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Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition

Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition
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The seventh edition of the Global Health Forum kicked off in Malham, north of Riyadh, under the patronage of the Ministry of Health. SPA
Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition
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The seventh edition of the Global Health Forum kicked off in Malham, north of Riyadh, under the patronage of the Ministry of Health. SPA
Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition
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The seventh edition of the Global Health Forum kicked off in Malham, north of Riyadh, under the patronage of the Ministry of Health. SPA
Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition
4 / 6
The seventh edition of the Global Health Forum kicked off in Malham, north of Riyadh, under the patronage of the Ministry of Health. SPA
Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition
5 / 6
The seventh edition of the Global Health Forum kicked off in Malham, north of Riyadh, under the patronage of the Ministry of Health. SPA
Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition
6 / 6
The seventh edition of the Global Health Forum kicked off in Malham, north of Riyadh, under the patronage of the Ministry of Health. SPA
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Updated 21 October 2024

Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition

Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition
  • Project will be an integrated facility featuring state-of-the-art medical services, treatments, and education
  • Program aims to sustain ongoing reforms, strengthen its position, and activate its various components

JEDDAH: Ƶ’s Al-Baha region is set to develop a medical facility worth over SR7 billion ($2 billion), reinforcing the Kingdom’s commitment to advancing health care infrastructure.

On Oct. 21, Virtus Health Partners, a privately held investor, signed a memorandum of understanding with the Saudi ministries of investment and health to develop Jebel Al-Noor Medical City, a planned world-class facility in the country’s southwestern region.

The signing ceremony took place in Riyadh on the sidelines of the seventh Global Health Exhibition, hosted in the Saudi capital from Oct. 21 to 23.

The official MoU signing was attended by the Gov. of Al-Baha region, Prince Hussam bin Saud bin Abdul Aziz, the Saudi Minister of Investment, Khalid Al-Falih, the Assistant Deputy Minister for Investment at the Health Ministry, Ibrahim Al-Omar, and the Saudi Minister of Health, Fahad Al-Jalajel, along with others.

The project will be an integrated facility featuring state-of-the-art medical services, treatments, and education, all within a unified ecosystem, VHP said in a statement.

As part of Saudi Vision 2030, the Kingdom has set ambitious goals for transforming its medical division through the Health Sector Transformation Program. This initiative seeks to create a comprehensive, effective, integrated healthcare system focused on individual and community well-being. 

By restructuring and enhancing the sector, the program aims to sustain ongoing reforms, strengthen its position, and activate its various components, ultimately ensuring long-term progress and improvement in the country’s healthcare infrastructure.

VHP stated that the undertaking would be developed in phases over 10 years, with the first stage encompassing a medical school teaching hospital.

“This facility will offer advanced medical treatments and serve as a practical training ground for medical students, bridging the gap between education and real-world patient care,” VHP said in a press release.

The school will offer state-of-the-art facilities and a curriculum aligned with global standards, providing students with cutting-edge education and research opportunities.

It will also encompass a faculty of health sciences focusing on advancing medical education and research across various fields.

VHP has signed an agreement with the US-based Mayo Clinic to act as strategic adviser and principal project consultant.

Chairman of VHP Nayef Falah Al-Hajjraf, who has previously served as secretary general of the Gulf Cooperation Council, stated that the facility is expected to become one of the most significant medical cities in the Middle East and worldwide. This distinction stems from its integrated facilities and programs and the strategic partnerships that will help transform the agreement into reality.

“JANMC will provide added value to the healthcare sector, aligning with the promising projects of the Kingdom’s Health Sector Strategy and Vision 2030 in Ƶ,” Al-Hajjraf said. 

He added: “We look forward to the opportunities this project presents for establishing a world-class academic medical city that delivers innovative health care and academic offerings to the region.

VHP is a group of investors, industry experts, and academics advising leading health care institutions and developing landmark medical investment projects.


Arab Energy Fund posts 7% rise in half-year net income  

Arab Energy Fund posts 7% rise in half-year net income  
Updated 26 sec ago

Arab Energy Fund posts 7% rise in half-year net income  

Arab Energy Fund posts 7% rise in half-year net income  

RIYADH: The Arab Energy Fund reported a 7 percent increase in net income for the first half of 2025, reaching $129 million compared to $121 million in the same period last year. 

The multilateral impact financial institution attributed the growth to strong operating income across all business lines, supported by disciplined risk management and cost efficiencies.

Total assets rose to $12 billion as of June 30, marking a 15 percent year-on-year increase, driven primarily by expansion in corporate banking and treasury portfolios.  

Shareholders’ equity grew 6.3 percent to $3.45 billion, while liabilities increased 18.7 percent to $8.59 billion, reflecting what the fund described as robust funding activity. 

The fund’s growth aligns with global energy trends, where resilient demand and continued investment needs in the sector are driving financing activity.  

The International Energy Agency reported in July that global oil demand is expected to rise by about 700,000 barrels per day, while energy consumption in the Middle East and North Africa region is projected to increase due to population growth and energy-intensive economies. 

At the same time, oil prices have held relatively stable despite supply increases from producers such as Iraq and easing OPEC+ cuts, providing favorable conditions for project financing.  

Alongside this, the shift toward diversification and greater focus on environmental and socially linked projects mirrors the fund’s impact mandate, positioning it to benefit from both conventional and transition-related investment opportunities. 

Khalid Al-Ruwaigh, CEO of TAEF, said: “Our strong half-year performance reflects the resilience of our business model and our unwavering commitment to growth and delivering meaningful impact in the MENA energy sector.”  

He added: “Guided by our strategy, these results are a direct outcome of our sustained efforts across all business lines and our prudent capital management.” 

Al-Ruwaigh said they remain focused on providing innovative financing and investment solutions that create value for their stakeholders, saying, “This reinforces our position as a leading and impact investment fund in the region’s energy landscape.” 

CFO Vicky Bhatia highlighted the fund’s operational efficiency, noting: “These results demonstrate our ability to capitalize on market opportunities while maintaining operational discipline.

“With a cost-to-income ratio of just 17.9 percent, a non-performing loan ratio reduced to 0.3 percent, and a strong capital adequacy ratio of 29.7 percent, we remain well-positioned to sustain growth and meet our strategic objectives.” 

Within business lines, the corporate banking portfolio grew 12 percent year on year to $5.93 billion, driven by demand across energy-related sectors and geographic diversification.  

Investments and partnerships reached $1.50 billion, up 4.4 percent year on year, supported by selective investments and portfolio management.  

Treasury assets rose 18.3 percent to $4.39 billion, benefiting from portfolio optimization and favorable interest rate conditions. 

Total funding climbed to $8.37 billion, a 17.1 percent year-on-year increase, underpinned by debt issuances and proactive liability management. 

The fund said this growth strengthened its flexibility to finance future initiatives and support energy projects across the MENA region. 


Ƶ launches 30th shipping service of 2025, linking Jeddah to Port Sudan

Ƶ launches 30th shipping service of 2025, linking Jeddah to Port Sudan
Updated 22 September 2025

Ƶ launches 30th shipping service of 2025, linking Jeddah to Port Sudan

Ƶ launches 30th shipping service of 2025, linking Jeddah to Port Sudan

JEDDAH: Ƶ’s ports authority has launched its 30th new shipping service of the year, adding a direct route between Jeddah Islamic Port and Port Sudan. 

The “JSS” service, operated by Marsa Ocean Shipping, offers capacity for 1,118 containers and is expected to strengthen trade flows across the Red Sea and support the Kingdom’s exports, said the Saudi Ports Authority, also known as Mawani. 

The move is part of Mawani’s drive to improve global rankings, enhance efficiency at Jeddah port, and strengthen Ƶ’s role as a trade link between Asia, Africa, and Europe.

The initiative also supports Vision 2030 goals to raise the logistics sector’s contribution to gross domestic product from 6 percent to 10 percent by 2030. 

In a post on its official X handle, the authority said: “As part of Mawani’s ongoing efforts to enhance the competitiveness of the Kingdom’s ports, the ‘JSS’ shipping service, operated by ‘Marsa Ocean Shipping,’ has been added to Jeddah Islamic Port, representing the 30th new service introduced since the start of 2025.” 

This comes on the back of several new connections, with Goodrich launching the RSX1 service in August, linking Jeddah to Port Sudan, Djibouti, and Jebel Ali in the UAE with 720 TEUs capacity, while Blue Ocean Shipping introduced the BOS service to Qingdao, Ningbo, and Nansha in China, with 2,300 TEUs capacity. 

In July, CMA CGM began operating the LRX service, connecting Jeddah to Latakia in Syria, as well as Iskenderun and Mersin in Turkiye, and Beirut in Lebanon, with a capacity of 2,826 TEUs. That marked Ƶ’s first direct shipping link with Syria. 

Other recent additions include the AR2 Asia Redsea service by Wan Hai Lines, linking Jeddah to major ports in China, Turkiye, Egypt, and Jordan with a capacity of 3,700 TEUs, and the IM2 service by Emirates Line and Wan Hai, connecting to Mundra in India, Alexandria in Egypt, and Mersin in Turkiye. 

In March, Mawani launched the “Chinook Clanga” service, operated by Mediterranean Shipping Co., at King Abdulaziz Port in Dammam and Jubail Commercial Port, connecting Ƶ’s eastern ports to 16 regional and international destinations. 

The service strengthens links across the Arabian Gulf to key ports, including Khalifa Bin Salman in Bahrain, Hamad in Qatar, Nhava Sheva in India, Colombo in Sri Lanka, and Singapore. 


Ƶ, Boeing agree deal on advanced air mobility 

Ƶ, Boeing agree deal on advanced air mobility 
Updated 22 September 2025

Ƶ, Boeing agree deal on advanced air mobility 

Ƶ, Boeing agree deal on advanced air mobility 

RIYADH: US aircraft manufacturer Boeing has inked an agreement with Ƶ to explore partnerships and investments in the advanced air mobility sector.

A  memorandum of understanding was signed in Washington, D.C. by a delegation from the Kingdom’s civil aviation sector, led by Abdulaziz Al-Duailej, president of the General Authority of Civil Aviation, according to a press statement. 

Strengthening the aviation sector is one of the crucial goals outlined in Ƶ’s Vision 2030 agenda, as the Kingdom is trying to position itself as a global hub of business and tourism by the end of this decade. 

Ƶ’s National Tourism Strategy aims to attract 150 million annual visitors by 2030, while also increasing the sector’s contribution to the Kingdom’s gross domestic product to more than 10 percent. 

Commenting on the MoU with Boeing, Sulaiman Al-Muhaimidi, GACA’s executive vice president for Aviation Safety and Environmental Sustainability, said: “This partnership with Boeing reflects GACA’s commitment to creating safer, smarter skies through advanced air mobility innovation. The effort further cements Ƶ at the forefront of the future of aviation.” 

During the visit, the Saudi delegation visited the Federal Aviation Administration and the headquarters of Boeing in Washington, as well as the Dreamliner facility in Charleston, South Carolina, where the company builds the 787 Dreamliner. 

The authority added that collaboration opportunities in civil aviation, aircraft manufacturing and maintenance services, sustainability, and advanced technologies initiatives were among the many topics discussed during the visit to the US. 

GACA added that the visit also aimed to enhance cooperation with the US in knowledge exchange, technology transfer, and localization of the aviation industry, in line with the Kingdom’s goal of becoming “a global industrial and logistics hub in aviation as part of its economic diversification.” 

Ƶ’s National Aviation Strategy targets doubling passenger capacity to 330 million annually from over 250 global destinations and increasing cargo handling to 4.5 million tonnes by 2030. 

“By engaging with global aviation regulators and manufacturers, GACA is supporting Vision 2030 objectives to strengthen Ƶ’s role as a hub connecting three continents, delivering greater connectivity and travel experiences for the Kingdom’s passengers,” said Al-Duailej. 

He added: “With new Saudi airlines being launched, record aircraft orders, and a focus on innovation and sustainability, the visit highlights the unprecedented opportunities being created by the Kingdom and underscores the strong Saudi–US aviation partnership.” 

Ƶ’s Riyadh Air, the second flag carrier of the Kingdom, is expected to commence its operations by this year. 

Announced in 2023 by Crown Prince Mohammed bin Salman, Riyadh Air is expected to contribute over $20 billion to the non-oil gross domestic product and create more than 200,000 direct and indirect jobs. 

In June, the airline’s CEO, Tony Douglas, told Bloomberg that it plans to launch a new international destination every two months once operations begin, as it prepares to take delivery of its first Boeing 787 Dreamliner. 

The carrier currently has four Boeing 787 Dreamliners in different stages of assembly at Boeing’s facility in Charleston, South Carolina.

In addition, Riyadh Air announced at the Paris Air Show in June that it will purchase up to 50 Airbus A350 long-range aircraft, with deliveries expected to start in 2030.


UAE’s construction output to hit $131bn by 2029: Knight Frank  

UAE’s construction output to hit $131bn by 2029: Knight Frank  
Updated 22 September 2025

UAE’s construction output to hit $131bn by 2029: Knight Frank  

UAE’s construction output to hit $131bn by 2029: Knight Frank  

RIYADH: The UAE’s construction output is projected to reach $130.8 billion by 2029, a 22 percent increase from 2024, as state-led projects drive growth, according to a new analysis. 

In its latest report, global consulting firm Knight Frank estimated output at $107.2 billion in 2024, with expansion forecast at about 4 percent annually.  

The rise in construction output reflects a broader trend across the Gulf Cooperation Council, where countries are steadily diversifying their economies and reducing reliance on crude revenues. 

A July Knight Frank report projected Ƶ’s construction output to hit $191 billion by 2029, up 29 percent from 2024, on the back of giga-projects, housing demand, and office development. 

Commenting on the latest report, Faisal Durrani, partner, head of research of Knight Frank in the Middle East and North Africa, said: “The UAE construction industry is in a period of robust growth and transformation, driven by economic diversification, tourism and strategic infrastructure investments, particularly in housing, transport and smart cities.”  

According to the report, construction accounts for 62 percent of the UAE’s future project pipeline, ahead of transport at 12 percent, power at 7 percent, and water at 5 percent.  

Within construction, mixed-use schemes account for 42 percent, followed by residential real estate at 28 percent, data centers at 9 percent, and hospitality projects at 4 percent. 

The sector supports key national and emirate-level strategies, including “We the UAE 2031,” Dubai’s D33 agenda, the 2040 Urban Master Plan, and Abu Dhabi’s Vision 2030. 

“Abu Dhabi and Dubai dominate the UAE market, accounting for 85 percent of the total value of contracts awarded between 2020 and August 2025 – $151 billion in Abu Dhabi and $129.9 billion in Dubai,” added Durrani.  

In the second quarter of 2025, residential construction costs ranged from 4,200 dirhams ($1,144) per sq. meter for standard villas to 11,000 dirhams for high-end villas, while apartments averaged 4,300 dirhams, according to the Knight Frank report. 

The cost of constructing commercial buildings in the first half of this year ranged from 5,500 dirhams to 7,300 dirhams per square meter. 

Dubai led momentum, with 75 percent of its contract activity concentrated in construction. Oil and gas projects accounted for only 3 percent of awards, highlighting the emirate’s economic diversification.  

Upcoming developments include Palm Jebel Ali, The Oasis by Emaar, and Marsa Al Arab, as well as Therme Dubai, Naia Island, and DAMAC Lagoons’ Venice community, alongside expansions at Dubai Hills Estate. The emirate is also extending its metro system by 15 km with the Blue Line by 2029. 

“Continuous strategic economic development is reshaping Dubai’s commercial real estate landscape and the latest construction output figures reflect the strong fundamentals of the market,” said Moataz Mosallam, partner – Project & Development Services, MENA at Knight Frank.  

He said Dubai’s population is expected to rise from 3.4 million in 2020 to 5.8 million by 2040 under the Urban Masterplan, driving residential growth. He noted that about 8.2 million sq. feet of office space is due by 2028, but demand is likely to outstrip supply, keeping construction activity strong. 

In Abu Dhabi, construction made up 23 percent of awarded contracts, trailing oil and gas at 40 percent. The emirate is pursuing major infrastructure projects under its Economic Vision 2030, including a 150-km high-speed rail link to Dubai due by 2030 and a planned 131-km metro system. 

Major projects include a 150-km high-speed rail link to Dubai, expected to be operational by 2030, and the planned 131-km Abu Dhabi Metro, aimed at supporting the city’s growing population. 

“Some 890 residential units were delivered in Abu Dhabi in the first half of 2025, and approximately 33,074 are under construction and scheduled for delivery by 2029. Apartments are expected to comprise 71 percent of this future supply pipeline,” said Mosallam.  

Office supply is also set to surge, with nearly 175,000 sq. meters scheduled for 2027, following 51,000 sq. meters in 2025 and 43,000 sq. meters in 2026. 


Closing Bell: TASI ends higher at 10,808  

Closing Bell: TASI ends higher at 10,808  
Updated 21 September 2025

Closing Bell: TASI ends higher at 10,808  

Closing Bell: TASI ends higher at 10,808  

RIYADH: The Saudi stock market started the week higher on Sunday, with the benchmark Tadawul All Share Index adding 27.99 points, or 0.26 percent, to close at 10,808.68.   

Market activity saw 166 gainers against 76 losers, with a total of 272.83 million shares traded at a value of SR4.74 billion ($1.26 billion).  

The parallel market Nomu also advanced, rising 58.35 points, or 0.23 percent, to 25,349.27, with 41 stocks ending in positive territory while 38 declined.  

Meanwhile, the MT30 index, which tracks the performance of the 30 largest companies by market capitalization and liquidity, edged up 2.24 points, or 0.16 percent, to close at 1,401.03.  

On the sector front, MBC Group led the gainers, climbing 10 percent to SR35.42, continuing its rising streak from last Thursday after the Public Investment Fund’s acquisition.   

It was followed by Abdullah Saad Mohammed Abo Moati for Bookstores Co., which advanced 8.70 percent to SR40.98, and The Mediterranean and Gulf Insurance and Reinsurance Co., which increased 7.14 percent to SR16.80.   

East Pipes Integrated Co. for Industry rose 6.81 percent to SR117.60, while Arabian Contracting Services Co. gained 5.99 percent to SR92.95. 

On the other hand, Dar Alarkan Real Estate Development Co. fell 5.84 percent to SR15.79, while Saudi Real Estate Co. dropped 4.95 percent to SR15.17.   

Thimar Development Holding Co. slipped 3.51 percent to SR44, Saudi Ground Services Co. lost 2.63 percent to SR43.68, and Alahli REIT 1 Fund edged down 2.39 percent to SR6.54.  

On the announcement front, Saudi Vitrified Clay Pipes Co. said it signed an agreement to sell its second plant in Riyadh, which produces vitrified clay pipes and related fittings, for SR45 million to Al-Mutahidah Al-Namothajiya Industries Co.   

The company said the sale is expected to generate a capital gain of SR20.1 million and proceeds will be used to fund operating activities.  

Its shares closed at SR26.72, up 0.6 percent.  

Dar Al Majdiah Real Estate Co. clarified that the updated Executive Regulations of the White Land Fees, issued by the Ministry of Municipalities and Housing, will not have a material impact on its financials or operations.  

The company highlighted it had already settled SR1.7 million in fees and noted invoices of SR3.3 million remain under objection with authorities.  

Shares of Dar Al Majdiah ended at SR12.96, down 1.37 percent.  

Ladun Investment Co. also stated that the implementation of the newly amended White Land Tax Regulations will have no material impact on its financials.  

Shares of the company rose 5.45 percent to SR2.9.  

Separately, Al Moammar Information Systems Co. announced the signing of a SR60.54 million contract, including VAT, with Emdad Solutions for ICT to provide IT services over a 36-month period.   

The company said the agreement is expected to have a positive financial impact starting from the third and fourth quarter of 2025.  

Shares of MIS closed at SR134, gaining 0.6 percent.