Wyndham to launch Super 8 hotels in Saudi Arabia, plans 100 properties 


AN CVRG-Dimitris Manikis1 130525H
0 seconds of 1 minute, 32 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
Next Up
AN CVRG-Dimitris Manikis2 130525H
00:42
00:00
01:32
01:32
 
Short Url
Updated 13 May 2025
Follow

Wyndham to launch Super 8 hotels in Saudi Arabia, plans 100 properties 


Wyndham to launch Super 8 hotels in Saudi Arabia, plans 100 properties 


RIYADH: Wyndham Hotels & Resorts, a US-based hospitality group, has announced plans to introduce its Super 8 brand in Saudi Arabia, with an ambitious target of launching approximately 100 properties across the Kingdom over the next 10 years.

The announcement came during the Future Hospitality Summit in Riyadh, where Dimitris Manikis, president of Wyndham for Europe, the Middle East, Eurasia, and Africa, confirmed the initiative and signed the initial partnership agreement to bring Super 8 to the Saudi market.

“It’s a premium economy brand... one of the leading brands in the United States, Central Europe, and China. We finally brought it to Saudi Arabia,” Manikis told Arab News.

The expansion will be executed in partnership with Le Park Concord Co., a Saudi-based hotel operator that currently manages 13 properties with more than 900 rooms and has 13 additional hotels in its development pipeline, according to a press release.

The initiative is being supported by the Saudi Ministry of Tourism, reflecting the Kingdom’s broader strategy to diversify its tourism offerings and expand hospitality infrastructure in line with Vision 2030 goals.

Super 8 hotels will be strategically developed in major Saudi cities as well as secondary and tertiary urban centers. Target locations include areas near airports, highways, and newly emerging development zones. While the timeline remains flexible due to early-stage project planning, the first property is expected to open within the year.

“They are prefabricated, so they are easy to build. In six months, you can have a hotel in your location, which is amazing,” Manikis said, highlighting the brand’s scalability and efficient construction model.

Celebrating its 50th anniversary this year, Super 8 has a strong international footprint, particularly in the US and China, where it operates hundreds of properties.

Wyndham currently operates 14 hotels in Saudi Arabia, primarily under the Ramada brand. The company aims to diversify its portfolio in the Kingdom by introducing additional midscale, upper-midscale, and lifestyle brands to better serve a range of traveler preferences.

The rollout of Super 8 aligns with Saudi Arabia’s efforts to expand hotel capacity and provide affordable lodging options as it gears up to host a series of major international events.

Manikis also emphasized the importance of cultural and environmental sensitivity in the expansion, noting the company’s commitment to aligning with the Kingdom’s heritage and sustainability values.

Education and workforce development are key pillars of Wyndham’s strategy in the region. The executive described education as a critical component both for hotel owners and the people who work there.

He also underscored the company’s commitment to sustainability through the Wyndham Green Program, a five-tier certification framework that focuses on conservation and resource management. All Wyndham properties in the Kingdom currently operate under these sustainability guidelines.

With Saudi Arabia positioning itself as a global destination for expos, sports tournaments, and other international gatherings, Manikis reaffirmed Wyndham’s long-term vision for the market.

He said the company is committed to supporting the Kingdom’s tourism transformation while ensuring environmental responsibility and sustainable growth.


Oil Updates — crude set for steepest weekly losses since June on tariffs, Trump-Putin talks

Oil Updates — crude set for steepest weekly losses since June on tariffs, Trump-Putin talks
Updated 6 sec ago
Follow

Oil Updates — crude set for steepest weekly losses since June on tariffs, Trump-Putin talks

Oil Updates — crude set for steepest weekly losses since June on tariffs, Trump-Putin talks

NEW YORK/BEIJING: Oil prices fell on Friday, heading for their steepest weekly losses since late June as the latest round of US tariffs weighed on the economic outlook and likely upcoming Trump-Putin talks raised the prospect of an ease in sanctions on Russia.

Brent crude futures were down 51 cents to $65.92 a barrel at 9:30 a.m. Saudi time, on track to decline more than 4 percent week over week.

US West Texas Intermediate crude futures were down 57 cents, or 0.89 percent, to $63.31 a barrel, set to fall nearly 6 percent on a weekly basis.

Higher US tariffs against a host of trade partners went into effect on Thursday. The tariffs raised concerns of weaker economic activity, which would hit demand for crude oil, ANZ Bank analysts said in a note, and came against the backdrop of an already weaker-than-expected US labor market.

A Kremlin announcement on Thursday that Vladimir Putin and Donald Trump would meet in the coming days meanwhile raised expectations of a diplomatic end to the war in Ukraine.

That is widely expected to result in eased sanctions on Russia, which could unleash more barrels onto an oversupplied market.

Trump earlier this week had threatened to hike tariffs on India if it kept buying Russian oil, which the market viewed as putting further pressure on Russia to reach a deal with the US, independent market analyst Tina Teng told Reuters.

Trump on Wednesday also said China, the largest buyer of Russian crude oil, could be hit with tariffs similar to those being levied against Indian imports.

Oil prices were already reeling from the OPEC+ group’s decision last weekend to fully unwind its largest tranche of output cuts in September, months ahead of target.

At Thursday’s close, WTI futures had dropped for six consecutive sessions, matching a declining streak last recorded in December 2023. If prices settle lower on Friday, it will be the longest streak since August 2021.


Closing Bell: Saudi main index closes in red at 10,930

Closing Bell: Saudi main index closes in red at 10,930
Updated 07 August 2025
Follow

Closing Bell: Saudi main index closes in red at 10,930

Closing Bell: Saudi main index closes in red at 10,930
  • Parallel market Nomu dropped 60.93 points to close at 26,648.71
  • MSCI Tadawul Index lost 0.24% to reach 1,406.76

RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Thursday, losing 16.44 points, or 0.15 percent, to close at 10,930.30. 

The total trading turnover of the benchmark index stood at SR4.53 billion ($1.209 billion), with 120 listed stocks advancing and 128 declining. 

The Kingdom’s parallel market Nomu dropped by 60.93 points to close at 26,648.71.

The MSCI Tadawul Index also decreased, falling 0.24 percent to reach 1,406.76. 

The top performer on the main market was Bawan Co., whose share price rose 9.94 percent to SR58.60. 

The share price of Banan Real Estate Co. also rose 9.73 percent to SR4.96. 

Al Sagr Cooperative Insurance Co. saw its stock price increase by 5.76 percent to SR13.22. 

Abdullah Saad Mohammed Abo Moati for Bookstores Co. witnessed a drop in its share price by 4.83 percent to SR39.78. 

In corporate announcements, Saudi Arabian Mining Co., known as Ma’aden, recorded a net profit of SR1.92 billion in the second quarter of the year, up 87.7 percent from SR1.02 billion in the same quarter of 2024.

The company attributed the sharp rise in quarterly profit to an SR1.34 billion increase in gross profit, driven by higher sales prices and volumes across the phosphate, aluminum, and gold business units.

Additional contributors included improved earnings from joint ventures and associates, reduced finance costs, and lower zakat, tax, and severance expenses.

National Gas and Industrialization Co. reported revenues of SR1.57 billion for the first half of 2025, marking a 16.9 percent rise from SR1.35 billion in the same period last year.

The revenue increase was largely driven by a SR227 million rise in gas sales, due to higher gas prices and volumes, according to the company’s financial report. Additional boosts came from increased sales of empty cylinders by SR6.5 million and other services by SR8.9 million. This came despite a SR14.4 million decline in commercial project revenues.

National Gas and Industrialization Co.’s share price climbed 0.92 percent to SR76.7. 

Obeikan Glass Co. posted a net profit of SR10.86 million in the second quarter, reflecting a 4.1 percent decline from SR11.33 million in the same period last year.

The company attributed the annual decline in net profit to a rise in raw material costs, which weighed on profitability despite higher selling prices.

Obeikan Glass Co.’s share price rose 0.44 percent to SR31.66.

Al Hammadi Holding reported a net profit of SR61.96 million in the second quarter, marking a 47.4 percent decline from SR117.87 million in the same quarter of 2024.

The company attributed the year-on-year drop in net profit to a one-off SR55.27 million gain realized in the second quarter of last year from the sale of a vacant land plot in Riyadh’s Al-Rayyan district.

Al Hammadi Holding’s share price fell 4.44 percent to SR34.88. 

Savola Group reported a net profit of SR105.7 million in the second quarter, down 21.9 percent from SR135.4 million in the same period last year.

The firm attributed the year-on-year decline in reported net profit primarily to the absence of a SR210.8 million share of profit from its previously distributed investment in Almarai and SR23.1 million in discontinued operations, which were recorded in the same period last year.

Savola Group’s share price decreased by 1.77 percent to SR24.4. 


Riyadh Air taps travel tech platform Amadeus for global distribution ahead of launch

Riyadh Air taps travel tech platform Amadeus for global distribution ahead of launch
Updated 07 August 2025
Follow

Riyadh Air taps travel tech platform Amadeus for global distribution ahead of launch

Riyadh Air taps travel tech platform Amadeus for global distribution ahead of launch

RIYADH: Saudi Arabia’s Riyadh Air has signed a global distribution agreement with Amadeus to expand its international footprint, connecting to more than 190 travel markets ahead of its commercial launch. 

The deal links the Public Investment Fund-owned carrier to one of the world’s largest networks of travel sellers via the Amadeus Travel Platform, boosting its retail capabilities and global reach. 

The partnership is expected to support the Kingdom’s National Aviation Strategy, which targets doubling passenger capacity to 330 million annually from over 250 global destinations and increasing cargo handling to 4.5 million tonnes by the end of this decade. 

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 a statement, Vincent Coste, chief commercial officer of the airline, said: “Partnering with Amadeus gives us the global reach, distribution power, and retailing capabilities needed to support our goal of flying to over 100 destinations by 2030.”

He added: “This partnership is not only about enabling seamless travel experiences, but also about contributing to the broader national vision of economic diversification, tourism growth, and enhanced global connectivity.” 

The agreement includes future distribution of Riyadh Air’s New Distribution Capability content, enabling the airline to offer more dynamic and personalized products. It will give Riyadh Air greater control over its indirect sales strategy as it builds toward full operations, according to a press release. 

“Amadeus brings not only global reach, but also advanced retailing, merchandising, and data-driven tools that will help Riyadh Air differentiate itself on the global stage,” said Maher Koubaa, executive vice president of the travel unit and managing director for Europe, the Middle East, and Africa at Amadeus. 

He added: “We are excited to support Riyadh Air’s contribution to Vision 2030 and the Kingdom’s aspirations to become a global tourism and travel leader.” 

Riyadh Air 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 airline’s CEO Tony Douglas told Bloomberg in June.

The carrier, which requires two aircraft to operate a round-trip route, is awaiting delivery of its initial jets to commence services.

Four Dreamliners are currently in various stages of assembly at Boeing’s facility in Charleston, South Carolina, with operations expected to begin once the first two are delivered. 

In addition to its Boeing orders, 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.

The airline has also placed orders for 60 Airbus A321neo narrowbody jets and up to 72 Boeing 787s, including options.


Saudi Exchange proposes rule changes to expand access to Parallel Market 

Saudi Exchange proposes rule changes to expand access to Parallel Market 
Updated 07 August 2025
Follow

Saudi Exchange proposes rule changes to expand access to Parallel Market 

Saudi Exchange proposes rule changes to expand access to Parallel Market 

RIYADH: Saudi Arabia’s stock exchange has proposed a set of rule changes aimed at broadening investor access to its Parallel Market, in a move that could further stimulate listings and deepen capital market activity. 

The Saudi Exchange Co., also known as Tadawul, published draft amendments to its exchange rules for public consultation, inviting feedback until Aug. 19, according to a statement. 

The proposed reforms target the definition of “qualified investors,” loosen listing requirements for the Parallel Market, known as Nomu, and align existing regulations with updates under the new Companies Law. 

The move is part of the exchange’s broader strategy to diversify funding channels and boost private sector participation in equity markets, in line with the country’s Vision 2030 economic transformation plan. 

In a statement, Tadawul stated: “The amendments also include changes to the market value requirement for publicly held shares and the expected aggregate market value requirement as of the listing date for all shares to be listed on the Parallel Market.” 

It added: “Furthermore, the amendments also aim to align with the Capital Market Authority’s Regulations, as amended to implement the new Companies Law.” 

One of the key proposals includes creating a new classified category within the qualified investor definition for Nomu. The expanded eligibility would allow more institutional and individual investors to participate in the secondary market, which caters primarily to small and medium-sized enterprises. 

Under the revised rules, qualified investors in Nomu would include capital market institutions, investment funds, Gulf Cooperation Council companies, qualified foreign financial institutions, and certain high-net-worth individuals. 

Notably, the net worth threshold for individuals would remain at SR5 million ($1.33 million), but the minimum securities market activity could be reduced to SR30 million over the past year, down from SR40 million, which would lower the barrier to entry for active investors, the draft amendments document showed. 

The exchange has also proposed adjustments to the market capitalization and liquidity criteria for listings on Nomu. The minimum market value of publicly held shares at the time of listing could be reduced to SR30 million or 20 percent of the share class — whichever is less — while the minimum expected aggregate market value of all listed shares may be set at SR10 million for initial public offerings and SR100 million for direct listings, the document noted. 

The new rules also allow for lower thresholds to be approved by the Capital Market Authority if a company demonstrates sufficient investor demand and share liquidity. 

The proposed amendments aim to harmonize Tadawul’s rulebook with regulatory changes introduced under the updated Companies Law, particularly those related to corporate restructurings and listings following demergers or spin-offs. 

Definitions of terms such as “Demerger,” “Spin-Off,” and “Qualified Investor” have been revised to reflect these changes. 

The Saudi Exchange has opened a 14-day public consultation window, during which stakeholders can submit their feedback to the draft proposals via email. Final rule changes will be issued after review and approval by the CMA, the release added. 

The reforms come as Saudi Arabia continues to see a steady flow of listings on both the main market and Nomu, driven by favorable macroeconomic conditions and the government’s drive to deepen its capital markets. 

Saudi Arabia accounted for 31 percent of the region’s total initial public offering proceeds in 2024, making it the second-largest contributor after the UAE. The Saudi Exchange hosted 14 IPOs on its main market, raising a total of $3.8 billion. Its parallel market saw 28 IPOs that collectively raised $297 million.


Saudi Arabia hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership

Saudi Arabia hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership
Updated 07 August 2025
Follow

Saudi Arabia hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership

Saudi Arabia hosts first regional deployment of OpenAI models through HUMAIN-Groq partnership
  • Deployment will enable developers, researchers, and enterprises to access AI tools previously limited by infrastructure or compliance constraints
  • Groq CEO said partnership expands company’s reach into Middle East

RIYADH: Saudi Arabia has become the first country in the region to host OpenAI’s newly released publicly available models through a deployment announced by HUMAIN and Groq.

The gpt-oss-120B and gpt-oss-20B models are operated on Groq’s high-speed inference infrastructure located within HUMAIN’s sovereign data centers in the Kingdom. 

The move is part of broader efforts to localize advanced artificial intelligence infrastructure, aligning with national regulatory and data sovereignty requirements. Saudi Arabia’s deployment of OpenAI’s open-source models within domestic infrastructure supports a wider strategy to diversify its economy and position itself as a key player in global AI.

Under Vision 2030, the Kingdom envisions a digital economy powered by AI, investing heavily in sovereign compute infrastructure to support emerging markets across Africa and Asia.

HUMAIN, a company backed by the Public Investment Fund, said the deployment will enable Saudi-based developers, researchers, and enterprises to access AI tools that were previously limited by infrastructure or compliance constraints. 

Groq, a US-based company specializing in AI inference hardware, provides a custom-built processing platform designed to deliver consistent, high-speed performance. 

HUMAIN CEO Tareq Amin described the development as a step forward in achieving technological self-reliance. 

“With the deployment of OpenAI’s most powerful open models, hosted right here inside the Kingdom, Saudi developers, researchers, and enterprises now have direct access to the global frontier of AI — fully aligned with our national regulations and data laws,” he said. 

The company claims that the gpt-oss-120B model operates at more than 500 tokens per second, while the gpt-oss-20B exceeds 1,000 tokens per second on its platform. 

The establishment of HUMAIN by PIF in May, backed by commitments from Nvidia, AMD, Cisco, and Amazon Web Services, illustrates this push, with multi‑billion‑dollar agreements to expand local AI compute capacity, data centers, and foundational models. 

The infrastructure is positioned as fully sovereign, meaning all data handling complies with Saudi regulations. 

This could be significant for organizations in the public and private sectors that require local hosting of data-intensive applications. The companies did not disclose commercial terms or usage projections. 

Groq CEO Jonathan Ross said the partnership expands the company’s reach into the Middle East. 

“Our partnership with HUMAIN gives us a powerful regional and globally central presence in one of the fastest-growing AI ecosystems on the planet,” Ross said. 

The announcement builds on a partnership first disclosed in May and aligns with Saudi Arabia’s national strategy to become a competitive player in global AI development. 

HUMAIN had previously stressed its ambition to develop AI capabilities across infrastructure, foundational models, and sector-specific applications.