Live Nation Arabia to manage AlUla’s Maraya Hall

Live Nation Arabia to manage AlUla’s Maraya Hall
Fabian Toscano, CEO of AlUla Development Co., and President of Live Nation Arabia James Craven. SPA
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Updated 02 August 2024
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Live Nation Arabia to manage AlUla’s Maraya Hall

Live Nation Arabia to manage AlUla’s Maraya Hall
  • AlUla Development Co. signed a three-year partnership agreement with the entertainment firm
  • The deal will enhance Maraya Hall’s position as a major complex that hosts various events

RIYADH: Concert promotor Live Nation Arabia will manage operations at Maraya Hall in AlUla after a deal was struck with the company responsible for boosting tourism in the area.

The Public Investment Fund-backed AlUla Development Co. signed a three-year partnership agreement with the entertainment firm, the Saudi Press Agency reported. 

The deal will enhance Maraya Hall’s position as a major complex that hosts various events, including concerts, cultural performances, exhibitions, and conferences, according to the report.

This falls in line with AlUla Development Co.’s commitment to preserving and enhancing the cultural and natural heritage of the governorate.

It also aligns with AlUla’s status as an integral part of the tourism objectives driven by Saudi Vision 2030 which is expected to contribute a cumulative SR120 billion ($31 billion) to the Kingdom’s gross domestic product by 2035.

Fabien Toscano, the CEO of AlUla Development Co., said: “We are delighted to partner with Live Nation Arabia to unleash Maraya’s full potential as a hub for world-class entertainment and cultural experiences.”

Toscano added: “This collaboration demonstrates our commitment to showcasing AlUla’s natural beauty and rich heritage to the world. The high-level audio-visual equipment of Maraya Hall, along with Live Nation Arabia’s international operational expertise — from planning to execution — paves the way for unique experiences and new standards of entertainment in the heart of AlUla.”

President of Live Nation Arabia James Craven said he company was “thrilled to partner” with AlUla Development Co. to elevate Maraya into a “world-class entertainment destination.”

Craven added: “This collaboration signifies a fusion of tradition and innovation, promising unforgettable experiences for audiences and artists alike in a venue that uniquely mirrors the rich cultural heritage and natural beauty of AlUla.”

The multi-purpose Maraya Hall includes a state-of-the-art theater, multi-purpose meeting rooms, and indoor and outdoor spaces suitable for various occasions. 

Maraya has hosted major events such as the World Archaeology Summit, the Andy Warhol Art Exhibition, the Hegra Conference for Nobel Laureates, and the opening ceremony of the Tawaf AlUla 2024 event.


Closing Bell: Saudi main index slips to close at 11,982

Closing Bell: Saudi main index slips to close at 11,982
Updated 59 min 59 sec ago
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Closing Bell: Saudi main index slips to close at 11,982

Closing Bell: Saudi main index slips to close at 11,982
  • Parallel market Nomu slipped 27.72 points, or 0.11%, to close at 25,740.79
  • MSCI Tadawul Index lost 16.44 points, or 1.09%, to close at 1,494.11

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 117.19 points, or 0.97 percent, to close at 11,982.30. 

The total trading turnover of the benchmark index was SR5.01 billion ($1.33 billion), as 61 of the stocks advanced and 166 retreated. 

The Kingdom’s parallel market Nomu slipped 27.72 points, or 0.11 percent, to close at 25,740.79. This comes as 30 of the listed stocks advanced while 42 retreated. 

The MSCI Tadawul Index also lost 16.44 points, or 1.09 percent, to close at 1,494.11. 

The best-performing stock of the day was Nayifat Finance Co., whose share price surged 9.98 percent to SR14.54. 

Other top performers were Red Sea International Co. and Saudi Industrial Export Co. 

The worst performer was Alistithmar AREIC Diversified REIT Fund, whose share price dropped by 3.72 percent to SR8.80. 

Other worst performers were Arriyadh Development Co. and BinDawood Holding Co.

Mayar Holding Co. has announced that it submitted to the Capital Market Authority on Sept. 7 seeking approval for issuing a Saudi riyal-denominated convertible sukuk program valued at SR500 million, set to span 24 months.

This comes following a previous statement where the company announced the recommendation of its board of directors to issue the convertible sukuk denominated to finance the company’s working capital and capital expansions, according to a Tadawul statement.

Bawan Co. has announced it signed a binding memorandum of understanding with Petronash Global Limited, or the seller, to acquire all of the latter’s outstanding shares. 

A bourse filing revealed that Bawan would pay the seller an initial amount of $80 million in exchange for 80 percent of the company’s shares. 

Under the terms of the agreement, Bawan will also pay the seller a maximum of $60 million, subject to the company achieving set financial targets over the next three years.

Bawan will purchase the remaining 20 percent of the company’s shares after the audited financial statements for 2027 or 2028 are issued, with an agreed valuation method and specified mechanism.

The firm’s entire shares are valued at $175 million, subject to it achieving set financial targets over the next three years.

Established in 2000 in the UAE, Petronash is recognized as a prominent worldwide producer of custom-engineered solutions for the oil and gas industry. 

Operating predominantly in the Saudi market, the company boasts around 1,000 employees and a network of factories in Dammam in Saudi Arabia, Dubai and Abu Dhabi in the UAE, the Qatari capital Doha, and Chennai in India, encompassing a total manufacturing space of approximately 120,000 sq. meters. 

Catering mainly to national oil and gas firms in the GCC countries, Petronash also exports its offerings to regions in the Far East, Africa, and the Americas.


GCC, Indonesia begin free trade agreement negotiations

GCC, Indonesia begin free trade agreement negotiations
Updated 08 September 2024
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GCC, Indonesia begin free trade agreement negotiations

GCC, Indonesia begin free trade agreement negotiations
  • Deal is expected to strengthen economic ties by creating new opportunities for trade and investment
  • Saudi delegation will be led by the General Authority of Foreign Trade

RIYADH: The Gulf Cooperation Council and Indonesia are set to begin the first round of negotiations for a free trade agreement in Jakarta, the Saudi Press Agency reported. 

The talks, being held from Sept. 9-13, aim to lay the groundwork for a comprehensive trade agreement, focusing on enhancing economic cooperation between the bloc and the Southeast Asia nation. 

Key areas of discussion will include trade in goods and services, investment, and customs procedures, as well as rules of origin, technical barriers, sanitary and phytosanitary measures, digital trade, and trade remedies. 

The initial round seeks to set the principles for the agreement and then finalize it within 24 months. The negotiations will also address trade challenges, facilitate information exchange, and build mutual trust to pave the way for further discussions. 

The discussions follow a joint statement signed in July by the GCC Secretariat and the Indonesian government, marking the formal start of the talks. 

The potential agreement is expected to grant Gulf goods and services preferential access to the Indonesian market through tariff reductions, simplified customs processes, and streamlined regulations. 

The Saudi delegation, led by the General Authority of Foreign Trade, includes representatives from the Ministries of Commerce, Energy, Investment, Environment, Water and Agriculture, and Industry and Mineral Resources. This team will ensure the negotiations align with Saudi trade objectives and policies. 

The Saudi team is tasked with supervising the negotiations to ensure they align with the Kingdom’s trade objectives and policies while coordinating with countries that share similar trade interests. 

This agreement is expected to strengthen economic ties between the GCC and Indonesia by creating new opportunities for trade and investment. 


Saudi telecom firm Mobily signs 6-year deal to boost operational efficiency

Saudi telecom firm Mobily signs 6-year deal to boost operational efficiency
Updated 31 min 20 sec ago
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Saudi telecom firm Mobily signs 6-year deal to boost operational efficiency

Saudi telecom firm Mobily signs 6-year deal to boost operational efficiency
  • Agreement, signed with Red Bull MOBILE, is expected to positively impact Mobily’s finances next year
  • New contract provides Mobily with opportunities to expand its market reach and boost productivity

RIYADH: Saudi Arabia’s telecommunication company, Mobily, is set to enhance its operational efficiency with a new six-year contract, which represents over 5 percent of its total revenues for 2023.

The agreement, signed with Jeddah-based Red Bull MOBILE, a future networks communications firm, is expected to positively impact Mobily’s finances starting from the fourth quarter of 2025, according to a statement on Tadawul.

Mobily, listed on Saudi Arabia’s Tadawul stock exchange since 2004, has a share capital of SR7.7 billion ($2.05 billion), consisting of 770 million shares valued at SR10 each, fully paid as of Dec. 31, 2020.

This strategic move aligns with Mobily’s vision of evolving into a leading technology, media, and telecommunications company. It aims to transform customer and community experiences through innovative products and services. The new contract also provides Mobily with opportunities to expand its market reach and boost productivity by utilizing its network infrastructure to support mobile virtual network operators.

In March, Mobily was recognized by Brand Finance as the fastest-growing telecommunications company in the Middle East for 2024. The company’s value increased by approximately 18 percent from the previous year, reinforcing its position as a major player in the region’s telecom sector. This growth reflects Saudi Arabia’s broader objectives of advancing digital transformation and enhancing ICT services within the Kingdom.

Brand Finance also ranked Mobily’s CEO, Salman bin Abdulaziz Al-Badran, among the top 10 global business leaders in brand protection. This recognition highlights the impact of various initiatives he has implemented since joining Mobily, also known as Etihad Etisalat Co., in 2019, and his significant contribution to the company’s growth.

Brand Finance evaluates companies based on several key criteria, including the Brand Strength Index, revenue and profit impact, and future growth prospects.

Founded in 2004, Mobily’s major shareholders include Etisalat Emirates Group with 27.99 percent and the General Organization for Social Insurance with 6.9 percent, while the remaining shares are held by institutional and retail investors. The company offers integrated services across three main sectors: individuals, businesses, and carriers.

Mobily boasts one of the largest wireless networks in Saudi Arabia and the region, an extensive fiber-to-the-home network, and a comprehensive global data center system.

Red Bull MOBILE, established in 2008, provides 5G telecommunication services in the Kingdom, offering unique services and unmatched benefits.


Saudi AMAALA project advances with Red Sea Global awarding $6.13bn in contracts

Saudi AMAALA project advances with Red Sea Global awarding $6.13bn in contracts
Updated 08 September 2024
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Saudi AMAALA project advances with Red Sea Global awarding $6.13bn in contracts

Saudi AMAALA project advances with Red Sea Global awarding $6.13bn in contracts
  • AMAALA will offer a unique collection of assets and experiences to promote wellness, lifestyle, and human connection
  • Project expected to feature nearly 4,000 hotel rooms across 30 hotels, luxury villas, apartments, and estate homes

JEDDAH: Saudi developer Red Sea Global has awarded over 600 contracts worth SR23 billion ($6.13 billion) to global partners for the AMAALA project, aiming to welcome its first guests by 2025. 

The company, owned by Saudi Arabia’s Public Investment Fund, has partnered with firms including Al-Rawabi Hassan Allam, Shapoorji Pallonji Group, and DEPA Group, as well as Alec Engineering and Al-Ayuni Investment and Contracting Co., as part of its efforts to develop the luxury tourism destination on the Red Sea coast. 

RSG said these partners align with its vision to develop luxury and wellness destinations, focusing on responsible development practices, regenerative initiatives, and collaboration with local communities. 

John Pagano, group CEO at RSG, said: “We have achieved remarkable progress across every aspect of AMAALA, from our signature resorts and immersive experiences to essential utilities and infrastructure.” 

He added: “Our unwavering focus is on infusing sustainability and regenerative principles into every facet of the development.” 

The executive said that upon completion, AMAALA will offer a unique collection of assets and experiences to promote wellness, lifestyle, and human connection. 

The project, which emphasizes sustainability and regenerative development, is expected to feature nearly 4,000 hotel rooms across 30 hotels, luxury villas, apartments, and estate homes. 

AMAALA is a key component of Saudi Arabia’s broader push to diversify its economy, and the contracts include construction, infrastructure, and utilities for the destination. 

RSG has highlighted significant progress at key sites, including the Triple Bay Marina Village, where major structures, such as the Equinox Resort and Village Boutique Hotel, are nearing completion. 

The marina basin has also been filled, and construction is advancing on other major features, including the AMAALA Yacht Club and the Corallium Sea Marine Life Institute, the Tabuk-based company added. 

RSG’s capital spending features investments in the project’s wellness-focused offerings, including resorts like Jayasom and Clinique La Prairie, as well as several luxury hotels such as the Rosewood, Six Senses, and the Four Seasons, all set to open by 2025. 

The AMAALA project will be powered entirely by solar energy, aligning with Saudi Arabia’s environmental goals. 

RSG said that primary infrastructure works, including 35 kilometers of internal roads, power, water, irrigation, and communications systems, are nearing completion, with energization planned for December. 

The company also expects to plant 3 million trees and shrubs by year-end to enhance public spaces and landscaping. 

The Ministry of Health recently approved the design for the AMAALA Hospital, which will offer health care services to residents and visitors across the 4,200 sq. kilomeeter destination. 


Aramco cuts Arab Light crude prices to Asia

Aramco cuts Arab Light crude prices to Asia
Updated 35 min ago
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Aramco cuts Arab Light crude prices to Asia

Aramco cuts Arab Light crude prices to Asia
  • Adjustment comes amid a drop in Brent crude prices, which have fallen to $71.49 per barrel

RIYADH: Saudi Aramco has reduced its October pricing for Arab Light crude oil for Asian buyers, according to a recent price list. The state-owned oil giant has cut the official selling price of its Arab Light crude by 70 cents, bringing it to $1.30 per barrel above the regional benchmark.

This adjustment comes amid a drop in Brent crude prices, which have fallen to $71.49 per barrel—a decrease of $1.20 per barrel (1.65 percent) on the day and the lowest level in years.

Saudi Aramco has also reduced the price of Arab Light crude for Europe and the US. For Europe and the Mediterranean, the Arab Light grade is priced $0.35 above ICE Brent, while for East Asia, the price is set at $1.30 above the average of the Oman and Dubai benchmarks.

The price cuts follow Bank of America's revised forecasts, which now predict Brent crude will average $75 per barrel next year, down from a previous estimate of $80. The forecast for West Texas Intermediate has also been lowered to $71 per barrel from $75.

It is also noteworthy that OPEC+ recently decided to postpone its planned production quota reductions scheduled for October. The new agreement will maintain current production levels for an additional two months.

Citigroup had previously warned that Brent crude could dip below $70 per barrel if OPEC+ proceeded with adding production to the market. However, the two-month delay in adjusting production levels has not significantly impacted prices.