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Arab entrepreneurs celebrate innovation, culture, and UK-MENA partnership

Arab entrepreneurs celebrate innovation, culture, and UK-MENA partnership
Held on July 22, the first-of-its-kind gathering brought together business leaders, diplomats, and policymakers to highlight the role of Arab entrepreneurship in advancing cross-border collaboration and innovation. Supplied
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Updated 9 min 7 sec ago

Arab entrepreneurs celebrate innovation, culture, and UK-MENA partnership

Arab entrepreneurs celebrate innovation, culture, and UK-MENA partnership

LONDON: In a landmark moment for Arab entrepreneurship, the Arab Entrepreneurs Board recently hosted an event at the House of Lords, celebrating entrepreneurship, innovation, and the strengthening of UK-MENA partnerships.

The gathering marked the first event of its kind in the UK, and the second major initiative by the board following the successful Arab Women Awards ceremony in April 2025.

The event was opened by Lord Dominic Johnson, who delivered a keynote highlighting the critical role of entrepreneurship in building resilient, inclusive economies.




Lord Dominic Johnson, who delivered a powerful keynote highlighting the critical role of entrepreneurship in building resilient, inclusive economies. Supplied

Other distinguished speakers included Bandar Reda, secretary-general of the Arab British Chamber of Commerce, and Faisal Abbas, editor-in-chief of Arab News. Both speakers highlighted the importance of deepening the strategic, economic, and cultural ties between the UK and the MENA region.

Hosted by Wael Alzein, founder and CEO of the Arab Entrepreneurs Board, and Dr. Asma Ounnas, co-founder and chief strategy officer, the evening brought together key voices from business, diplomacy, and media under the shared mission of amplifying the Arab entrepreneurial presence on the global stage. The overarching theme focused on UK-MENA partnership, and the role of Arab entrepreneurship in bridging economies, cultures, and communities.

“This gathering was not just symbolic — it was strategic,” said Ounnas. “We are reshaping the narrative around Arab enterprise by putting collaboration, creativity, and global ambition at the heart of our work.”

Adding a unique cultural dimension, the evening featured an exclusive exhibition of signed lithograph paintings by King Charles III and Prince Khaled Al-Faisal, commemorating the 25th anniversary of their artistic celebration of the Asir mountains.

Guests also received signed copies of “Anecdotes of an Arab Anglophile” authored by Arab News Editor-in-chief Faisal Abbas.

The guest list included representatives from leading brands such as NEOM, Binghatti, BMG Financial Group, The Ritz London, Aston Martin, Harrods, Hill House Interiors, Luxury Magazine, and Bicester Village, alongside diplomatic envoys from Arab embassies, members of the House of Lords, and representatives from both the London Chamber of Commerce and  industry and the British Chambers of Commerce.

Entrepreneur members of the board were also present. All attendees were united by a shared commitment to fostering long-term partnerships, driving innovation, and promoting regional prosperity. 

“We were deeply inspired by the energy in the room — from startups to sovereign-level projects,” said Alzein. “This is just the beginning of a movement that connects ideas with capital, and vision with execution.”

The Arab Entrepreneurs Board also announced a slate of upcoming events and initiatives, including more awards ceremonies, summits, strategic partnerships, and the launch of their new PR division in London aimed at amplifying Arab entrepreneurship on the global stage.


Ƶ taps French bank to expand local debt market

Ƶ taps French bank to expand local debt market
Updated 10 min 4 sec ago

Ƶ taps French bank to expand local debt market

Ƶ taps French bank to expand local debt market

RIYADH: The Saudi Ministry of Finance and the National Debt Management Center have signed an agreement appointing France’s Societe Generale as a primary dealer for the Kingdom’s local debt instruments, according to an official statement.

Societe Generale will join five other international institutions already operating as primary dealers, namely BNP Paribas, Citigroup, and Goldman Sachs, as well as J.P. Morgan, and Standard Chartered Bank.

As part of ongoing efforts to deepen and diversify its domestic debt market under Vision 2030, the Ministry of Finance and the NDMC have taken new steps to strengthen the role of international and local institutions in supporting sukuk and bond issuance.

“This agreement fits within the Financial Sector Development Program strategy as a step toward achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market,” NDMC stated.

The NDMC stated that the deal reaffirms its role in enhancing access to local debt markets by diversifying the investor base. This approach aims to ensure sustainable access to the secondary market and support its growth.

“It is noteworthy that applications for subscription in the primary market for the government's local debt instruments are submitted to the NDMC through the appointed primary dealers on a scheduled monthly basis where these dealers receive the applications submitted by investors,” the statement said.

The French bank will also be added to the list of 10 local institutions participating in the program, including Saudi National Bank, Saudi Awwal Bank, and AlJazira Bank, as well as Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Co., and Saudi Fransi Capital.

The Kingdom’s sukuk market has witnessed significant growth in recent years, underpinned by its strategic role in the Kingdom’s Vision 2030 economic diversification plans. In the first quarter of 2025, corporate bond and sukuk issuance more than doubled to $37 billion, up from $15.5 billion in the same period of 2020.

Ƶ accounted for more than 60 percent of all sukuk and bond issuance across the Gulf Cooperation Council during that period, according to the Kuwait Financial Center, also known as Markaz.

The NDMC surpassed the $1 billion threshold with its May sukuk issuance, raising SR4.08 billion ($1.08 billion)—a 9.09 percent increase from April and a 54.5 percent rise compared to March’s SR2.64 billion.

In June, the NDMC raised SR2.355 billion, marking a decline from May but demonstrating typical monthly funding fluctuations.

The July issuance rebounded sharply to SR5.02 billion, an increase of 113.6 percent month on month. That issuance was split into tranches maturing in 2029, 2032, 2036, and 2039.

According to S&P Global, the Kingdom’s domestic debt markets are expected to expand further amid Vision 2030 reforms, with sovereign and corporate issuance at 20.7 percent of gross domestic product and corporate debt alone rising from 1.9 percent in 2020 to 3.4  percent in early 2025.


Fitch affirms Ƶ’s ‘A+’ rating with stable outlook

Fitch affirms Ƶ’s ‘A+’ rating with stable outlook
Updated 10 min 39 sec ago

Fitch affirms Ƶ’s ‘A+’ rating with stable outlook

Fitch affirms Ƶ’s ‘A+’ rating with stable outlook

RIYADH: Fitch Ratings has affirmed Ƶ’s long-term foreign-currency issuer default rating at “A+” with a stable outlook.

The agency cited the Kingdom’s strong fiscal and external balance sheets, continued growth in the non-oil sector, and solid banking fundamentals as key drivers behind the rating.

Fitch also noted that Ƶ’s government debt levels and sovereign net foreign assets remain well above the medians for “A” and “AA” rated countries, supported by significant fiscal buffers in the form of deposits and other public sector assets.

The latest rating action comes as Gulf economies navigate the impact of lower oil prices while advancing economic diversification plans. The “A+” rating reflects Ƶ’s fiscal and external buffers built over years of high oil revenues, even as the Kingdom faces widening deficits due to large-scale investment spending.

In its rating commentary, Fitch stated: “Oil dependence, World Bank governance indicators and vulnerability to geopolitical shocks have improved but remain weaknesses.” 

Despite pressure from reduced oil revenues and rising fiscal and current account deficits, Fitch emphasized that Ƶ’s external reserves are expected to remain “large relative to peers,” averaging 12.8 months of current external payments in 2025 — well above the “A” median of 1.8 months.

However, the agency warned that the Kingdom is likely to gradually shift to a net external debtor position by 2027, due to sustained external borrowing and a strong domestic investment orientation.

The report also reviewed regional peers, highlighting that neighboring countries have maintained strong credit profiles. In July, the UAE’s long-term foreign-currency rating was affirmed at “AA-” with a stable outlook, supported by low consolidated government debt, a strong net external asset position, and high gross domestic product per capita.

Fitch also pointed to Abu Dhabi’s sovereign net foreign assets — equivalent to 157 percent of the UAE’s GDP in 2024 — as among the highest of all Fitch-rated sovereigns.

In May, Qatar retained its “AA” rating with a stable outlook, driven by its expanding liquefied natural gas production capacity and one of the highest per capita GDP levels globally. The agency highlighted Qatar’s flexible public finance framework as a key factor in enhancing economic resilience.

Similarly, in March, Kuwait’s long-term foreign-currency rating was reaffirmed at “AA-” with a stable outlook.

For Ƶ, Fitch projected a budget deficit of 4 percent of GDP in 2025, mainly due to lower oil income and a significantly reduced dividend from Saudi Aramco.

“Growth in current spending should be contained, and we expect capex to fall in line with ongoing project recalibration,” the report stated.

The deficit is expected to narrow to 3.6 percent by 2027, supported by rising non-oil revenue, higher oil production, and government spending growing more slowly than nominal GDP.

Fitch also underscored the Kingdom’s ongoing economic transformation under Vision 2030. It noted that GDP rebasing led to a 14 percent upward revision of the 2024 headline GDP figure, “almost entirely due to a 28 percent increase in the non-oil private sector (now 56 percent of GDP).”

Real GDP growth is projected at 4.3 percent in 2025, rising to 4.7 percent in 2026 before easing to 3.6 percent in 2027, driven by increased oil production and steady expansion in the non-oil sector. Non-oil growth is forecast to average 4.5 percent during this period, underpinned by continued public and government-related entity spending.


Oman Airports sees 2% rise in passenger traffic in June  

Oman Airports sees 2% rise in passenger traffic in June  
Updated 27 July 2025

Oman Airports sees 2% rise in passenger traffic in June  

Oman Airports sees 2% rise in passenger traffic in June  

RIYADH: Passenger traffic at Oman’s airports rose 2 percent year on year in June, driven by infrastructure upgrades, tourism campaigns, and the seasonal draw of Dhofar’s Khareef climate, according to the country’s airport operator. 

Oman Airports, a government-owned company that manages and operates the civil airports, reported 1.13 million passengers across its network last month, up from 1.10 million in June 2024, the Oman News Agency reported.  

The company attributed the growth in passenger volumes to ongoing efforts to position Oman as a year-round travel destination, along with improved airport facilities, the adoption of advanced technologies, and coordinated tourism initiatives. 

This comes as the Sultanate accelerates its Vision 2040 efforts to diversify the economy, strengthen non-oil sectors like tourism, and reduce reliance on oil revenues. 

The ONA report stated: “The start of the Khareef season in Dhofar also represents an additional factor in attracting visitors, as the governorate is renowned for its stunning natural beauty and unique weather during this period.”  

Oman Airports said it continues to invest in infrastructure and digital solutions to enhance the passenger experience, reduce processing times, and support growing travel demand. The company expects traffic momentum to remain strong in the coming period, supported by tourism events and expansion plans across the airport network.   

Earlier in July, Oman Airports signed a cooperation agreement with Singapore’s Changi International Airport to boost non-aeronautical revenues. The deal includes joint development of themed activity zones and optimization of land leasing strategies, aligning with Oman’s broader push to diversify income sources beyond oil. 

Under the agreement, Changi will provide technical support and practical solutions aimed at improving Oman Airports’ long-term revenue generation. This includes commercial master planning and initiatives targeting both international travelers and local residents.  

Oman Airports manages all airports across the Sultanate, including Muscat International, Salalah, Duqm, and Suhar airports. The company has also extended its services to operate regional airports in the oil concession areas of Fahud, Marmul, and Qarn Alam for Petroleum Development Oman. 

Oman’s tourism industry has been identified as a key non-oil growth sector, with government initiatives focused on increasing international arrivals, expanding hospitality offerings, and promoting cultural and eco-tourism experiences.  

Authorities have been working to streamline visa processes, attract foreign investment into the leisure sector, and market Oman’s natural assets — such as its coastline, desert landscapes, and historic sites — to a broader global audience. 


Saudi and Syrian business leaders commit to energy sector revival

Saudi and Syrian business leaders commit to energy sector revival
Updated 27 July 2025

Saudi and Syrian business leaders commit to energy sector revival

Saudi and Syrian business leaders commit to energy sector revival
  • Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry’s recent achievements and its strategic direction
  • He said economic partnerships and investor engagement are essential to advancing the energy sector

RIYADH: Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure following a high-level meeting in Riyadh. 

The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration. 

During the meeting, which included members of the Syrian expatriate community and Saudi business executives, Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry’s recent achievements and its strategic direction despite prevailing challenges, the Syrian Arab News Agency reported. 

He said economic partnerships and investor engagement are essential to advancing the energy sector and welcomed collaborative initiatives aimed at bolstering development efforts. 

The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus. 

In a follow-up to that momentum, business leaders at the recent Riyadh meeting “affirmed their readiness to help rebuild infrastructure and expand investment opportunities in both conventional and renewable energy,” according to the report by SANA. 

The forum united over 120 investors and executives from the Kingdom’s public and private sectors and witnessed the signing of 47 agreements and memoranda of understanding valued at SR24 billion ($6.4 billion). 

The conference also marked a significant deepening of bilateral cooperation across various sectors, including energy, real estate, infrastructure, telecommunications, and finance. 

The recent meeting builds on the SR11 billion in infrastructure commitments made during the forum, notably the inauguration of the Fayhaa White Cement Factory in Adra Industrial City. 

The plant, backed by a $20 million investment from Northern Region Cement Co., is the first of its kind in Syria and is projected to create over 1,100 direct and indirect jobs. 

Additional agreements worth SR4 billion targeted the telecommunications sector, while cooperation in agriculture, financial services, health care, education, and IT were also highlighted. 

The forum’s economic significance builds upon recent diplomatic and financial milestones. 

Ƶ officially reopened its embassy in Damascus in 2024 after a 12-year hiatus. 

In April, the Kingdom, in coordination with Qatar, settled Syria’s $15 million debt to the World Bank, enabling access to multilateral funding for redevelopment. 

Syrian and Saudi officials emphasized the historical and cultural ties between the two nations, framing the forum as a key moment in rebuilding economic cooperation. 

Syrian Economy Minister Mohammad Al-Shaar described the event as a “historic milestone,” while Saudi Minister of Investment Khalid Al-Falih underscored the Kingdom’s long-term commitment to supporting Syria’s path to recovery and sustainable growth. 


Ƶ’s high-end dining scene fuels culinary and cultural revival

Ƶ’s high-end dining scene fuels culinary and cultural revival
Updated 27 July 2025

Ƶ’s high-end dining scene fuels culinary and cultural revival

Ƶ’s high-end dining scene fuels culinary and cultural revival
  • Saudi food service market is projected to grow from $30.12 billion in 2025 to $44.67 billion by 2030

 

RIYADH: Ƶ’s culinary heritage is deeply rooted in its diverse landscapes, climates, and tribal traditions — further shaped by centuries of global trade. 

Yet both locally and internationally, exposure to authentic Saudi cuisine has long remained limited to a few convenient, accessible formats.

That’s changing, not just in taste but in structure. In July, the Saudi government issued a formal regulatory framework for luxury restaurants, officially classifying fine dining as a distinct category with its own licensing code — requiring on-table service only, the elimination of cashier counters, and a curated, limited number of branded outlets per city.

Each establishment must feature a visible beverage prep station, maintain distinct employee-only rest areas, and meet strict kitchen zoning rules that separate raw, cooked, and served foods to minimize contamination.

By formalizing standards for luxury restaurants, the government aims to elevate service consistency, improve operational quality, and ensure a premium guest experience across the Kingdom.

The new framework will not only protect consumers but also encourage global investment by giving restaurateurs a clear, streamlined path to enter Ƶ’s high-end dining market.

It reflects the broader goals of Vision 2030: to boost tourism, foster entrepreneurship, and position Saudi cities as regional lifestyle destinations.

The Saudi foodservice market is projected to grow from $30.12 billion in 2025 to $44.67 billion by 2030, at a compound annual growth rate of 8.2 percent, according to Mordor Intelligence, a market research firm.

Under Vision 2030, Ƶ is positioning itself as a global culinary destination — supporting local entrepreneurship and attracting international ventures — while reshaping its food and hospitality landscape.

Economic ripple effects 

The rise of high-end dining in Ƶ is generating widespread economic ripple effects, starting with job creation across multiple sectors.

According to Elena Caron, corporate services director at Fragomen, demand is growing not only for chefs and service staff, but also for professionals in logistics, supply chain, and technology.

“At the same time, restaurants and hospitality groups must navigate a more complex regulatory environment. Complying with labor laws, meeting Saudization quotas, securing commercial licenses and following foreign investment rules are all essential to ensure legal compliance and long-term business sustainability,” Caron said.

She added that supply chain and food safety standards are also evolving, particularly with the growing emphasis on local sourcing.

“As partnerships with Saudi farms and producers expand, restaurants are expected to meet rigorous food handling and traceability requirements in line with Saudi Food and Drug Authority’s regulations,” she said.

“In this environment, compliance isn’t optional — it’s essential to protect brand integrity and maintain consumer trust.”

Ahmad Al-Zaini, CEO and co-founder of cloud-based restaurant management and point-of-sale platform Foodics, noted that demand for skilled talent is rising across service, logistics, and food production, while the expansion of premium dining is also increasing the need for upscale real estate, smart kitchens, and efficient service systems.

“At Foodics, we’ve seen a clear uptick in demand from premium and fine dining establishments that want operational clarity, advanced analytics, seamless integrations and customer experiences,” he said. 

“These businesses are anchors for the recently unlocked premium lifestyles in the Kingdom, and they play a role in attracting a new category of sophisticated investors, operators, and entrepreneurs.”

Alexander Sysoev, founder of international restaurant guide GreatList, an international restaurant guide, described fine dining as a powerful catalyst — driving demand for luxury real estate, elevating local production standards, and generating diverse employment opportunities across the culinary value chain.

“The real shift is cultural,” Sysoev said. “It raises expectations across industries — from education and sourcing to hospitality. Restaurants are no longer just places to eat — they’re becoming part of a national economic strategy.”

Patrick Samaha, partner at Kearney Middle East and Africa, said the Kingdom’s F&B sector grew 15 percent in 2025, creating hundreds of jobs through major restaurant openings in Riyadh and Jeddah.

“This momentum is also reshaping the real estate landscape,” he said, adding: “Premium F&B demand in districts like King Abdullah Financial District and Jeddah’s Corniche surged 20 percent in 2025, prompting developers to integrate signature dining into luxury mixed-use projects.” 

Vision 2030’s culinary impact 

Fine dining has become a core pillar of Ƶ’s economic transformation under Vision 2030, with government support attracting top global chefs, brands, and investors.

According to Caron, a new generation of Saudi culinary entrepreneurs is rising.

“Vision 2030 has empowered them to launch dining concepts that reflect local culture while meeting global standards,” she said.

Al-Zaini added that global brands are expanding into Ƶ to tap new audiences, which in turn is raising service standards and fostering competition across the value chain.

“This has led to a rise in homegrown restaurateurs investing in premium concepts, training local talent, and demanding more reliable infrastructure for their operations,” he said.

Sysoev agreed, emphasizing that Ƶ is emerging as a high-potential culinary market.

“For local entrepreneurs, it brings legitimacy, infrastructure, and — most importantly — a sense of momentum,” he said. “They no longer need to prove that fine dining is possible. Now, they’re proving they can lead.” 

Samaha noted that recent reforms and giga-projects have fast-tracked international investment, with brands like COYA and Le Petit Chef entering the market. In the first half of 2025 alone, seven major openings were recorded.

“Vision 2030 is cultivating local talent, despite the influx of international brands and concepts,” he said, adding: “Initiatives like the Culinary Incubator and Human Capability Development Program trained over 4,500 Saudis in hospitality and culinary arts in 2025, enabling a new generation of entrepreneurs to emerge.” 

He added that distinctly Saudi fine dining concepts are now emerging — blending local heritage with global techniques to redefine the Kingdom’s culinary identity.

Riyadh and Jeddah lead the way

Looking ahead, industry leaders agree that Riyadh and Jeddah will remain at the forefront of Ƶ’s fine dining evolution.

Al-Zaini pointed to the Kingdom’s tech-savvy, affluent youth as key drivers of demand for globally inspired yet locally grounded dining experiences.

“This creates the perfect opportunity for restaurateurs to experiment with the plethora of technologies at their disposal today, from interactive culinary displays to personalized dishes, and gastronomical explorations with local ingredients from the Kingdom’s vast agricultural landscape,” he said.

Sysoev noted that while AI can optimize menus and personalize service, true value lies in originality and cultural context.

He projected that soon Ƶ will not be copying Western models — it will be crafting its own.

“That means a stronger focus on local ingredients, sustainability, and chef-driven concepts with a distinct point of view. Cities like Riyadh and Jeddah don’t need to follow the hype — their power will come from building identity. That’s how they’ll stand out on the global culinary map,” Sysoev said.

According to Samaha, three key trends are shaping the future of fine dining in the Kingdom: innovation, sustainability, and cultural storytelling.

He said restaurants are using AI and smart tech to personalize guest experiences. Sustainability is now central, with zero-waste kitchens, local sourcing, and green initiatives like AlUla’s solar-powered Desert Bloom project.

“Third, fine dining in the Kingdom is evolving into a platform for cultural expression. Events like Layali Diriyah and the Riyadh Food Art Festival position cuisine as a medium for storytelling, identity, and destination branding,” he said.

As Ƶ reimagines its tourism and lifestyle sectors, fine dining is no longer just about food — it is a strategic lever for economic diversification, cultural diplomacy, and global identity.