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Closing Bell – Saudi Arabia’s TASI sheds 68 points to close at 11,036  

Closing Bell – Saudi Arabia’s TASI sheds 68 points to close at 11,036  
Some 41 stocks gained while 176 lost steam. (Shutterstock) 
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Updated 18 September 2023
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Closing Bell – Saudi Arabia’s TASI sheds 68 points to close at 11,036  

Closing Bell – Saudi Arabia’s TASI sheds 68 points to close at 11,036  
Updated 18 September 2023
ARAB NEWS  
Follow

RIYADH: The Tadawul All Share Index in Saudi Arabia concluded Monday’s trading session at 11,036.04 points, marking a decline of 68.11 points or 0.61 percent. 

The parallel market Nomu closed the day at 22,289.71 points, reflecting a drop of 502.09 points or 2.2 percent. MSCI Tadawul 30 Index also edged down 10.16 points to settle at 1,419.06 points, a 0.71 percent dip. 

TASI reported a trading volume of SR5.6 billion ($1.5 billion), with 41 stocks gaining and 176 losing steam.  

Nomu, on the other hand, reported a trading volume of SR25.1 million. 

Saudi Steel Pipe Co. emerged as TASI’s standout performer, surging 5.14 percent to SR36.80. 

The share price of Savola Group rose 3.65 percent to SR36.90, while Southern Province Cement Co. saw its stock climb 3.46 percent to SR46.35. 

Alujain Corp. and Amana Cooperative Insurance Co. were among other companies that ended the day on a positive note. 

In contrast, Walaa Cooperative Insurance Co. closed as the day’s underperformer, falling 9.98 percent to SR17.14. 

Share prices of Etihad Atheeb Telecommunication Co. and Saudi Research and Media Group fell 6.68 percent and 6.61 percent to SR123 and SR161, respectively. 

Saudi Arabian Amiantit Co. and Arab Sea Information System Co. were also among TASI’s worst performers. 

In Nomu, National Building and Marketing Co. incurred the most significant loss, plunging 9.21 percent to close at SR226.80. 

Abdulaziz and Mansour Ibrahim Albabtin Co. and Jahez International Co. for Information System Technology also recorded losses, with their shares declining to SR44 and SR440.80, down 8.71 percent and 7.20 percent, respectively. 

However, Saudi Azm for Communication and Information Technology Co. outperformed other stocks in Nomu, gaining 7.61 percent to SR12.16. 

Maya Holding Co. also finished in the green, rising 6.75 percent to SR120.20.  

Al Rashid Industrial Co. and Raoom Trading Co. joined the gainers league, closing at SR40.10 and SR109, up 4.43 percent and 4.01 percent, respectively.  

Alqemam for Computer Systems Co. also rose 3.1 percent to close at SR70.90. 

Topics: Closing Bell Tadawul

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Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 

Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 
Updated 9 sec ago
ARAB NEWS  
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Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 

Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 
Updated 9 sec ago
ARAB NEWS  

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded its trading on Tuesday at 10,918.24 points, rising 0.37 percent. 

Parallel market Nomu closed at 22,406.83, gaining 169.84 points, or 0.76 percent.   

MSCI Tadawul 30 Index edged up 2.83 points, or 0.2 percent, to 1,402.31.   

The primary index’s total turnover touched SR6.2 billion ($1.6 billion), as 93 stocks rose and 126 retreated. Conversely, Nomu recorded a trading turnover of SR86 million. 

Al Sagr Cooperative Insurance Co. was the topmost performer in TASI, soaring 7.86 percent to SR23.60.  

Additionally, Saudi Automotive Services Co. soared 7.77 percent to SR62.40. 

Another notable performer, Saudi Arabian Amiantit Co., jumped 6.27 percent to SR51.70.  

Abdulmohsen Alhokair Group for Tourism and Development and Aldrees Petroleum and Transport Services Co. climbed 5.56 percent and 5.27 percent to SR2.28 and SR139.80, respectively. 

On the flip side, Al-Baha Investment and Development Co. experienced the most significant drop, plunging 6.25 percent to SR0.15.  

Shares of Thimar Development Holding Co. and Saudi Real Estate Co. dipped 5.14 percent and 3.13 percent to SR26.75 and SR13.62, respectively. 

Sumou Real Estate Co. and First Milling Co. both slumped about 2.7 percent to finish at SR1.30 and SR2, respectively. 

On the announcement front, ADES Holding opened its doors for public subscription of 33.87 million shares, priced at SR13.50 each.   

This valuation pegged at a nominal value of SR1 per share was ascertained through a structured order book-building process. 

The subscription window, initiated by the company, will span three days, concluding on Sept. 28.   

This move follows the green light from the Financial Market Authority on June 21, granting the drilling services company permission to register and make available 338.72 million shares from its total capital pool. 

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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Saudi Arabia’s transformation turns it into a must-visit tourism destination

Saudi Arabia’s transformation turns it into a must-visit tourism destination
Updated 25 sec ago
Nadin Hassan
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Saudi Arabia’s transformation turns it into a must-visit tourism destination

Saudi Arabia’s transformation turns it into a must-visit tourism destination
Updated 25 sec ago
Nadin Hassan

ABU DHABI: Tourists are expected to add Saudi Arabia to their “bucket list” due to the government’s transformation of the sector, according to industry veteran William Heinecke, founder and chairman of Minor Hotels. 

Speaking during a panel discussion on the second day of the Future Hospitality Summit in Abu Dhabi, Heinecke noted that Saudi Arabia is on the verge of significant change, predicting that the Kingdom will achieve in 10 years what it took Dubai 30 years to accomplish. 

The Kingdom is currently undergoing a remarkable tourism boom, with the sector expanding by 121 percent in 2022, positioning it as the fastest-growing destination in the G20 and surpassing the global average prior to COVID-19, as detailed in an annual report tracking the progress of Vision 2030.   

Data from the real estate consultancy firm Knight Frank revealed that, under Vision 2030, Saudi Arabia’s hotel industry is poised for further expansion, targeting a total of 310,000 hotel rooms by 2030, with an estimated investment of $110 billion. 

Heinecke expressed his admiration for Saudi Arabia’s visionary leader, who is young enough to see through ambitious initiatives. 

“You need someone not only who has the money, but you need someone who has the vision and the passion to stay with it,” he said.  

“When you look at what’s happening in Saudi Arabia, it’s incredible. It’s going to make so many new bucket lists for everybody in the world. And even what’s happened in the Middle East, Dubai, Doha, it's incredible,” Heinecke added.  

In another panel discussion, various factors and trends that are shaping the travel and tourism industry were deliberated. 

Gilda Perez-Alvarado, incoming group chief strategy officer at Accor, a leading hospitality company, highlighted subjects such as innovation, the impact of technology, and broader long-term trends that are affecting the entire ecosystem of travel and hospitality, including hotels.   

“The amount of change we’re witnessing now, which, by the way, was accelerated during the pandemic, is extremely exciting. So, if you ask me what one of the catalysts for change was, it was that,” Perez-Alvarado said during her panel. 

However, she added: “Our industry is still highly fragmented, so there’s plenty of room for growth." 

Perez-Alvarado emphasized that significant changes and developments are taking place in Saudi Arabia that were previously unimaginable. 

“One where you’re seeing things done that no one would have imagined could be done. In 2015, who would have thought that we would have witnessed the changes we’re seeing in Saudi Arabia?” she said. 

Perez-Alvarado concluded by emphasizing that the Middle East is the fastest-growing region, with Saudi Arabia’s Vision 2030 now becoming a reality, demonstrating that ambitious goals can be accomplished, showcasing the region’s ability to turn imaginative ideas into tangible achievements. 

Topics: #tourism saudi tourism #SAUDI VISION 2030 William Heinecke Knight Frank Gilda Perez-Alvarado

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UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 

UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 
Updated 20 min 41 sec ago
Reina Takla
MOHAMMED AL-KINANI
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UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 

UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 
Updated 20 min 41 sec ago
Reina Takla MOHAMMED AL-KINANI

ABU DHABI: The UAE’s Yas and Saadiyat islands have emerged as safe havens for investment thanks to the endeavors of the Abu Dhabi Department of Culture and Tourism in grooming them as luxury destinations, said the CEO of a real estate development firm.

Speaking to Arab News on the sidelines of the Future Hospitality Summit in Abu Dhabi on Tuesday, Miral Group CEO Mohamed Abdalla Al-Zaabi said both destinations continue to attract investments and tourists in line with the UAE’s vision of economic diversification.

“Abu Dhabi has been listed five times in a row as the safest city in the world. Investment here is very lucrative. Saadiyat and Yas islands are growing very fast,” Al-Zaabi said.

The top executive said: “In 2021, we added three hotels with 1,000 rooms, and now see 90 percent occupancy in summer.”

He said more rooms will be added to help boost the fast-growing tourism sector and ultimately aid the country’s economic diversification plans.   

Al-Zaabi said tourism will play a key role in economic diversification. He said the country wants to increase the sector’s contribution to the gross domestic product from 15 percent to 17 percent, which “is not easy to achieve.”

“Hotels will always be a key factor here in that pillar, and we at Miral are proud of what we have done so far. Only in 2021, we opened three hotels on Yas Island. We opened Hilton, DoubleTree and, of course, in collaboration with Warner Bros. Discovery, we opened the WB hotel in Abu Dhabi, which is the first Warner Bros. hotel in the world,” Al-Zaabi said.

He said the Warner Bros. achieved 90 percent occupancy last summer. I think summer now is no longer a low season here in Yas Island.   

“Since 2007, we have been developing Yas Island, introducing new facilities and attractions, and today we see that all coming together under one umbrella, one vision, integrated, and interconnected to provide a very unique and unforgettable experience for our customers,” he said.

Commenting on whether Yas Island can accommodate more, he said they have long been adding attractions, facilities, hotels, and rooms, and they now, with the other partners, are adding more properties, and homes on the islands.

Al-Zaabi also pointed out that they recently announced their environmental, social, and governance strategy focusing on eight areas.

“We have already implemented two great initiatives that I am personally very proud of. We signed an agreement with Emerge, a Masdar subsidiary, to install solar panels, that provide more than 7 megawatts of power to our theme park. And now recently we also did the same at SeaWorld Abu Dhabi, where we installed solar panels to supply almost 5 MW,” he said.

The CEO said they are busy with their Phenomena Abdu Dhabi project, in collaboration with the Japanese TeamLab.   

“We are also building the Natural History Museum. Both projects are the result of our collaboration with the Abu Dhabi Department of Culture and Tourism. We are also expanding Warner Bros theme park by adding a Harry Potter area, which would be a good expansion to enrich our customer experience on the island,” he said.

Topics: FHSAE23

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Saudi hospitality sector emerging as new global benchmark

Saudi hospitality sector emerging as new global benchmark
Updated 51 min 52 sec ago
Arab News
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Saudi hospitality sector emerging as new global benchmark

Saudi hospitality sector emerging as new global benchmark
Updated 51 min 52 sec ago
Arab News

ABU DHABI: Saudi Arabia’s tourism and hospitality sector is in high gear to achieve industry targets set under Vision 2030, industry leaders said during a panel on Tuesday.

“No sector matches tourism in creating jobs, especially in rural areas and communities that are currently suffering from unemployment. One in every five jobs globally today is supported by tourism, so that’s tourism is such an important sector,” Badr Alherbish, chief strategy officer of Saudi Arabia’s Tourism Development Fund, said in one of the sessions of the three-day Future Hospitality Summit in Abu Dhabi.

One example of Saudi Arabia’s ambitious development push is the Rua Al Madinah project — a mega mixed-used real estate development to the east of the Prophet’s Mosque — which, according to Ahmed Al-Juhani, CEO of Rua Al Madinah Holding, required laser focus to work around logistical issues to deliver this massive project.

“(Since) the launch, the master plan and infrastructure work… there has been a lot of work done on the ground. We actually took over the land and we made all the detours around the urban development. We completed the design of 5,000 rooms, we signed a hotel management agreement with three companies for these rooms.”

The value of contracts and execution is now more than SR5.3 billion ($1.4 billion), Al-Juhani added, and the company will next month go to the market for the tender of the 5,000 rooms.

“We also have another 7,000 rooms under design right now and in the concept stage and also another 8,000 rooms when start design in November,” he said.

“We are talking about 20,000 rooms before the year ends at different stages: under design, under construction, or in the middle of the design.”

Meanwhile, the Boutique Group headed by Mark DeCocinis is renovating three historic palaces: Al-Hamra Palace which will offer 77 keys including 33 luxury palace suites and 44 luxury villas in Jeddah; Tuwaiq Palace which will provide 96 keys including 40 luxury palace suites and 56 luxury villas; and the Red Palace will offer 71 keys including 46 luxury suites, and 25 luxury guest rooms. Both Tuwaiq and Red Palace are located in Riyadh.

“We’re renovating and restoring these balances, which takes time and it takes a lot of love and attention to detail. Our guest profile, we target the very top of regional and international travelers… we want to provide that exceptional service and personalized service,” DeCocini told the panel.

“I believe Saudi hospitality will be the new benchmark in the world globally.”

Topics: FHSAE23

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Saudi Arabia holds Radisson’s best regional portfolio: top executive 

Saudi Arabia holds Radisson’s best regional portfolio: top executive 
Updated 26 September 2023
Reina Takla
Nour El-Shaeri
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Saudi Arabia holds Radisson’s best regional portfolio: top executive 

Saudi Arabia holds Radisson’s best regional portfolio: top executive 
Updated 26 September 2023
Reina Takla Nour El-Shaeri

ABU DHABI: Saudi Arabia has become an investment magnet with its travel and tourism sector growing at an exponential rate attracting key industry players from all around the world.

Due to the attractive investment environment in the Kingdom, Radisson Hotels is placing the best of its regional portfolio in the Kingdom, a top executive told Arab News during an interview on the sidelines of the Future Hospitality Summit in Abu Dhabi.

“Reflecting on our journey in Saudi Arabia, we began in 2010 with five properties nationwide. Now, we not only have 10 establishments in Riyadh but 45 throughout Saudi Arabia. This growth is a testament to our dedication and passion in the region,” said Elie Milky, Radisson Hotel’s vice president of development.

Radisson aims to operate 100 hotels in the Kingdom by 2030, which will account for over half of the company’s regional presence, he told Arab News. 

“We now have the best of our regional portfolio in Saudi Arabia,” Milky said. 

Milky highlighted the strategic importance of the newly opened Radisson Blu hotel in Riyadh, owned by the Riyadh Chamber of Commerce. 

The collaboration with the chamber made Radisson Blu’s launch pivotal. This property boasts over 200 rooms and is directly linked with the Riyadh International Conference and Exhibition Center, Milky noted. 

“Today, we are set to announce the signing of more than 10 hotels across the Middle East. This encompasses the unveiling of over 1,000 rooms in the past year and plans to introduce 2,000 more in the coming 12 months, primarily in Saudi Arabia,” Milky revealed. 

Highlighting Saudi Arabia’s potential, Milky credited the country’s robust governmental reforms and its stature as the region’s dominant economy for propelling the hospitality sector forward. 

Aiming to fortify its presence, the company plans to enhance its workforce in the Kingdom, targeting 20,000 employees by 2030, a significant leap from the current 7,000. 

On expanding to Saudi Arabia’s secondary cities, Milky emphasized the company’s goal to recruit local talent, capitalizing on the vast skill set these communities offer. 

On the issue of sustainability, Milky remarked on the industry’s evolution, pointing out that while development costs remain high, operational costs will become more economical.

Topics: FHSAE23

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