蹤獲弝け

蹤獲弝け opens Sindalah in NEOM as part of Vision 2030 tourism drive

蹤獲弝け opens Sindalah in NEOM as part of Vision 2030 tourism drive
Located 5 km off NEOMs northwest coast, Sindalah spans 840,000 sq. meters and is set to welcome up to 2,400 guests daily by 2028, creating 3,500 jobs. (SPA)
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Updated 28 October 2024

蹤獲弝け opens Sindalah in NEOM as part of Vision 2030 tourism drive

蹤獲弝け opens Sindalah in NEOM as part of Vision 2030 tourism drive

RIYADH: 蹤獲弝け has unveiled its luxury island destination, Sindalah, part of the $500-billion NEOM mega-project, as the Kingdom intensifies efforts to expand its tourism sector.

NEOM announced that the project, developed over two years with the involvement of four local contractors and 60 subcontractors, has welcomed its first guests, signaling a new era of high-end tourism in 蹤獲弝け, according to a press release.

Such giga-projects are central to 蹤獲弝けs strategy for economic diversification, aligning with the Kingdoms Vision 2030 tourism goals. The National Tourism Strategy aims to draw 150 million visitors by 2030 and increase tourisms contribution to gross domestic product from 6 percent to 10 percent.

NEOM is committed to supporting the Kingdoms new era of luxury tourism, with the opening of Sindalah. The realization of this landmark destination, the gateway to the Red Sea, is due to the visionary leadership of His Royal Highness Mohammed bin Salman and Saudi Vision 2030, said Nadhmi Al-Nasr, CEO of NEOM.




Located 5 km off NEOMs northwest coast, Sindalah spans 840,000 sq. meters and is set to welcome up to 2,400 guests daily by 2028, creating 3,500 jobs. (SPA)

He added: NEOMs inaugural destination offers visitors a first glimpse of what the future holds for our extensive portfolio of destinations and developments.

Located 5 km off NEOMs northwest coast, Sindalah spans 840,000 sq. meters and is set to welcome up to 2,400 guests daily by 2028, creating 3,500 jobs and driving growth in 蹤獲弝けs hospitality and tourism sectors.

Sindalahs waters are home to 1,100 fish species, including 45 unique to NEOM, and over 300 coral species.

In line with NEOMs commitment to sustainability and conservation, preservation of Sindalahs natural marine habitat has been central to the islands development, and guests are invited to dive beneath the surface to explore its wonders for themselves, stated NEOM.

The destination will feature a yacht club, beach club, and golf club, as well as docking facilities, additional offshore buoys for super yachts, and comprehensive yacht management services.

Sindalah offers 440 rooms, 88 villas, and 218 luxury serviced apartments for accommodation. NEOM stated that booking information will be released soon through its tourism channels.


Closing Bell: Saudi main index ends the week in green at 10,833

Closing Bell: Saudi main index ends the week in green at 10,833
Updated 14 August 2025

Closing Bell: Saudi main index ends the week in green at 10,833

Closing Bell: Saudi main index ends the week in green at 10,833
  • Parallel market Nomu gained 282.36 points to close at 26,615.66
  • MSCI Tadawul Index edged up 0.72% to 1,401.67

RIYADH: 蹤獲弝けs Tadawul All Share Index edged up on Thursday, gaining 70.12 points, or 0.65 percent, to close at 10,833.59.

The total trading turnover on the main index reached SR4.37 billion ($1.16 billion), with 174 stocks advancing and 74 declining.

The Kingdoms parallel market Nomu gained 282.36 points to close at 26,615.66. The MSCI Tadawul Index edged up 0.72 percent to 1,401.67.

The best-performing stock on the main market was Thimar Development Holding Co., which jumped 10 percent to SR40.04. 

Saudi Industrial Development Co. rose 9.96 percent to SR33.12, while Saudi Printing and Packaging Co. gained 5.6 percent to SR12.63.

Elm Co. posted the sharpest drop, falling 3.40 percent to SR881. Theeb Rent a Car Co. declined 3.03 percent to SR62.35, Nice One Beauty Digital Marketing Co. dropped 2.62 percent to SR24.13, and Al Mawarid Manpower Co. decreased 2.59 percent to SR 128.1.

On the announcements front, Group Five Pipe Saudi Co. posted a substantial increase in its net profit for the first half of the year, supported by strong sales growth, the company said in a filing on Wednesday.

According to the firms financial disclosure on the Saudi Exchange, net profit for the six months ending June 30 reached SR125.18 million, a significant rise from SR9.2 million recorded during the same period in 2024. This marks a year-on-year jump of over 1,259 percent.

The increase in profit was primarily driven by volume growth and lower production costs.

Group Five Pipe Saudi Co.s share price traded 29.95 percent higher to close at SR38.96.

National Signage Industrial Co., also known as Sign World, has set the price range for its initial public offering between SR12 and SR15 per share, according to a statement issued by Yaqeen Capital, the companys financial adviser and lead manager.

The offering consists of 1.5 million ordinary shares, representing 20 percent of Sign Worlds post-listing issued share capital. The entire stake is allocated to qualified investors as part of the book-building process.

Yaqeen Capital said the bidding and book-building period for qualified investors will commence on Aug. 17 and close on Aug. 24.

Qualified subscribers may apply for a minimum of 10 shares and up to a maximum of 374,990 shares.


UAE air traffic climbs 6.2% as airports handle 75.4m passengers in H1

UAE air traffic climbs 6.2% as airports handle 75.4m passengers in H1
Updated 14 August 2025

UAE air traffic climbs 6.2% as airports handle 75.4m passengers in H1

UAE air traffic climbs 6.2% as airports handle 75.4m passengers in H1

RIYADH: The UAEs civil aviation sector posted robust growth in the first half of 2025, with passenger traffic climbing 5 percent to 75.4 million, up from 71.7 million a year earlier, according to the Emirates News Agency or WAM.

January was the busiest month, handling more than 13.7 million travelers across the nations airports.

The surge in passenger and cargo activity reflects a broader global rebound in aviation, as Middle Eastern carriers leverage their strategic location to capture long-haul transit traffic between Asia, Europe, and the Americas.

Air traffic movements increased 6.2 percent to 531,000 operations in the first six months, compared to nearly 500,000 in the same period of 2024. Riyadh, Jeddah, Kuwait, Mumbai, and Bahrain ranked among the top five most active routes.

Cargo volumes also strengthened, rising 4.74 percent to more than 2.2 million tonnes. National carriers handled 67 percent of total freight, underscoring the UAEs dominance in regional logistics.

The expansion of UAE-based airlines with 15 new destinations launched across Europe, Asia, Africa, and the Middle East further fueled the sectors momentum.

Abdullah bin Touq Al-Marri, minister of economy and chairman of the General Civil Aviation Authority, said the UAE is reinforcing its international and regional aviation standing through record-breaking growth.

This growth stems from innovative national strategies that have elevated our competitiveness and leadership in a vital sector that now plays a central role in economic development, trade, tourism, investment, and job creation across aviation-linked industries, Al-Marri said, reported WAM.

He added: The performance indicators for the first half of 2025 demonstrate the sectors resilience and sustainability, as well as the competitiveness of our airports, national carriers, and air traffic management. Aviation serves as a critical bridge connecting the UAE to the world and is a key enabler of our long-term economic goals.

Al-Marri noted that the UAE would continue expanding its air connectivity through advanced legislation, open-market policies, and infrastructure development.

Saif Mohammed Al-Suwaidi, director general of the General Civil Aviation Authority, said the aviation sector is on a steady growth trajectory.

These positive indicators reflect the sectors strong infrastructure and the unified efforts of all partners, from airport operators and airlines to air traffic controllers, Al-Suwaidi said.

He expressed pride in the consistent growth in passenger and cargo volumes, citing ambitious development projects aimed at supporting this expansion. The current combined capacity of the UAEs airports now exceeds 160 million passengers annually.

Al-Suwaidi reaffirmed confidence in the sectors ability to sustain its pivotal role in boosting the national economy, driving tourism and trade, and strengthening the UAEs role as a key regional and global air transport hub.

The new routes include cities in Russia, the Czech Republic, and Poland, as well as Armenia, Kazakhstan, Vietnam, and Cambodia, among others. These additions complement the existing network, bolstering the countrys status as a global aviation hub.


GCC ties to propel ASEAN Islamic finance past $1tn, Fitch says

GCC ties to propel ASEAN Islamic finance past $1tn, Fitch says
Updated 14 August 2025

GCC ties to propel ASEAN Islamic finance past $1tn, Fitch says

GCC ties to propel ASEAN Islamic finance past $1tn, Fitch says

RIYADH: The Islamic finance industry in the Association of Southeast Asian Nations is set to exceed $1 trillion in assets by the end of 2026, driven by Malaysia, Indonesia and Brunei and supported by closer Gulf ties, Fitch Ratings said. 

The blocs Islamic finance sector reached nearly $950 billion at the end of the first half of 2025, accounting for about a quarter of the global total, the agency said in a report. Demand remains uneven within ASEAN, with limited presence in Singapore, the Philippines and Thailand, and underdeveloped markets in Vietnam, Laos, Cambodia and Myanmar.  

ASEANs Islamic finance industry is expanding in line with global trends, with worldwide assets projected to reach $7.5 trillion by 2028, up from $5.5 trillion in 2024, according to Standard Chartered. 

In its latest report, Fitch stated: Growth will continue to be led by Malaysia, Indonesia and Brunei due to their large Muslim populations, enabling regulations, access to sukuk, and potentially improving ties with Gulf Cooperation Council countries. 

GCC investors already hold stakes in some Malaysian banks, while Gulf Islamic banks are key arrangers and investors in dollar sukuk issued in Malaysia, Indonesia and the Philippines a pattern seen in markets such as the UK, Turkiye and Kazakhstan.   

Sukuk dominate 

ASEANs sukuk outstanding reached $475 billion by mid-2025, making up 16 percent of the regions debt capital market.   

Malaysia and Indonesia lead the way, contributing nearly half, 47 percent, of the global sukuk market. Sukuk outstanding represents 59 percent of Malaysias debt capital market and 18 percent in Indonesia, Fitch highlighted.    

Environmental, social, and governance-linked sukuk are also concentrated in these two nations, while Singapore serves as a key listing hub for dollar-denominated sukuk.   

Banking and funds  

Malaysia remained ASEANs largest Islamic banking market, with assets totaling about $300 billion, representing 42 percent of total system financing.  

Indonesia followed with $56 billion in Islamic banking assets, though its market share remains modest at 7 percent. Bruneis Islamic banks hold a dominant 63 percent of the countrys total banking assets.   

In the takaful sector, Malaysias family takaful accounts for 39 percent of the insurance market, while Bruneis takaful penetration stands at 47.8 percent.  

The Philippines has taken steps to develop its Islamic finance ecosystem, issuing its first takaful operator licenses in 2024 and introducing guidelines for micro-takaful products.     

Regulatory gaps  

Recent high-level meetings have reinforced Islamic finances role in ASEANs economic strategy. The 12th ASEAN Finance Ministers and Central Bank Governors Meeting in April emphasized its importance in sustainable and infrastructure financing.  

Meanwhile, the second ASEAN-GCC summit in May strengthened cross-border ties, with Fitch noting that GCC Islamic banks are key investors and arrangers of dollar sukuk issued in Malaysia, Indonesia, and the Philippines. 

Despite progress, regulatory frameworks remain absent in Vietnam, Myanmar, Laos, and Cambodia, limiting growth. However, with deepening GCC connections and strong fundamentals, Fitch expected ASEANs Islamic finance industry to maintain its upward trajectory.   

Fitchs report aligns with S&P Global Ratings April assessment, which highlighted the Islamic finance industrys rapid expansion in 2024, driven by robust growth in banking assets and sukuk issuances particularly in foreign currencies.    

S&P projected that this momentum will continue in 2025, barring major macroeconomic disruptions, supported by stable oil prices and sustained financing needs from economic transformation programs.   

However, risks loom, including potential oil price declines and the possible adoption of Shariah Standard 62, which could reshape sukuk structures from debt-like to equity-like, potentially fragmenting the market and deterring fixed-income investors.     

The industrys 10.6 percent asset growth in 2024 was heavily concentrated, with GCC countries led by 蹤獲弝け contributing 81 percent of Islamic banking expansion, fueled by Vision 2030 projects and deep market penetration.    

Meanwhile, Malaysia and Indonesia remained key sukuk hubs, though currency volatility in emerging markets like Turkiye and Egypt poses challenges. Global sukuk issuance is expected to reach $190200 billion in 2025, with foreign currency issuances playing a pivotal role.   

Looking ahead, S&P emphasized that simplifying Islamic finance structures and leveraging fintech could enhance competitiveness, while sustainable sukuk, led by the Kingdom and Indonesia, presents a growing niche.   

Yet, the industrys trajectory hinges on regulatory clarity, particularly around Standard 62, which could trigger a pre-emptive issuance surge before implementation. 


Jordans domestic revenue rises 3.6% to $6.59bnin H1

Jordans domestic revenue rises 3.6% to $6.59bnin H1
Updated 14 August 2025

Jordans domestic revenue rises 3.6% to $6.59bnin H1

Jordans domestic revenue rises 3.6% to $6.59bnin H1

RIYADH: Jordans domestic revenues climbed 3.6 percent in the first half of 2025 to 4.67 billion dinars ($6.59 billion), bolstered by fiscal measures aimed at strengthening public finances, official data show. 

The increase equivalent to about 164.7 million dinars came as the government reduced public debt to 35.3 billion dinars, or 90.9 percent of gross domestic product, down from 92.7 percent in May, the state-run Petra news agency reported, citing Central Bank of Jordan figures.  

The decline followed the Finance Ministrys June repayment of $1 billion in maturing Eurobonds, funded through concessional loans secured earlier in the year at a 4.8 percent interest rate. The move allowed Amman to avoid issuing new debt at yields that could have approached 9 percent amid global and regional market pressures. 

According to a report in July, domestic revenues rose by about 224.1 million dinars in the first five months of the year, reaching 4.067 billion dinars, compared with 3.843 billion dinars in the same period of 2024. 

Tourism revenue for the first seven months of 2025 rose by 8.6 percent, totaling $4.398畜illion. That growth occurred despite a 5.6 percent dip in tourism receipts in July, which fell to $721.4痂illion.  

Revenue from visitors of Asian nationalities surged by 41.1 percent, European visitors contributed a 33.8 percent increase, Americans accounted for a 21.7 percent rise, Arab visitors added 7.3 percent, and other nationalities posted a 38.0 percent increase.   

Meanwhile, revenue from Jordanian expatriate visitors declined by 2.5 percent.   

The figures showed a 4 percent increase in spending by Jordanians on tourism abroad during the first seven months of 2025, reaching $1.247 billion, stated the report.  

In July alone, that outbound tourism spending rose 7 percent, amounting to $247.4痂illion.  

Jordans Economic Modernization Vision identifies tourism as a core pillar of national growth, with the sector positioned to drive inclusive economic development and job creation.   

The strategy aims to boost GDP growth to 5.6 percent and attract significant private investment, with 72 percent of the required 41 billion dinars expected from non-government sources.   

The National Tourism Strategy 2021-25 supports this vision by promoting sustainable, authentic tourism experiences and strengthening sector competitiveness.  

These initiatives form part of broader efforts to diversify revenue streams, enhance fiscal resilience, and position Jordan as a high-value destination for regional and international travelers.  


Saudi inflation eases to 2.1% in July: GASTAT

Saudi inflation eases to 2.1% in July: GASTAT
Updated 14 August 2025

Saudi inflation eases to 2.1% in July: GASTAT

Saudi inflation eases to 2.1% in July: GASTAT
  • Housing, water, electricity, gas and fuel posted steepest annual increase
  • Furnishing and home equipment prices declined by 2%

RIYADH: 蹤獲弝けs annual inflation rate slowed in July to 2.1 percent, down from 2.3 percent in June, as softer price gains in some categories offset persistent housing pressures, official data showed. 

The figures, published in the latest report from the General Authority for Statistics, revealed that housing, water, electricity, gas and fuel posted the steepest annual increase among major categories, climbing 5.6 percent. 

That was driven by a 6.6 percent rise in rents, including a 6.4 percent increase in villa rentals. The housing component accounts for 25.5 percent of the consumer price index basket, making it a key driver of the headline figure.

The inflation trend aligns with the Kingdoms goal of balancing economic growth with price stability as part of its Vision 2030 strategy to diversify the economy beyond oil. The governments November 2024 budget projected inflation to remain steady at 1.9 percent in 2025, up slightly from 1.7 percent in 2024. 

The annual inflation rate in the Kingdom witnessed a relative slowdown in the pace of growth during July 2025, reaching 2.1 percent, compared to 2.3 percent in the previous June, GASTAT said. 

This comes as a July report from Kuwait-based non-banking firm Kamco Invest said inflation across Gulf Cooperation Council countries remained stable in the second quarter, despite heightened geopolitical instability. It added that the conflicts limited impact on GCC inflation was largely due to gradual, rather than sudden, increases in commodity and shipping costs. 

Sectoral breakdown 

Food and beverage prices increased by 1.6 percent year on year in July, driven by a 2.6 percent increase in the costs for meat and poultry. 

The authority said expenses for personal goods and services rose by 4.3 percent compared to the same period in the previous year. This was due to a 24.7 percent rise in the prices of jewelry, watches, and precious antiques. 

Restaurant and hotel costs edged up 1.4 percent year on year, while education prices advanced by 1.1 percent during the same period. 

Furnishing and home equipment prices declined by 2 percent, expenses for clothing and footwear decreased by 0.4 percent, and transportation prices dropped by 0.3 percent during the same period. 

Month on month, 蹤獲弝けs Consumer Price Index was stable in July, reflecting unchanged prices across multiple sectors. Transportation, restaurants, and hotels recorded no change, while clothing and footwear, health, telecommunications, and tobacco also held steady. 

Prices of housing, water, electricity, gas, and fuel rose 0.2 percent. 

Entertainment costs also increased 0.2 percent from June, while education expenses edged down 0.1 percent. 

The report added that food and beverage prices fell 0.2 percent, followed by a 0.1 percent decline in personal goods and services. 

Wholesale Price Index  

In a separate report, GASTAT said 蹤獲弝けs Wholesale Price Index rose 2.1 percent in July from a year earlier, driven by a 4.1 percent increase in prices of transportable goods. 

The prices of other transportable goods, except metal products, machinery, and equipment, increased by 4.1 percent, driven by an 8.3 percent rise in the prices of refined petroleum products, and an 8.6 percent increase in the prices of furniture and other transportable goods, said GASTAT. 

Prices of agricultural and fishery products rose 4.4 percent, while metal products edged up 0.1 percent. 

Food products, beverages, tobacco, and textiles also increased 0.3 percent. 

Prices of ores and minerals fell 0.8 percent, driven by an equivalent drop in stone and sand prices. 

Average prices 

In a separate analysis, GASTAT said green beans and local eggs saw the largest month-on-month increases in July, both rising 3.2 percent. 

Imported chilled sheep meat and hay also recorded notable gains, up 2.2 percent and 2 percent, respectively. 

The steepest declines were in Pakistani mangoes and medium African lemons, with prices falling 12.7 percent and 11.5 percent, respectively.