Saudi Arabia’s NEOM to host Zannier Hotels’ luxury resort in Magna region 

Saudi Arabia’s NEOM to host Zannier Hotels’ luxury resort in Magna region 
Magna’s destinations will be located in the northwest of Saudi Arabia on the coast of the Gulf of Aqaba. NEOM
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Saudi Arabia’s NEOM to host Zannier Hotels’ luxury resort in Magna region 

Saudi Arabia’s NEOM to host Zannier Hotels’ luxury resort in Magna region 
  • Zannier Zardun will provide a range of sports and leisure activities, as well as stargazing, meditation, and yoga
  • NEOM introduced Magna in June, a sustainable development featuring 12 locations along 120 km of coastline

RIYADH: Saudi Arabia’s NEOM city is set to welcome a new luxury eco-resort, Zannier Zardun, in the Magna region following a recent agreement with the French hospitality group.  

The 800-room development, located within the 4-sq. km Zardun area, will feature three distinct buildings, each designed to offer a unique experience, according to a press release.  

Situated along the Gulf of Aqaba coastline, Zannier Zardun will provide a range of sports and leisure activities, including trekking, mountain biking, rock climbing, as well as stargazing, meditation, and yoga. 

This development aligns with Saudi Arabia’s broader economic diversification strategy, which aims to reduce the Kingdom’s reliance on oil by boosting tourism.  

The National Tourism Strategy targets attracting over 150 million visitors by the end of the decade and increasing the sector’s contribution to the Kingdom’s gross domestic product from 6 percent to 10 percent. 

Jeremy Lester, executive director at Magna, said: “Zannier Zardun epitomizes NEOM’s dedication to crafting unrivaled experiences that celebrate the precious environment and rich heritage of Magna. Together we will carefully and diligently cultivate and conserve the vibrant ecosystem along the coast for future generations.”   

He added: “This partnership with Zannier Hotels reflects a unified vision where ultra-luxury and sustainability coexist in perfect harmony. Zannier Zardun charters new horizons, merging our grand ambitions and shared values to create lasting memories for our guests and visitors to cherish.” 

NEOM introduced Magna in June, a sustainable development featuring 12 locations along 120 km of coastline. The project will include 15 hotels, 1,600 rooms, and over 2,500 residences. 

The region is projected to create 15,000 jobs, contribute SR2.6 billion ($693 million) to the Kingdom’s gross domestic product by 2030, house 14,500 residents, and attract 300,000 visitors annually. 

Arnaud Zannier, founder and CEO of Zannier Hotels, said that the agreement with NEOM could help solidify its position among top-tier hospitality brands. 

“It highlights our ambitious vision and commitment to excellence, serving as both a cornerstone for our brand’s evolution and a testament to our emergence as a formidable contender in the luxury hospitality market,” said Zannier.


Pakistan annual inflation slows to lowest in almost four years in September

Pakistan annual inflation slows to lowest in almost four years in September
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Pakistan annual inflation slows to lowest in almost four years in September

Pakistan annual inflation slows to lowest in almost four years in September
  • Consumer prices rose 6.93% in September from a year ago, according to Bureau of Statistics 
  • CPI decreased by 0.5% in Sept. 2024 as compared to increase of 0.4% in previous month

ISLAMABAD: Pakistan’s inflation clocked in at 6.9% on a year-on-year basis in September 2024, the bureau of statistics said on Tuesday, slowing to the lowest rate in almost four years after the government slashed fuel prices and food costs eased.

Consumer prices rose 6.93% in September from a year ago, according to data released by Pakistan Bureau of Statistics. The reading in August 2024 stood at 9.6%.

On a month-on-month basis, CPI decreased by 0.5% in September 2024 as compared to an increase of 0.4% in the previous month and an increase of 2.0% in September 2023.

“CPI National for the month of September, 2024 decreased to 6.93% over September, 2023,” the statistics bureau said in a statement. “The Urban CPI decreased to 9.29% while Rural CPI decreased to 3.65%.”

“Due to aggressive monetary tightening, the State Bank of Pakistan (SBP) has achieved bringing inflation below the one-year target of 7% ahead of time,” Mohammed Sohail, CEO Topline Securities, said in a note.

Pakistan’s Finance Division announced on Monday it had slashed the price of petrol by Rs2.07 per liter till the next fortnight due to the fluctuating global prices of petroleum products.

Petroleum and electricity prices have been the key drivers of high inflation in Pakistan over the past two years. Inflation averaged close to 30% in FY23 and 23.4% in FY24, which ended on June 30, 2024.

The September inflation reading is lower than official expectations, as the finance ministry had expected inflation to decelerate in the next two months (September-October) and hover around 8-9%.

“Inflation is expected to remain within the range of 8% to 9% in September and October 2024,” the Ministry of Finance said in its ‘Monthly Economic Update and Outlook’ released last week. 

The slowing inflation figure also gives impetus to a further cut in the key policy rate.

In September, the central bank announced its most aggressive cut in the key policy rate since April 2020, reducing it by 200bps to bring it down to 17.5% amid slowing inflation and declining international oil prices.

“With continued disinflation expected, mainly on the back of high base effect, falling global commodities, this gives SBP room to keep lowering the policy rate, as real interest rates are nearly 1090bps positive,” Shahid Ali Habib, CEO Arif Habib Limited, said in a note.

The IMF last month approved a $7 billion loan program that includes tough measures such as higher taxes on farm incomes and electricity prices. The prospect of such moves has worried poor and middle-class Pakistanis. But inflation has started moving on a downward trend, albeit from a high base.


Cybersecurity experts gather in Riyadh to forge collective action

Cybersecurity experts gather in Riyadh to forge collective action
Updated 4 min 22 sec ago
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Cybersecurity experts gather in Riyadh to forge collective action

Cybersecurity experts gather in Riyadh to forge collective action

RIYADH: Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the Global Cybersecurity Forum Annual Meeting on Oct. 2-3.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity. “Beyond Cyber Discord: Building trust within geopolitical competition” will examine ways to overcome geopolitical tensions and cultivate trust among nations.  

“Cyber Psychology: Decoding human behaviors in Cyberspace” will explore the motivations of cybercriminals and strategies to protect users from cyber manipulation.  

The sub-theme “Cyber Social Fabric: Strengthening development and inclusion in Cyberspace” will focus on promoting social cohesion and equitable participation in the digital realm.  

Another critical topic, “Thriving Cyber Economy: Developing strong markets and building resilient cyber ecosystems,” will discuss strategies for economic growth and market integration within the cybersecurity sector. Lastly, “New Cyber Frontier: Integrating convergent technologies in Cyberspace” will investigate the impact of advanced technologies on the future of cybersecurity.  

The event builds on the success of previous editions, aiming to promote a collective approach to addressing challenges and opportunities in cyberspace.  

Day One  

The first day will kick off with various expert forums, fireside chats, and closed sessions, starting with the speaker session titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in Cyberspace.”  

This session will delve into the effects of rising inter-state tensions in cyberspace and highlight opportunities for progress through new diplomatic channels, evolving norms, and emerging technologies.  

Also on the agenda is “Leadership Launchpad: Charting Paths to Leadership in Cybersecurity,” which will focus on strategies to advance mid-to-senior female cybersecurity professionals into executive roles. Additionally, “Ctrl + Invest” will showcase women-led ventures in the cybersecurity space.  

Another significant session, “Pioneering Pathways: Unleashing potential in the Cybersecurity sector,” will examine the diverse economic contributions of the cybersecurity industry in tech-driven markets, addressing its potential amid technological changes and the associated risks and opportunities for ecosystem development.  

“Equipping the Defenders: What law enforcement needs to win” will address the critical needs of law enforcement in tackling online child abuse, talent shortages, future skill requirements, and propose actionable solutions.  

In “Cyber Statecraft: The new chessboard of geopolitics,” participants will discuss strategies to integrate cybersecurity into national defense, enhancing geopolitical advantage and ensuring long-term security.  

“The Multilateral Frontier: Assessing the state of play and imperatives for collective action in cyber diplomacy” will analyze the current state of UN negotiations, emphasizing significant progress while addressing challenges in establishing robust international norms and frameworks for cyber governance.  

“Code, Clicks, and Culture: Social Transformation in the Technological Age” will focus on the social transformations driven by technological advancements and the cultural shifts resulting from increased interconnectedness and technology adoption across demographics.  

Additional panel discussions and closed sessions will also take place throughout the first day.  

Day Two  

The second day will feature in-depth discussions on the economic, political, and defense roles of cybersecurity in the digital era.  

One notable session, “The History of Cyber Diplomacy Future: Drawing insights from collaborative progress on trade, nuclear, and climate,” will explore how trade agreements, nuclear disarmament, and climate negotiations can inform effective strategies for cyber diplomacy.  

In “Principles of Stability: Applying the lessons of the past to the current and future challenges in Cyberspace,” participants will examine challenges through the lens of the Secure Future Initiative, a multiyear program focused on evolving Microsoft’s design, development, and operational standards for security.  

“Navigating the Future: Advancing the Global Cybersecurity Agenda to build confidence in cyberspace” will trace the evolution from the World Summit on the Information Society Action Line 5—which laid the groundwork for trust and security in information and communication technologies—to the establishment of the ITU Global Cybersecurity Agenda. This session will highlight how the principles of Action Line 5 have shaped the ITU’s broader approach to cybersecurity.  

Panels will cover the security of the healthcare sector, strategies for psychological defense against cyberattacks, and the critical role of the sector during mega events. These discussions aim to address specific sector vulnerabilities and broader resilience strategies in the face of evolving cyber threats.  

Child protection in cyberspace  

Concurrent with the GCF Annual Meeting, the Child Protection in Cyberspace Global Summit will take place on Oct. 2-3 in Riyadh.  

This summit will bring together key stakeholders worldwide to ensure that children are safe and protected in cyberspace. The event is held in collaboration with ITU, UNICEF, GCF, the DQ Institute, and WeProtect Global Alliance.  

“Protecting children online is a shared responsibility,” said ITU Secretary-General Doreen Bogdan-Martin. “With today’s children spending an increasing amount of time online, it is crucial to protect and empower them. The Child Protection in Cyberspace Global Summit will bring together leaders from all sectors to ensure our youngest users can thrive online.”  

The summit will convene prominent figures from government, international organizations, academia, and the private sector to explore multi-stakeholder collaboration for enhancing child protection in cyberspace. The second day will conclude with a high-level roundtable themed “Advancing Collective Action for Child Protection in Cyberspace.”  

“We must work together to make the Internet a safe place for children to learn, socialize, and express themselves,” said UNICEF Executive Director Catherine Russell. “This Summit marks an important opportunity to coordinate global efforts to maximize the benefits of digital technology in children’s lives while protecting them from harm.”  

The summit aims to achieve four key objectives: consolidating global efforts and advancing collective action; enhancing the global response to pressing challenges; mitigating emerging threats facing children in cyberspace; and ensuring child protection resonates with the agenda of global decision-makers.  

These objectives align with the goals of the Child Protection in Cyberspace initiative and support the UN Sustainable Development Goals 4, 5, 16, and 17 under the 2030 Agenda for Sustainable Development.  

“We are gathering in Riyadh because we all recognize that as the risks to children in cyberspace grow in number and complexity, we must collaborate to develop innovative partnerships to advance our collective efforts to protect them,” said Majed Al-Mazyed, governor of Saudi Arabia’s National Cybersecurity Authority, speaking on behalf of the GCF Board of Trustees.  

The event will focus on finding pathways toward a safer cyberspace for children, including designing new collaborative approaches and mechanisms to enhance responsiveness to emerging technological threats.  

“What we need today is coordinated, multi-stakeholder collaboration that enhances not only children’s safety and well-being in cyberspace but also their cyber literacy, as our highest priority,” said Yuyhun Park, founder of the DQ Institute.  

A 2022 GCF global report found that 72 percent of children worldwide have experienced at least one type of cyber threat, with the most prevalent being unwanted ads and inappropriate content. Nearly one in five children reported facing bullying or unwanted sexual advances.  

“Child exploitation is an urgent and growing problem. We need to focus on preventing harm and work together for a cyberspace designed to protect children globally from exploitation,” said Iain Drennan, executive director of WeProtect Global Alliance.


Saudi-Canadian industrial ties strengthen as minister explores investment opportunities

Saudi-Canadian industrial ties strengthen as minister explores investment opportunities
Updated 14 min 38 sec ago
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Saudi-Canadian industrial ties strengthen as minister explores investment opportunities

Saudi-Canadian industrial ties strengthen as minister explores investment opportunities

JEDDAH: Saudi-Canadian industrial ties are set to strengthen as a top minister from the Kingdom embarks on a three-day visit to explore investment opportunities.

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, began his visit to the North American country on Sept. 30, accompanied by a delegation of leaders from the industry and mining sectors.

With stops in Ottawa and Toronto, the delegation plans to hold strategic meetings with government officials and private sector leaders, according to a press release by the Ministry of Industry. 

This trip follows a similar visit to the US earlier in September, which focused on enhancing industrial and mining cooperation, strengthening bilateral relations, and attracting high-quality investments to the Kingdom.

The meetings in Canada will involve signing memoranda of understanding to support the development of the industrial and mining sectors.

In a post on X, Alkhorayef said: "My official visit to Canada began with a tour of the Toronto Stock Exchange (TSX), during which I met with the CEO of the exchange and a number of listed mining companies. We reviewed investment opportunities in the mining sector, the promising potential that the Kingdom has, in addition to the incentives and capabilities provided to investors."

Saudi non-oil exports to Canada amounted to SR140 million ($37.33 million) in 2023, primarily in ordinary metals and their products, as well as regional plant products. 

Meanwhile, the total non-oil imports from Canada during the same year reached SR2.89 billion, encompassing items such as locomotives and railway lines, pharmaceutical products, optical and imaging instruments, as well as electrical devices and equipment.

The two countries have resolved a political crisis that began in 2018 and led to a five-year severance of relations. 

The Saudi Ministry of Foreign Affairs announced the decision to restore ties in May 2023, following discussions between Saudi Crown Prince Mohammed bin Salman and Canadian Prime Minister Justin Trudeau during the Asia-Pacific Economic Cooperation Forum in Bangkok in November 2022.

The delegation will explore the latest digital financial technologies in the stock market, meet with prominent global companies in the mining and geological survey sectors, and visit the University of Toronto, along with institutions focused on industrial innovation and human capacity development.

The Saudi minister will participate in a roundtable meeting organized by the Saudi-Canadian Business Council in the presence of Edith Dumont, lieutenant governor of Ontario, along with the Associate Minister of Mines for the province, Stephen Crawford.

The meeting will address the promising opportunities in the Kingdom’s industrial and mining sectors, the potential and incentives offered to foreign investors, and the relative advantages of doing business in Saudi Arabia.

Alkhorayef will visit the University of Toronto to learn about its academic programs supporting the development of the industrial and mining sectors, human-resource development programs, and acquiring high skills in mining operations.

He will also meet with Sebastian Goodfellow, the director of the university’s Lassonde Institute of Mining, as well as a group of Saudi students studying in Canada, according to the Saudi Press Agency.

In Ottawa the minister will hold a series of governmental meetings, including a discussion with the Minister of International Development, Ahmed Hussen, the Minister of Innovation, Science, and Industry, Francois-Philippe Champagne, and the Mining Industry Human Resources Council Executive Director Ryan Montpellier. 

Additionally, the Saudi minister will visit the Ministry of Energy and Resources and the Geological Survey of Canada.


Qatar Airways buys into Virgin Australia, raising the stakes against Qantas

Qatar Airways buys into Virgin Australia, raising the stakes against Qantas
Updated 01 October 2024
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Qatar Airways buys into Virgin Australia, raising the stakes against Qantas

Qatar Airways buys into Virgin Australia, raising the stakes against Qantas
  • Qatar Airways to buy 25 percent stake in Virgin Australia
  • Deal gives Qatar Airways access to Australia markets
  • Makes Qatar Airways a cornerstone investor ahead of anticipated Virgin Australia IPO

SYDNEY: Qatar Airways will buy a 25 percent stake in Virgin Australia from US private equity firm Bain Capital, posing a tougher contest for Qantas Airways that has dominated Australian routes and pushed back against giving access to the Middle Eastern carrier.

The purchase of the minority stake for an undisclosed amount will need to be signed off by Australia’s government, which denied Qatar Airways’ requests last year to fly additional services into Sydney, Melbourne, Brisbane and Perth.

“This partnership brings the missing piece to Virgin Australia’s longer-term strategy,” Virgin Australia CEO Jayne Hrdlicka said in a statement.

“It means that we’ve got an important shareholder who has a scale that we don’t have, who has the expertise that we don’t have, that can help us compete better domestically by giving us access to that scale,” Hrdlicka said later in an interview with ABC television on Tuesday.

Shares in Qantas fell as much as 4.3 percent by 5:39 a.m. Saudi time and were among the worst performers on the benchmark S&P/ASX 200 index.

The stake sale also serves as a cornerstone investment ahead of an anticipated return of Virgin Australia into public ownership, the companies said.

Bain said last year it would explore an IPO of Virgin Australia, which it bought for A$3.5 billion ($2.42 billion) including liabilities after it was placed in voluntary administration in 2020.

Bain was targeting an A$1 billion listing, but the plans were delayed, Reuters reported last year.

Bain declined to comment further on the IPO plans.

Government approval 

As part of the deal with Qatar Airways, Virgin Australia plans to launch flights from Brisbane, Melbourne, Perth and Sydney to Doha with leased aircraft by mid-2025, subject to approval from Australia’s competition regulator.

That would allow Qatar to gain more traffic to its Doha hub, regardless of whether the Australian government approves Qatar Airways’ push for more flying rights.

The denial last year raised questions about the Australian government’s relationship with Qantas, which lobbied against more access for the Qatari carrier. Qantas has a partnership with Dubai-based Emirates, a rival of Qatar Airways.

Qantas did not respond immediately to a request for comment.

Qatar Airways CEO Badr Mohammed Al Meer in Tuesday’s joint statement said his airline believed competition in aviation was “a good thing and it helps raise the bar, ultimately benefiting customers.”

Australia’s Foreign Investment Review Board must approve the sale of the Virgin Australia stake to Qatar Airways, but the treasurer has the power after that to accept or reject the recommendation and impose conditions on the deal.

“It wouldn’t be appropriate for me to pre-empt that process or comment further,” Australian Treasurer Jim Chalmers told reporters after the deal was announced. “More broadly, we do want to see a strong, secure airline industry that delivers for consumers.”

Qatar Airways also owns minority stakes in British Airways owner IAG, Hong Kong’s Cathay Pacific Airways and China Southern Airlines.


Oil Updates – prices little changed as demand worries offset Mideast fears

Oil Updates – prices little changed as demand worries offset Mideast fears
Updated 01 October 2024
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Oil Updates – prices little changed as demand worries offset Mideast fears

Oil Updates – prices little changed as demand worries offset Mideast fears

SINGAPORE: Oil prices were little changed on Tuesday as stronger supply prospects and tepid global demand growth outweighed worries that escalating tensions in the Middle East could impact output from the key exporting region.

Brent crude futures for December delivery edged up 13 cents, or 0.18 percent, to $71.83 a barrel as of 9:15 a.m. Saudi time. US West Texas Intermediate crude futures for November delivery gained 14 cents, or 0.21 percent, to $68.31.

On Monday, Brent futures ended September down 9 percent, the third month of declines and largest monthly drop since November 2022. It slumped 17 percent in the third quarter for its biggest quarterly loss in a year. WTI fell 7 percent last month and dropped 16 percent for the quarter.

“There have been a lot of reservations in place for oil prices, as market participants look toward upcoming supply additions from OPEC+ by the end of this year, alongside a still-soft demand outlook from China reflected in the country’s latest PMI numbers,” said Yeap Jun Rong, market strategist at IG.

“That said, sentiments have been less sensitive to the weaker data, finding room to stabilize on the hopes that recent raft of stimulus may help to jumpstart the economy ahead,” said Yeap.

China’s manufacturing activity shrank sharply in September as new orders at home and abroad cooled, pulling down factory owners’ confidence to near record lows, a private-sector survey showed on Monday.

Analysts say a slew of stimulus measures over the last week are likely to be enough to bring China’s 2024 growth back to about 5 percent after below-forecast data in the past several months cast doubts over that target, but will hardly change the long-term outlook.

Alongside the demand concerns, OPEC+, which groups OPEC members and allies such as Russia, is scheduled to raise output by 180,000 barrels per day in December.

Israel’s widely expected ground invasion of Lebanon appeared to be getting underway early on Tuesday as its military said troops had begun “limited” raids against Hezbollah targets in the border area.

However, supply fears seem relatively contained for now, with market participants still pricing out the risks of a wider regional conflict, said IG’s Yeap.

The attacks follow Israel’s killing on Friday of Hezbollah head Hassan Nasrallah, and represent an escalating conflict in the Middle East between Israel and Iran-backed militants that now threatens to suck in the US and Iran.

In the US, crude oil and fuel stockpiles were expected to have fallen by about 2.1 million barrels in the week to Sept. 27, a preliminary Reuters poll showed on Monday.

The poll was conducted ahead of a report from the American Petroleum Institute industry group due at 11:30 p.m. Saudi time on Tuesday.