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PIF’s SEVEN appoints Egis to manage entertainment destinations  

PIF’s SEVEN appoints Egis to manage entertainment destinations  
SEVEN is one of the main players in Saudi Arabia’s entertainment industry (Supplied)
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Updated 27 March 2023
ARAB NEWS  
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PIF’s SEVEN appoints Egis to manage entertainment destinations  

PIF’s SEVEN appoints Egis to manage entertainment destinations  
Updated 27 March 2023
ARAB NEWS  
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RIYADH: SEVEN, the investment and entertainment execution arm of the Public Investment Fund, has appointed global consulting firm Egis as the project management company for destinations in Northwestern and Southern Provinces, including a recently announced development in Tabuk.  

Egis will oversee the design of these destinations and overlook all development stages, including the identification of potential specialist partnerships required as well as the construction and project management services needed.  

“Our commitment to Saudi Vision 2030 is ongoing with our projects, presence and people in the Kingdom. We are excited to further emphasize this with our involvement on the project with SEVEN, which is set to change the entertainment industry across the country,” Alaa AbuSiam, CEO of Egis in the Middle East and South Asia, said.  

Egis has been operating in Saudi Arabia for almost 30 years and is currently working on more than 25 projects spread across the Kingdom including Riyadh Metro, Green Riyadh, AlUla development, Riyadh Airport and NEOM.  

“We are delighted to be working with Egis, who are leaders in their field with a strong track record of delivering projects to the highest of standards. We will work together to achieve our shared vision of elevating the quality of life for the people of Saudi Arabia by providing unrivaled experiences at our world-class entertainment destinations across the Kingdom,” Abdullah AlDawood, chairman of SEVEN, said.  

SEVEN is one of the main players in Saudi Arabia’s entertainment industry having made significant efforts directed at developing the ecosystem in line with Vision 2030.  

“SEVEN will bring world-class entertainment which will contribute to the improvement of the sector and the quality of life of the Kingdom’s population; an objective both Egis and SEVEN have in common,” AbuSiam added.  

Founded in 2017, SEVEN is planning to invest more than $13.3 billion to build 21 entertainment destinations across the Kingdom. Its most recent project is a $266 million attraction in Tabuk that was announced in January. 

Topics: Saudi Entertainment Ventures Co. (SEVEN)

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Middle East to bolster global hospitality space with $1.9tn worth of projects

Middle East to bolster global hospitality space with $1.9tn worth of projects
Updated 24 September 2023
Arab News
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Middle East to bolster global hospitality space with $1.9tn worth of projects

Middle East to bolster global hospitality space with $1.9tn worth of projects
Updated 24 September 2023
Arab News

RIYADH: Hospitality and residential projects worth $1.9 trillion are fueling a transformation of the Middle East, according to a report released ahead of a major industry conference.

Saudi Arabia, the UAE, and Egypt are at the forefront of this change, representing 90 percent, or $1.7 trillion, of the total investment, according to research by real estate consultants Knight Frank.

These findings were shared in anticipation of the Future Hospitality Summit, scheduled to be held in Abu Dhabi from Sept. 25 to 27.

The report stated that the Kingdom leads the regional investment chart with projects worth $1.2 trillion. The UAE and Egypt followed suit, with $300 billion and $200 billion earmarked, respectively.  

These ventures underline the Arab world’s goal of attracting 160 million tourists annually by 2030.

“The Middle East’s travel and tourism sector witnessed tremendous growth with a 46.9 percent increase in its contribution to the gross domestic product in 2023, which is the highest of any region in the world,” Turab Saleem, partner and head of hospitality, tourism and leisure for the Middle East and North Africa at Knight Frank, said.

He added: “This growth is being driven by a 14.5 percent increase in the number of jobs supported by the sector and a more than $107 billion increase in its overall contribution to the gross domestic product. Moreover, the sector has also created 0.9 million new jobs.”

Global commercial real estate experts Colliers also provide insights into the current landscape, revealing numerous advanced-stage hospitality-related negotiations. Several high-profile properties are poised for acquisition in the ensuing months.

James Wrenn, executive director and head of Capital Markets, MENA, at Colliers, said: “There’s a strong appetite for the hospitality asset class — particularly in Dubai and Ras Al Khaimah — from regional and international investors, buoyed by strong operating performance last year and the continued enhancement of the UAE as a top-tier international tourism destination.”

Additionally, Hala Choufany, president of global hospitality consulting firm HVS, expressed her hope for the industry’s growth in the region.

“The number of quality hotel rooms in the region grew fivefold from about 100,000 in 2010 to 540,000 in 2022, with occupied room nights growing from 27 million to 135 million. An additional 180,000 keys are expected to enter the region over the next five years, which is forecast to increase occupied room nights to 184 million by 2028,” Choufany said.

She added: “Today, the Middle East is expected to achieve higher growth compared to other regions, presenting attractive financial returns and providing long-term investment opportunities.”

The upcoming FHS in Abu Dhabi promises insights from over 100 industry leaders that will delve deep into the opportunities present in the region’s tourism sector, and is being held under the theme “Focus on Investment.”

Topics: FHSAE23 Future Hospitality Summit #hospitality #hotels

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Oman’s Q2 GDP falls 9.5% to $26.3bn due to drop in oil activities 

Oman’s Q2 GDP falls 9.5% to $26.3bn due to drop in oil activities 
Updated 24 September 2023
Arab News
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Oman’s Q2 GDP falls 9.5% to $26.3bn due to drop in oil activities 

Oman’s Q2 GDP falls 9.5% to $26.3bn due to drop in oil activities 
Updated 24 September 2023
Arab News

RIYADH: Oman’s gross domestic product registered a 9.5 percent decline in the second quarter of 2023 compared to the same period last year, primarily attributed to a drop in oil-related activities. 

The GDP at current prices fell to 10.08 billion Omani rials ($26.3 billion) in the second quarter from the 11.14 billion rials recorded during the same period last year, according to the National Center for Statistics and Information. 

Citing data from the NCSI, the Oman News Agency reported that the decline was primarily due to a 18.3 percent decrease in the value of oil-related activities during the second quarter. This drop went from 4.46 billion rials in the year-ago period to 3.64 billion rials. 

A more detailed breakdown revealed that the value of crude oil activities slumped by 19.5 percent to 3.17 billion rials, and natural gas activities descended by 9.2 percent to 475.6 million rials. 

In the non-oil sector, revenue in the second quarter slipped by 3.6 percent. It fell from 7.12 million rials in the corresponding period last year to 6.86 million rials. 

Furthermore, earnings from industrial activities decreased, totaling 1.63 million rials in the second quarter, compared to 2.22 billion rials between April and June of 2022. 

During the second quarter, agricultural, forestry, and fishing activities contributed 206 million rials to the GDP, while services accounted for 5.02 billion rials. 

Additionally, the GDP at current prices for the first half of 2023 experienced a 2.4 percent decline, reaching 20.39 billion rials compared to the same period last year. 

Credit and deposits rise 8.7%  

Oman’s banking sector witnessed an 8.7 percent growth in credit and deposits, reaching 30.3 billion rials in the first seven months of the year. 

According to the country’s central bank, credit extended to the private sector also grew by 9.3 percent during the same period, reaching 25.5 billion rials. 

An analysis of this credit distribution by sector revealed that non-financial companies held a 45.9 percent share between January and June, followed by the individual sector at 44.5 percent. The financial sector accounted for 5.9 percent, while other industries represented 3.7 percent. 

Topics: Oman gross domestic product National Center for Statistics and Information

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Saudi National Housing Co. delivers over 30k units up to September  

Saudi National Housing Co. delivers over 30k units up to September  
Updated 24 September 2023
Arab News
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Saudi National Housing Co. delivers over 30k units up to September  

Saudi National Housing Co. delivers over 30k units up to September  
Updated 24 September 2023
Arab News

RIYADH: In a bid to expedite first-time home ownership among Saudi families, the National Housing Co. has announced the successful delivery of over 30,000 units up to September 2023, in collaboration with property developers.  

The announcement coincided with the celebration of the 93rd Saudi National Day, further emphasizing the NHC’s objective of providing modern accommodations to over 300,000 individuals by 2025.  

This mission also aligns with the firm’s efforts to accelerate the pace of first-time home ownership, with the provision of diverse housing options and high-quality projects contributing significantly to the development of the real estate supply in the Kingdom. 

In a statement, the NHC explained that the delivery of the residential units is dispersed across 11 cities around the Kingdom, including Riyadh, Jeddah, Makkah and Al-Ahsa. They are also distributed across Dammam, Qatif, Alkhobar, Khamis Mushayt, Taif, Yanbu and Madinah. 

The company also stated that it is actively working on various future projects under construction, offering competitive prices while adhering to the highest standards of quality and sustainability within residential environments designed to enhance the quality of life.  

These projects integrate services, green spaces, vital facilities, and pedestrian paths to ensure safe and easy access to all amenities, it added. 

The housing company said this holistic approach is expected to boost social and environmental sustainability while promoting a healthy lifestyle for Saudi families. These projects are being carried out in partnership with the Real Estate Development Fund and financing agencies from the private sector. 

Established in 2016, the NHC aims to become a leader in the real estate development sector and foster strategic partnerships between the public and private sectors. 

The company said it is committed to providing high-quality projects in urban communities with modern designs and various housing solutions at affordable prices. This commitment aligns with the aspirations of future generations and aims to improve their quality of life, all in collaboration with experienced and efficient real estate developers. 

Under the housing program, one of the key initiatives of Saudi Vision 2030, the Kingdom aims to increase the proportion of Saudi households that own a house from 47 percent in 2016 to 70 percent by 2030.  

 

Topics: Saudi Housing affordable housing Saudi National Housing Co. (NHC)

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Arab forum calls for localization of renewable energy sector

Arab forum calls for localization of renewable energy sector
Updated 24 September 2023
Arab News
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Arab forum calls for localization of renewable energy sector

Arab forum calls for localization of renewable energy sector
Updated 24 September 2023
Arab News

RIYADH: As several nations in the Middle East and North Africa region are steadily diversifying their economies, the Arab Forum for Renewable Energy and Energy Efficiency has urged them to focus on localizing the nonconventional power sector, according to Qatar News Agency.

The eighth edition of the forum, held in the Jordanian capital Amman, also called for manufacturing electric cars locally and contributing to new energy sources like green hydrogen.

Furthermore, the forum stressed the need for universities in the Arab region to focus on renewable power, energy efficiency and management besides electric cars, smart cities and green hydrogen.

Earlier this month, a report released by the Global Energy Monitor revealed that the MENA region has witnessed a surge of 292 gigawatts in prospective renewable energy capacity, marking a 400 percent year-over-year growth since 2022.

According to the report, this surge in capacity is substantial enough to meet the energy demands of countries like Saudi Arabia, Egypt and Qatar combined.

Meanwhile, G20 leaders, during the recently concluded summit in New Delhi, had agreed to triple renewable energy capacity globally by 2030.

Topics: Arab Forum for Renewable Energy and Energy Efficiency Renewable Energy

Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022

Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022
Updated 24 September 2023
Arab News
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Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022

Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022
Updated 24 September 2023
Arab News

RIYADH: Reflecting robust economic growth, Saudi Arabia’s financial markets reported a remarkable performance in 2022, surpassing the targets outlined in Vision 2030. 

The Kingdom’s Capital Market Authority witnessed an uptick in 2022, with 49 new listings, beating the projected 24 for that year, marking a completion rate of 204 percent, according to a statement by Mohammed El-Kuwaiz, chairman of the authority. 

The stock market’s capitalization as a proportion of the country’s gross domestic product also increased by 91 percent, exceeding the initial Vision 2030 strategic objective of 77 percent. 

Furthermore, the debt instruments market had initially aimed to comprise 18.7 percent of the GDP. However, by the end of the year, it exceeded this target, constituting 32 percent of the GDP, achieving a completion rate of 171 percent. 

El-Kuwaiz noted that these figures and other achievements contributed to making the market a model to be followed among the regional markets. 
He added: “As we celebrate this year’s National Day, the Kingdom has advanced 7 positions in the annual World Competitiveness Yearbook issued by the International Institute for Management Development for 2023, reaching the 17th position globally out of 64 countries that are the most competitive in the world, and the third among the G20 countries, supported by strong economic and financial performance in 2022 and improved business legislation.” 

Additionally, by the close of the second quarter of 2023, the financial market witnessed a significant uptick in numbers.   

Investment funds soared to a historic peak of 1,130, marking a 34.68 percent surge from the 839 funds in the same period last year.   

Participants across both general and specialized investment funds climbed 33.5 percent year on year, reaching 901,896 from 675,465 in the same timeframe the previous year.   

The second quarter of this year also saw the ownership value of foreign investors in the primary stock market elevate to SR298.45 billion ($79.5 billion). This is a 5.1 percent increase from SR284.01 billion recorded in the second quarter of 2022. 

With this momentum, the CMA is now outlining its strategy spanning 2024-2026. Central to its blueprint is the objective to spur sustainable advancements in the financial realm, breaking new grounds and further strengthening the national economic fabric, El-Kuwaiz noted.

Topics: Capital Market Authority Saudi stock market gross domestic product

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