingdom’s greenery and plant life.

“Soudah and Rijal Almaa are a nationally unique and biologically diverse ecosystem vulnerable to climate change,” the company said. “By restoring biodiversity, boosting vegetation cover and rewilding vast swathes of terrain, we want to create a greener future that unlocks the potential of sustainable tourism.”

At a height of 3,015 meters, Soudah is the highest peak in Saudi Arabia.




(Supplied/Soudah Development)

“We plan to develop 2,700 hotel rooms, 1,300 residential units and 30 commercial and entertainment attractions to create a luxury mountain tourism destination high above the clouds, (and) up to SR3 billion will be directed toward major infrastructure improvements which will provide social and economic dividends for the local community,” Soudah Development said.

“We also plan to play a key role in the country’s diversification by attracting over 2 million visitors throughout the year, creating 8,000 jobs and adding SR29 billion cumulatively to the Kingdom’s Gross Domestic Product by 2030.”

The company, a closed joint-stock real estate development business launched last year by Crown Prince Mohammed Bin Salman, participated in the second Saudi Green Initiative Forum, which took place last week on the sidelines of the UN Climate Change Conference, COP27, in Sharm El-Sheikh. It shared details about three of its flagship sustainability initiatives, including plans to plant more than a million trees by 2030.

“In addition to our ongoing reforestation drive, we used this platform to highlight two more environmental projects: Plans to reintroduce endangered wildlife, such as mountain ibex and gazelle, to their native habitats; and an extensive initiative to rewild protected areas to safeguard biodiversity and restore ecological balance,” it said.




(Supplied/Soudah Development)

Soudah Development, which was founded in February 2021 and is an affiliate member of the UN’s World Tourism Organization, said that its main commitment is to protecting Soudah but that it also aims to promote the area as a global luxury tourist destination, while helping to combat climate change in line with the goals of the SGI. This is reflected, the company said, in projects such as its plan to plant a million trees in support of the SGI’s ambitious goal of planting 10 billion trees by 2030.

“Up to 25 tons of carbon dioxide will be sequestered by the forest under this initiative, contributing to the Kingdom’s aim to achieve carbon neutrality by 2060, reduce carbon emissions by four percent, and raise protected areas to more than 30 percent of the country’s total land area,” the company said.

It added that it is in the “preliminary stages of planning and development work,” in accordance with the best practices in sustainable tourism, and is partnering with national, international, and multilateral organizations to achieve its goals.

It has signed four agreements with national entities under the umbrella of the Ministry of Environment, including the National Center for Vegetation Cover and Combating Desertification, the National Center for Environmental Compliance, the National Center for Wildlife Development, and the National Center for Waste Management.




(Supplied/Soudah Development)

It has also formed partnerships with the Saudi National Heritage Commission and the King Abdulaziz Foundation to identify and carry out research on archaeological assets and study the intangible cultural heritage in the area.

Soudah Development is also the region’s only member of the UN Mountain Partnership, and its plans for Soudah and Rijal Almaa, and its efforts to promote sustainability, have received a strong endorsement and recognition from the UN General Assembly.

“What this means for us — and the Kingdom — is that our efforts to promote meaningful action to fight climate change and achieve the 17 (UN) Sustainable Development Goals is receiving the global recognition it deserves,” the company said.


Closing bell: Saudi main index continues its upward trend

Closing bell: Saudi main index continues its upward trend
Updated 10 sec ago

Closing bell: Saudi main index continues its upward trend

Closing bell: Saudi main index continues its upward trend

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward trend for the second consecutive day, as reigning oil prices raised investor confidence. 

On Monday, the benchmark index gained 71.63 points or 0.64 percent to close at 11,293.59. 

The total trading turnover of the benchmark index was SR6.38 billion ($1.70 billion) as 125 listed stocks advanced, while 75 retreated. 

Brent crude futures were at $77.92 a barrel, up $1.79, or 2.35 percent, at 3:30 p.m. Saudi time, while US West Texas Intermediate crude climbed $1.83 or 2.55 percent to $73.57 a barrel. 

While parallel market Nomu fell 124.49 points to 21,316, the MSCI Tadawul Index rose 0.45 percent to close at 1,496.92. 

Elm Co. was the best performer of the day, as its share price surged 9.98 percent to SR500.49. 

Elm Co., in a statement to Tadawul, announced that it is carrying out preliminary talks with Thiqah Business Services Co. to buy Public Investment Fund’s entire ownership in Thiqah. 

Elm Co. added that these talks do not imply that the acquisition deal will be conclusive. 

Other top performers were Arabian Internet and Communications Services Co. and Etihad Atheeb Telecommunication Co., whose share prices advanced by 5.80 percent and 5.27 percent, respectively. 

The worst performer of the day was Saudi Marketing Co. The company’s share price dropped by 2.19 percent to SR29.05. 

On the announcements front, Tourism Enterprises Co., also known as Shams, said it had named Mohannad Saleh Alonaizan as the firm’s new CEO, effective July 1.


Saudi Arabia, Egypt sign MoU to bolster bilateral trade

Saudi Arabia, Egypt sign MoU to bolster bilateral trade
Updated 1 min 1 sec ago

Saudi Arabia, Egypt sign MoU to bolster bilateral trade

Saudi Arabia, Egypt sign MoU to bolster bilateral trade

RIYADH: Bilateral trade between Saudi Arabia and Egypt is set to grow after an agreement was reached to enhance economic cooperation — with a key focus on developing the non-oil export sector.

A memorandum of understanding has been signed by the Saudi Export Development Authority and Egypt’s Export Development Authority, the Saudi Press Agency reported.

The agreement falls within the framework of the two countries’ commitment to bolster economic and trade cooperation while developing non-oil export sectors to further diversify sources of income.

The MoU was signed on the sidelines of the official visit of Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef to Egypt.

Abdulrahman Al-Thukair, CEO of the Saudi Export Development Authority, and Egypt’s Minister of Plenipotentiary Trade Yahya Al-Wathiq Billah inked the agreement.

Under the new MoU, the countries will collaborate across broad areas including the exchange of experiences and knowledge in the field of developing exports as well as cooperation around relevant research and studies, Al-Thukair explained.

In addition to this, the two countries will also provide technical support and consultations in the fields of export and international marketing, the CEO said.

The Kingdom and Egypt will work together closely in the organization of joint events, as well as seminars, to enhance communication and exchange of experiences between companies and exporters in the two countries, he added.

Furthermore, the MoU reflects the commitment of the two parties to strengthen bilateral cooperation and joint action in order to achieve the goals of development and sustainability in the field of exports.

Through this MoU, the Saudi authority aims to expand the scope of local producers and exporters in line with the Vision 2030 goal of raising the proportion of exports to no less than 50 percent of the Kingdom’s non-oil gross domestic product.

 


Saudi-British business delegations meet to bolster intra-regional trade

Saudi-British business delegations meet to bolster intra-regional trade
Updated 05 June 2023

Saudi-British business delegations meet to bolster intra-regional trade

Saudi-British business delegations meet to bolster intra-regional trade

RIYADH: Intra-regional trade between Saudi Arabia and the UK is set to receive a boost as top ministers from both countries held talks in London to strengthen economic ties. 

As part of the third meeting of the Saudi-British Strategic Partnership Council, the Kingdom’s Commerce Minister, Majid bin Abdullah Al-Qasabi, and the UK’s Investment Minister, Dominic Johnson, discussed ways to further encourage English firms to expand their businesses in the Middle East’s largest economy. 

This comes as trade exchange between Saudi Arabia and the UK stood at SR80.7 billion ($21.5 billion) in 2022, reflecting a 68 percent surge when compared to 2021. 

While the total value of UK exports to Saudi Arabia stood at SR56.9 billion in 2022, the total value of imports from the Kingdom amounted to SR23.8 billion. 

The two ministers also discussed ways to promote and finance emerging companies in promising fields based on research and innovation while reviewing the British experience in developing entrepreneurship.  

Led by Al-Qasabi, the Saudi delegation includes Deputy Minister of Commerce and CEO of the National Competitiveness Center Iman Al-Mutairi as well as 45 officials from 22 private and non-profit government agencies. 

The delegation will participate in important meetings with the British government and business officials to bolster economic cooperation between the two nations. 

The agenda of the visit also entails meetings between the minister and top British business leaders including the CEO of Rolls-Royce, Tufan Erginbilgic, besides several other engagements with officials from the British Accreditation Authority.  

The Saudi delegation will also participate in a dialogue with members of the Asian House, which is a think tank interested in promoting trade exchange between Asia, the Middle East and Europe. 

Some of the other members who are part of the Saudi delegation include representatives from the ministries of trade, energy, investment, education, culture, tourism, and municipal and rural affairs and housing.

The Saudi Central Bank, the Public Investment Fund, the General Authority for Foreign Trade, the National Center for Competitiveness, and the Center Saudi Economic Business are also represented during the visit.  

Established in 2008, the Saudi-British Strategic Partnership Council aims to reinforce relations between the Kingdom and the UK. 

It also seeks to commit to a deeper and more strategic partnership to enhance the mutual interests of both countries. 


Gold slips as firm dollar counters bets for Fed pause

Gold slips as firm dollar counters bets for Fed pause
Updated 05 June 2023

Gold slips as firm dollar counters bets for Fed pause

Gold slips as firm dollar counters bets for Fed pause

BENGALURU: Gold slipped on Monday as the dollar firmed after strong US payrolls data last week, offsetting some of the support for zero-yield bullion from bets that the Federal Reserve may pause rate hikes in June, according to Reuters.

Spot gold was down 0.2 percent to $1,944.59 per ounce by 12:46 p.m. Saudi time, close to its lowest level since May 30. US gold futures shed 0.6 percent to $1,958.60.

“Gold bulls’ shoulders slumped after yet another red-hot headline nonfarm payroll print fueled a rebound in the dollar,” said Han Tan, chief market analyst at Exinity.

“For the immediate term, spot gold is testing its 100-day moving average for support.”

Gold dropped more than 1 percent on Friday after data showed the US economy added 339,000 jobs last month, above estimates of 190,000.

On Monday, the dollar index was up 0.2 percent, making greenback-priced bullion less affordable for overseas buyers. 

Benchmark US yields meanwhile were near a one-week high.

But providing a floor for bullion prices, the chances of the Fed holding interest rates at their current level at its June 13-14 meeting were pegged at 79.4 percent, according to the CME FedWatch Tool.

Non-interest-bearing bullion tends to become less attractive in a high-interest rate environment.

“To see higher gold prices, we need to see the Fed getting more dovish, which likely requires weaker economic data,” said UBS analyst Giovanni Staunovo.

Global shares rose as investors bet on a rate-hike pause and after Saudi Arabia pledged the biggest reduction in its oil output in years.

Silver fell 0.4 percent to $23.50 per ounce, platinum rose 0.6 percent to $1,009, and palladium gained 0.3 percent to $1,424.15.

Amid prospects for an economic slowdown in Europe and the US, an extended period of softening industrial demand could remove some support for silver prices from factors such as growth in solar cell production, Heraeus said in a note.


Saudi Arabia to build commercial project worth $1bn in Baghdad

Saudi Arabia to build commercial project worth $1bn in Baghdad
Updated 05 June 2023

Saudi Arabia to build commercial project worth $1bn in Baghdad

Saudi Arabia to build commercial project worth $1bn in Baghdad

RIYADH: Saudi Arabia has signed a contract with Iraq to establish a commercial project worth $1 billion in Baghdad, bolstering the economic ties between the two nations, reported the Iraqi News Agency. 

Abdulaziz Al-Shammari, the Saudi ambassador to Iraq, revealed that the Kingdom inked a contract with Iraq to develop a massive commercial project near Baghdad International Airport, according to the INA. 

Dubbed Baghdad Avenue, the project is expected to become the largest shopping mall in Iraq, encompassing coffee shops, restaurants and commercial offices. Additionally, it will house 4,000 apartments and 2,500 villas. 

“Baghdad Avenue will be a distinguished project and a surprise to all Iraqis. It is the largest mall in Iraq and will include cafes and restaurants with large areas and commercial offices for major Iraqi companies,” Al-Shammari said.
“Iraqi and Saudi relations are witnessing a wonderful stage,” he added. 

Al-Shammari highlighted the recent visit of the King Salman Medical Center’s team to Baghdad, stating that the knowledge exchange between Iraqi and Saudi doctors epitomizes the strong relations between the two countries. 

“Today, we started reaping its real fruits through the visit of the King Salman Medical Center team to Baghdad, which is the first specialized and practical visit through which we witness the exchange of experiences between the best-skilled doctors in the Kingdom, as well as the best Iraqi doctors, to exchange experiences in fields and subspecialties, which is the first fruit,” he said. 

Al-Shammari also noted that both countries would soon host meetings featuring economic and cultural discussions. He stated: “The subsequent phase will witness significant momentum in activities occurring between the two nations.” 

In March, Saudi Public Investment Fund created a new company to invest in various industries across Iraq, with a capital of $3 billion. 

The Saudi-Iraqi Investment Co. will invest in infrastructure, mining, agriculture, real estate development and financial services, CEO Muteb Al-Shathri said during the Saudi-Iraqi Coordination Council held in the Kingdom.