Aleph Hospitality aims to operate 10 hotels in Saudi Arabia within 3 years

Special Aleph Hospitality aims to operate 10 hotels in Saudi Arabia within 3 years
Bani Haddad, founder and managing director of Aleph Hospitality (AN)
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Updated 11 May 2023
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Aleph Hospitality aims to operate 10 hotels in Saudi Arabia within 3 years

Aleph Hospitality aims to operate 10 hotels in Saudi Arabia within 3 years

RIYADH: As Saudi Arabia shows dramatic progress in the travel and tourism sector, Dubai-based Aleph Hospitality has revealed its plans to operate 10 hotels in the Kingdom within the next three to four years. 

During an interview with Arab News on the sidelines of the Future Hospitality Summit in Riyadh on May 9, Bani Haddad, founder and managing director of the group, said Saudi Arabia has tremendous opportunities in the hotel industry, not just in main cities, but also in secondary and tertiary cities.

“Last month, we announced the opening of our office in Riyadh to service our Saudi Arabian operations. And that goes a little bit with what I mentioned about being flexible and focused on our hotels. We cannot pretend to manage hotels in Saudi Arabia without having a local presence here,” said Haddad. 

He added: “We are working with some government-led initiatives, the funds to support them, to support investors, local developers in secondary and tertiary cities. Our plan is to have about 10 operating hotels in Saudi Arabia within the next three to four years.” 

Haddad added that Aleph Hospitality always wanted a Saudi national to lead the company’s operations in the Kingdom, and as a part of this, Tariq Yousef Dowidar was appointed its vice president for Saudi Arabia in March. 

As the company’s key representative in the Kingdom, Dowidar will be responsible for leading Aleph Hospitality in Saudi Arabia. 

He has 26 years of hospitality experience, most recently as area general manager for IHG hotels and general manager of InterContinental Riyadh.

Haddad further noted that Saudi Arabia is showing tremendous improvement in the tourism sector, and added that the Kingdom is opening up a whole new horizon for the hospitality industry. 

“If you look at domestic tourism in Saudi Arabia, it has reached around 30 million … these are massive numbers. Yesterday, I came to Riyadh, and for the first time in 18 years, I received a visa on arrival which is an amazing thing for tourism. It is going to open up a whole new horizon. And that is why we are excited about the secondary and tertiary cities,” he continued. 

He went on to say Aleph Hospitality is expected to announce two new hotels in Saudi Arabia by the end of this year. 

Talking about the operational style of Aleph Hospitality, Haddad said his company is an independent hotel management company that offers operations on behalf of real hotel owners. 

“We operate hotels on behalf of owners, for owners, whether on a white label basis, meaning no international brand or no brand. We also assist the owner in securing an international franchise. And we operate under the standards of this international franchise, be it Marriott, Hilton, InterContinental, or Hyatt. We provide day-to-day management services for the hotel investors,” said Haddad. 


Global energy crisis sparked significant tax reductions in OECD countries: report 

Global energy crisis sparked significant tax reductions in OECD countries: report 
Updated 37 sec ago
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Global energy crisis sparked significant tax reductions in OECD countries: report 

Global energy crisis sparked significant tax reductions in OECD countries: report 

RIYADH: The escalating global energy crisis, exacerbated by Russia’s war against Ukraine and the surge in energy prices, has prompted the vast majority of Organization for Economic Cooperation and Development nations to reduce taxes, according to a new report.  

The recently released “Revenue Statistics 2023” report by the OECD revealed a decline in the average tax-to-gross domestic product ratio in these countries, falling by 0.15 percentage points to 34 percent in 2022.  

This marked the third such decline since the global financial crisis in 2008-09, with previous decreases observed in 2017 and 2019. 

In response, 34 out of 36 countries witnessed a decrease in excise tax revenues as a share of GDP, with 21 of them experiencing an absolute decline.   

Notably, European countries were particularly affected, with declines linked to both reduced energy taxes and lower demand for energy products. 

The report highlighted that while excise tax revenues decreased, revenues from corporate income taxes increased in more than three-quarters of OECD countries. This uptick was driven by higher profits, especially within the energy and agricultural sectors.  

Norway saw a substantial rise in CIT revenues, increasing by 8.8 percent of GDP due to exceptional profits in the energy sector.  

While CIT revenues offset part of the decline in excise taxes, overall tax revenues saw a reduction as a share of GDP in 21 countries, an increase in 14 countries, and remained stable in one.  

Denmark experienced the most significant decline, with a 5.5 percentage point drop to 41.9 percent, while Korea and Norway observed the largest increases at 2.2 and 1.8 percentage points, respectively.  

This decline in the OECD’s average tax-to-GDP ratio follows two consecutive years of increases during the COVID-19 pandemic. In 2022, tax-to-GDP ratios ranged from 16.9 percent in Mexico to 46.1 percent in France. 

A feature in the report delved into the historical analysis of tax buoyancy, revealing that tax revenues generally increased at the same rate as GDP over the past four decades.  

Notably, CIT revenues proved to be the most buoyant, increasing faster than economic growth, while excise taxes were the least buoyant, growing at a slower rate than GDP. 


CBUAE and Bank Indonesia ink deal to expand joint cooperation

CBUAE and Bank Indonesia ink deal to expand joint cooperation
Updated 06 December 2023
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CBUAE and Bank Indonesia ink deal to expand joint cooperation

CBUAE and Bank Indonesia ink deal to expand joint cooperation

RIYADH: The central banks of the UAE and Indonesia have inked a comprehensive deal which will intensify collaboration across key areas such as monetary and macro-prudential policy, financial stability, and payment systems. 

The signed memorandum of understanding between the Central Bank of the UAE and Bank Indonesia signifies the extension of an already established cooperation framework between the two entities.  

The deal aims to strengthen their relationship, elevate information exchange, and foster collaboration across various areas, according to a press statement.

The agreement was signed by Khaled Mohamed Balama, governor of CBUAE, and Perry Warjiyo, governor of Bank Indonesia. 

Balama said: “The MoU with our Indonesian counterparts constitutes a strong basis for consolidating relations and strengthening the future partnership between both parties and contributes to opening the way for more joint regulatory cooperation to foster business opportunities in technology, innovation and digital.”

Under the deal, both central banks will also collaborate to enhance cooperation in digital financial innovation, Islamic finance, and technical capacity building. 

He added: “We are confident that through this cooperation, a favorable environment for business growth, trade and investment partnership, will be established and leads to sustainable growth in the two friendly countries.”

Furthermore, the press statement added that CBUAE and Bank Indonesia will collaborate on the development of a regulatory framework addressing anti-money laundering and countering the financing of terrorism, showcasing their commitment to fostering a secure and compliant financial environment. 

The trade and economic relationship between the UAE and Indonesia has witnessed a significant boost with the implementation of a free trade pact on Sept. 1, 2023. 

The Indonesia-UAE Comprehensive Economic Partnership Agreement, signed in July of the previous year, marks Jakarta’s first such agreement with a Gulf country and Abu Dhabi’s inaugural pact with a Southeast Asian nation. 

This agreement eliminates about 99 percent of existing tariffs and establishes mutual recognition of each country’s halal certification, further solidifying economic ties between the two nations.

“With the reduction of tariff or zero tariffs, Indonesia could strengthen exports. I believe once exports increase, it will attract more investment,” Husin Bagis, Indonesia’s ambassador to the UAE, told Arab News in September.  

Furthermore, the value of bilateral trade between the UAE and Indonesia surged to around $5 billion in 2022, as per data from the Indonesian Trade Ministry. This represents an increase of around 20 percent compared to the previous year, when it amounted to $4 billion.


UAE’s Masdar to develop 1GW wind project in Jordan 

UAE’s Masdar to develop 1GW wind project in Jordan 
Updated 06 December 2023
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UAE’s Masdar to develop 1GW wind project in Jordan 

UAE’s Masdar to develop 1GW wind project in Jordan 

RIYADH: Jordan’s clean energy mix is set to grow after Abu Dhabi Future Energy Co., also known as Masdar, signed an agreement with the country’s Ministry of Energy to develop a 1 gigawatt wind project. 

The agreement will also see the development of a battery energy storage system and a memorandum to explore the feasibility of establishing a green hydrogen plant, according to a press release. 

These deals were signed by Masdar CEO Mohamed Al-Ramahi and Jordan’s Minister of Energy and Mineral Resources, Saleh Al-Kharabsheh, during the 2023 UN Climate Change Conference in Dubai. 

The ceremony was attended by UAE’s Minister of Industry and Advanced Technology and COP28 President and Chairman of Masdar Sultan Al-Jaber, alongside Jordan’s Minister of the Environment, Muawieh Radaideh. 

The project envisages the establishment of a green hydrogen facility near the Port of Aqaba, leveraging desalinated seawater and renewable power sources to produce cost-competitive green hydrogen. 

“With substantial wind and solar resources that can be used to generate large amounts of renewable energy and produce cost-competitive green hydrogen and green fuels, Jordan has the potential to become a global powerhouse in the green energy transition,” Al-Ramahi said.  

He emphasized Masdar’s commitment to supporting Jordan’s decarbonization plans and unlocking its vast green energy potential. 

Al-Kharabsheh highlighted Jordan’s ongoing efforts to enhance its role as a regional hub for green energy production. 

“The Jordanian government’s efforts continue to enhance Jordan’s role as a regional center for green energy production and provide high-quality, cost-competitive green hydrogen fuel by taking advantage of the abundance of renewable energy sources and our nation’s strategic geographical location in the region to provide excellent access to European markets,” he said. 

He further added that the collaboration with Masdar aligns with the ministry’s priorities and Jordan’s Economic Modernization Vision, encompassing investment in green hydrogen production projects as part of Jordan’s clean energy transition goals. 

Masdar already operates the 200 megawatt Baynouna Solar Park through its Baynouna Solar Energy Co. joint venture in Jordan. The solar park stands as Jordan’s largest clean energy project, inaugurated earlier this year. 

With Masdar targeting 1 million tons of green hydrogen production by 2030, this collaboration marks a significant stride toward the UAE’s ambition to become a global green hydrogen hub and capture a substantial share of the international low-carbon hydrogen market by the decade’s end. 


ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn

ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn
Updated 06 December 2023
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ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn

ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn

RIYADH: Indonesia is on course to develop its largest green hydrogen project yet, worth over $1 billion, thanks to Saudi Arabia’s energy firm ACWA Power. 

The development, which was announced at COP28 in collaboration with Indonesian utilities company PT Perusahaan Listrik Negara, known as PLN, and chemicals entity PT Pupuk Indonesia, is projected to produce 150,000 tons of green ammonia annually, according to a statement. 

Also referred to as Garuda Hidrogen Hijau, the project is expected to be powered by 600 megawatts of renewable energy. 

This move is in line with ACWA Power’s global green hydrogen expansion endeavors, reinforcing the company’s commitment to a sustainable future.  


Saudi Arabia approves unified eVisa for GCC residents

Saudi Arabia approves unified eVisa for GCC residents
Updated 06 December 2023
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Saudi Arabia approves unified eVisa for GCC residents

Saudi Arabia approves unified eVisa for GCC residents

RIYADH: Saudi Arabia has approved a unified electronic tourist visa for residents of the Gulf Cooperation Council countries.
The eVisa will be valid for one year and will allow for multiple entries, permitting visitors to spend up to 90 days in the Kingdom. 
The decision was approved on Wednesday. 
Saudi Minister of Tourism Ahmed Al-Khateeb thanked King Salman and Crown Prince Mohammed bin Salman for approving the eVisa service.
This came after the Supreme Council of the GCC announced following a meeting in Doha on Tuesday that it welcomed the efforts of the Committee of Interior Ministers regarding the eVisa.