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BAGHDAD: Iraqi Oil Minister Hayan Abdel-Ghani said on Sunday he expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies operating in the Kurdish region to resume oil production from the region’s oilfields within three days.
Abdel-Ghani said during a visit to Erbil, the capital of Iraq’s semi-autonomous Kurdistan, that Iraq has reached an “understanding” with Turkiye in relating to the resumption of northern oil exports through the Iraq-Turkiye pipeline
RIYADH: Saudi Arabia 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 Saudi Arabia, according to a press release.
Such giga-projects are central to Saudi Arabia’s strategy for economic diversification, aligning with the Kingdom’s Vision 2030 tourism goals. The National Tourism Strategy aims to draw 150 million visitors by 2030 and increase tourism’s contribution to gross domestic product from 6 percent to 10 percent.
“NEOM is committed to supporting the Kingdom’s 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.
He added: “NEOM’s inaugural destination offers visitors a ‘first glimpse’ of what the future holds for our extensive portfolio of destinations and developments.”
Located 5 km off NEOM’s 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 Saudi Arabia’s hospitality and tourism sectors.
Sindalah’s waters are home to 1,100 fish species, including 45 unique to NEOM, and over 300 coral species.
“In line with NEOM’s commitment to sustainability and conservation, preservation of Sindalah’s natural marine habitat has been central to the island’s 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.
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 182.91 points, or 1.54 percent, to close at 12,068.97.
The benchmark index recorded a total trading turnover of SR5.48 billion ($1.45 billion), with 213 stocks advancing and 19 declining.
The Kingdom’s parallel market, Nomu, also saw gains, rising 98.65 points, or 0.37 percent, to close at 26,916.94, as 32 of the listed stocks increased while 40 fell.
In contrast, the MSCI Tadawul Index dropped 22.67 points, or 1.52 percent, finishing at 1,517.57.
The top performer of the day was Miahona Co., whose shares surged by 9.86 percent to SR28.40. Other notable gainers included CHUBB Arabia Cooperative Insurance Co. and Saudi Manpower Solutions Co., with share prices rising 7.83 percent and 7.26 percent to SR48.90 and SR8.57, respectively.
On the downside, Al-Baha Investment and Development Co. was the worst performer, with its share price dropping 7.14 percent to SR0.26. Emaar The Economic City and City Cement Co. also saw declines, with their share prices falling by 7.14 percent and 1.85 percent to SR8.51 and SR17.74, respectively.
On the announcements front, Etihad Etisalat Co. — Mobily — announced its consolidated interim financial results for the period ending Sept. 30.
According to a Tadawul statement, the company recorded a net profit of SR2.12 billion for the first nine months of the year, reflecting a 43.13 percent increase compared to the same period in 2023.
This growth was primarily driven by a 5.7 percent rise in gross profit and an 8.2 percent increase in EBITDA, alongside a 24 percent rise in operating profit.
Additionally, financial charges decreased by 9.2 percent, while zakat and income tax increased. Mobily’s shares ended the session at SR52.20, up 2.16 percent.
Al-Rajhi Bank also reported its interim financial results for the period ending Sept. 30, showing a net profit of SR14.6 billion for the first nine months of 2024, a 14.09 percent rise compared to the same period in 2023. This increase was attributed to a 13.8 percent growth in total operating income, driven by higher net financing and investment income, fees from banking services, and exchange income. However, total operating expenses, including impairment charges, rose by 13.4 percent due to increased depreciation and employee-related benefits, despite a decline in other administrative expenses. The bank’s shares closed at SR87, up 1.88 percent.
National Industrialization Co. reported a net profit of SR69.8 million for the first nine months of 2024, marking a 63.5 percent decline compared to the same period in 2023.
This drop was mainly due to lower average selling prices for certain products, increased costs of sales, and a reduced share of profits from joint ventures. Despite an increase in revenue from higher sales volumes, the company ended the session at SR10.64, up 1.9 percent.
Jamjoom Pharmaceuticals Factory Co. announced a net profit of SR304.9 million for the first nine months of 2024, reflecting a 22.9 percent increase year on year, driven by revenue growth and operational efficiencies. The company’s shares closed at SR166, down 1.21 percent.
Lastly, Sabic Agri-Nutrients Co. reported a net profit of SR2.3 billion for the first nine months of 2024, a decrease of 11.4 percent compared to the same period in 2023. This decline was attributed to lower average selling prices and increased costs of goods sold. The company’s shares ended the session at SR116.60, up 1.55 percent.
RIYADH: BRICS leaders are calling for increased financial resources and stronger partnerships to address land degradation, desertification, and drought ahead of a UN environment conference in Saudi Arabia in December.
This comes as the leaders of Brazil, Russia, India, and China, as well as South Africa, Egypt, Ethiopia, Iran, and the UAE, have issued a joint statement emphasizing that these environmental challenges “are posing serious threats to the well-being and livelihoods of people and the environment.”
In the statement, the BRICS leaders acknowledged ongoing efforts in sustainable land management while stressing the need for “integrated policies” to tackle these interconnected issues.
The statement comes as the Kingdom prepares to host the 16th session of the UN Convention to Combat Desertification, or UNCCD COP16, in Riyadh from Dec. 2 — 13, amid growing global concern over land degradation that already affects 40 percent of the planet and impacts 3.2 billion people, according to UNCCD data.
The initiative aligns with the UNCCD’s objective to restore 1.5 billion hectares of damaged land by 2030. As per the UNCCD, each dollar put into land restoration has the potential to generate up to $30 in economic benefits.
“Saudi Arabia welcomes the BRICS leaders’ statement on the critical issue of land degradation as it reflects the increasing urgency to slow and ultimately reverse the trend of degrading land worldwide,” Deputy Minister for Environment at the Kingdom’s Ministry of Environment, Water and Agriculture, and Adviser to the COP16 Presidency Osama Faqeeha said.
“At COP16 in Riyadh, we will work to forge new partnerships that can accelerate land restoration and drought resilience efforts, particularly in vulnerable regions. Land degradation, drought and desertification impact almost every corner of the planet, exacerbating forced migration and worsening global food and water insecurity. It is imperative the international community address the root causes of these issues at the UNCCD COP16 in Riyadh,” Faqeeha added.
The upcoming UNCCD COP is anticipated to be the most extensive one yet, showcasing the inaugural Green Zone as a specialized hub for cooperation and creativity, with the goal of elevating the involvement of the private sector in land restoration efforts.
Earlier in October, Saudi Foreign Minister Prince Faisal bin Farhan led the Kingdom’s delegation at the BRICS Plus 2024 Summit in Kazan, Russia, on behalf of King Salman.
Prince Faisal highlighted at the time that the volume of bilateral trade with the BRICS countries exceeded $196 billion in 2023, representing 37 percent of the Kingdom’s total foreign trade, underscoring the significant economic relationships driving the nation’s engagement with the bloc.
Saudi Arabia has not officially joined the bloc but participates in its activities as an invited nation.
JEDDAH: Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan has said that low-income countries will benefit from new commitments made by the International Monetary Fund.
Speaking at a press conference in Washington, DC, Al-Jadaan, who chairs the International Monetary and Financial Committee, revealed the completion of a review of the Poverty Reduction and Growth Trust. This initiative aims to enhance support for nations facing balance of payments challenges, according to the Saudi Press Agency.
Accompanied by IMF Managing Director Kristalina Georgieva, Al-Jadaan emphasized the necessity for both the IMF and World Bank to refine their strategies to assist countries grappling with liquidity issues. He also backed the IMF’s efforts to enhance capacity-building assistance and provide appropriate financing.
Leading the Saudi delegation at the IMF and World Bank annual meetings and the G20 Finance Ministers and Central Bank Governors meeting from Oct. 21 to 26, Al-Jadaan commended committee members for their collaboration and congratulated Georgieva on her reappointment as managing director.
He also announced the addition of a 25th seat on the IMF Executive Board, specifically designated for the African continent, marking a significant step in representation.
The IMFC serves as a strategic platform to address global economic growth, resilience, and financial stability. Saudi Arabia’s leadership in this committee underscores its commitment to multilateral cooperation and its role in promoting economic growth both regionally and globally.
During his visit to the US, Al-Jadaan engaged in discussions with key financial leaders, including US Treasury Secretary Janet Yellen, focusing on opportunities for economic cooperation.
Joined by Saudi Economy Minister Faisal Al-Ibrahim and Saudi Central Bank Gov. Ayman Al-Sayari, he also met with representatives from major financial institutions such as Moody’s, Fitch, S&P, BNP Paribas, and JP Morgan, discussing investment prospects in the Kingdom under Vision 2030.
“We discussed reforms in Saudi Arabia and their role in achieving robust economic growth,” Al-Jadaan noted in a post on his X account.
In another update, he stated: “In my meeting with US Treasury Secretary Janet Yellen, we explored economic and financial cooperation opportunities between our two nations.”
Al-Jadaan also met with Hayashi Nobumitsu, governor of the Japan Bank for International Cooperation, to discuss ways to strengthen cooperation between Saudi Arabia and JBIC, covering a range of mutual interests aimed at enhancing economic ties and investment opportunities.
The minister also attended the signing of a letter of intent between the Arab Monetary Fund and the Palestinian government for a Saudi-funded financial support program designed to boost the Palestinian economy.
Furthermore, he met with officials from the Japan Bank for International Cooperation and engaged in discussions with UK Chancellor Rachel Reeves and Sweden’s Finance Minister Elisabeth Svantesson about expanding partnerships.
During a session titled “Better, Bigger, and More Effective Multilateral Development Banks,” Al-Jadaan highlighted the need to enhance the operational effectiveness and financial capacity of Multilateral Development Banks to address the growing needs of developing nations, reaffirming Saudi Arabia’s support for the G20 roadmap to make MDBs more impactful.
In another session, he underscored the G20’s vital role in fostering global economic stability, referencing the group's prompt response to the COVID-19 crisis under Saudi Arabia’s presidency in 2020, which included debt relief initiatives.
On the sidelines of the meeting, Saudi Deputy Finance Minister Khalid Bawazier participated in a roundtable discussion, emphasizing the Kingdom’s commitment to the Sustainable Development Goals, which are integral to Vision 2030.
Bawazier also attended the G20 Joint Meeting of Finance, Climate, Environment, and Foreign Affairs Ministers and Central Bank Governors, reiterating Saudi Arabia’s pledge to achieve net-zero emissions by 2060 through the Circular Carbon Economy framework, aligning with the nation’s economic diversification and development objectives.
RIYADH: Coastal towns across the Middle East are undergoing a significant transformation, evolving from seasonal vacation spots into vibrant, year-round communities.
The rise of remote employment has prompted many workers to relocate to these coastal areas, leading to an increased demand for diverse amenities and housing options. As a result, these towns are adapting to accommodate a varied population.
Omar El-Hamamsy, group CEO of Orascom Development Holding, has observed this shift firsthand. He noted that towns that were once seasonal are now welcoming year-round residents with a range of lifestyles. “People discovered that basically this whole differentiation between a primary home and a secondary home doesn’t exist anymore,” he stated in an interview with Arab News.
“Today, all of our towns are actually populated almost year-round with people who choose to actually come live here and work from here because now it’s become acceptable for people to do remote work,” El-Hamamsy added.
Orascom Development Holding is transforming its coastal properties to create communities where residents can live and work. The company’s investments in infrastructure will support business, education, and wellness initiatives across seven countries, including 11 destinations like Egypt’s modern resort town, El Gouna.
Spanning 36.9 million sq. meters, Orascom’s El Gouna is home to over 25,000 full-time residents. Located along the Red Sea coastline, it has evolved from a luxury resort into a fully integrated town featuring 40 neighborhoods, schools, hospitals, marinas, and restaurants.
El-Hamamsy further emphasized El Gouna’s transformation into a diverse international community: “Almost half of our buyers here are people who don’t live in Egypt in the first place, lots of Europeans, we start increasingly having people from the GCC.”
According to him, El Gouna’s appeal is tied to its robust facilities, which include high-speed internet, reliable infrastructure, and access to educational and medical services.
El Gouna now features luxury residences, commercial zones, and co-working spaces, creating an integrated community rather than a traditional single-purpose resort.
Multifunctional development
Tuban is a newly launched multipurpose district within El Gouna. Spanning nearly a million square meters, Tuban features residential areas, commercial zones, marinas, and the region’s first upscale senior living community.
Mohamed Amer, CEO of El Gouna, explained that Tuban “is going to be 1 million (sq. meters) right in the heart of El Gouna, and what’s new about Tuban is that it’s very much multi-discipline.”
He added: “So there is residential, there is commercial, there is marina, and there is hospitality.”
Amer shared: “Every neighborhood is going to be designed by a different designer. We already launched the first neighborhood that was designed by Hector Barroso, who is a Mexican designer. And the second neighborhood is going to be launched in probably six weeks. And it’s a different designer from Spain.”
Future residents of El Gouna’s Tuban district can anticipate short wait times, as Amer emphasized: “We are the fastest developer in Egypt for delivery for handover. So we deliver in two to two and a half years.” He reiterated, “That still, we are the fastest developer to deliver in Egypt.”
Community-centered destination
El Gouna continues to expand its community-focused amenities, including the G-Space co-working hub and the newly launched G-Valley business incubator. These spaces provide local entrepreneurs and remote workers with professional environments and resources.
In addition, El Gouna hosts cultural and sports events, such as the El Gouna Film Festival and the International Squash Open, further enriching the community experience.
Regional growth
Amer also discussed the impact of the Kingdom’s Red Sea investments, stating: “I really like what’s happening on the Saudi side, and I think that it’s going to positively impact the entire region.” He added, “They say ‘a high tide lifts all the boats,’ you know, once Saudi comes in the game, big time, the pie is getting bigger, and we’re not competing together.” Amer concluded, “So the pie will get bigger, and I think that’s going to positively impact all the parties.”
