Saudi Entertainment Ventures unveils $346m destination in Jazan region

Saudi Entertainment Ventures unveils $346m destination in Jazan region
The Jazan region is seeing a surge in development, with a project pipeline currently containing 47 projects with a combined construction cost exceeding SR3 billion. SPA
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Saudi Entertainment Ventures unveils $346m destination in Jazan region

Saudi Entertainment Ventures unveils $346m destination in Jazan region
  • Development supports SEVEN’s goal to expand entertainment offerings across the Kingdom
  • Global architecture firm Gensler will design the project

RIYADH: Saudi Arabia’s Jazan region is set to host a new SR1.3 billion ($346 million) entertainment destination, with Saudi Entertainment Ventures, or SEVEN, awarding the project’s development contract to Alfanar Projects. 

The project, covering 60,000 sq. meters of land and 73,000 sq. meters of built-up space, will be located near the North Corniche Park along Jazan’s waterfront, offering easy access for locals and visitors from nearby regions, according to a press release. 

The development supports SEVEN’s goal to expand entertainment offerings across Saudi Arabia, contributing to Vision 2030. It also aligns with the Jazan Municipality’s growing investment portfolio, valued at SR4 billion. 

Abdullah Nasser Al-Dawood, the chairman of SEVEN, said: “We are excited to unveil SEVEN’s new entertainment destination in Jazan, reflecting our ongoing commitment to enriching the Kingdom’s entertainment offering and enhancing the quality of life for communities across Saudi Arabia.”  

He added: “This destination celebrates the natural diversity and rich cultural heritage of the Jazan region, providing exceptional leisure experiences for residents and visitors alike.”  

The venue will feature attractions such as an indoor golf course, an entertainment district with rides, a cinema complex, a karting track, an indoor adventure center, as well as various dining and retail outlets. 

Global architecture firm Gensler will design the project, incorporating elements of the Red Sea coastline, Jazan’s mountain ranges, and the region’s iconic jasmine flowers, the release added. 

“We are honored to collaborate with SEVEN to develop this landmark entertainment destination in Jazan. Our shared commitment to excellence and innovation will ensure the project meets the highest quality of standards and contributes meaningfully to the Kingdom’s growing entertainment sector,” said Amer Alajmi, executive vice president of Alfanar Projects.  

The project is an exciting opportunity for Alfanar to play a key role in bringing world-class experiences to the Jazan community and beyond.” 

He described the project as an “exciting opportunity” for Alfanar to play a pivotal role in delivering world-class experiences to the Jazan community and beyond. 

The Jazan region is seeing a surge in development, with a project pipeline currently containing 47 projects with a combined construction cost exceeding SR3 billion. Among the projects are two seafront developments, 15 boulevard and resort projects, four hotels, three hospitals, 10 markets, and 13 industrial sites.

SEVEN, part of the Qiddiya Investment Co. and backed by the Public Investment Fund, is investing more than SR50 billion in developing 21 entertainment destinations across 14 cities in Saudi Arabia, furthering the Kingdom’s ambitions to transform its leisure and tourism sectors. 


30 Polish firms set to open HQs in Saudi Arabia, says minister

30 Polish firms set to open HQs in Saudi Arabia, says minister
Updated 27 sec ago
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30 Polish firms set to open HQs in Saudi Arabia, says minister

30 Polish firms set to open HQs in Saudi Arabia, says minister

RIYADH: Poland is currently working to establish headquarters for up to 30 companies in Saudi Arabia as both nations focus on expanding business cooperation, particularly in technology and digital sectors. 

Polish Deputy Prime Minister and Minister of Digital Affairs Krzysztof Gawkowski confirmed this during a meeting in Riyadh with Hassan bin Moejeb Al-Huwaizi, chairman of the Federation of Saudi Chambers, and several investors from the Kingdom, the Saudi Press Agency reported. 

The interest of Polish firms in setting up headquarters in the Kingdom aligns with Saudi Arabia’s efforts to position itself as a regional hub for digital innovation under its Vision 2030 plan. 

“The Kingdom’s experience in the field of technology, digitization, and artificial intelligence represents an inspiring experience and a model to be emulated in the Middle East,” Gawkowski said. 

Gawkowski revealed that several Polish companies have already obtained licenses to open offices and branches in Saudi Arabia. 

This comes after the Kingdom’s Regional Headquarters program came into effect at the beginning of 2024, aiming to attract multinational corporations to set up their Middle East base in the country. The program offers significant financial incentives, including a 30-year corporate tax exemption for qualifying activities. 

The meeting, which included representatives from both governments, aimed at strengthening business ties and exploring opportunities in emerging technologies, including artificial intelligence and digital infrastructure. 

During the discussions, the Polish minister noted that his government is ready to support Saudi projects and investments in Poland, offering all necessary guarantees and facilities. 

Ibrahim Al-Mubarak, assistant minister of investment and CEO of the Investment Marketing Authority, emphasized Saudi Arabia’s potential as a key partner for Poland in sectors like communications, information technology, and artifical intelligence.  

He also highlighted opportunities in food security and agriculture.

Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, highlighted that the meeting follows the success of a recent visit by the federation’s delegation to Poland.  

He emphasized the goal of expanding trade beyond the current $9 billion and expressed optimism for broader cooperation between the two nations. 

Abdullah Abu Dabil, chairman of the Saudi-Polish Business Council, added that companies from the European country are set to open their headquarters in the Kingdom by the first quarter of 2025. He also mentioned that a joint action plan is being developed, along with an exhibition for Polish companies in the Kingdom. 

The meeting also featured presentations from the Saudi Data and Artificial Intelligence Authority and Polish counterparts, exploring digital infrastructure and investment opportunities in both countries.  


Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister

Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister
Updated 23 min 30 sec ago
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Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister

Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister

RIYADH: Saudi Arabia has successfully extracted lithium from brine samples from Aramco’s oilfields and plans to launch a commercial pilot program for direct extraction soon, the Saudi vice minister of mining affairs said on Tuesday.

Lithium Infinity, also known as Lihytech, a startup launched out of King Abdullah University for Science and Technology, will lead the extraction project with cooperation from Saudi mining company Ma’aden and Aramco, Khalid Al-Mudaifer told Reuters.

“They are extracting lithium through their new technology they have developed in King Abdullah University for Science and Technology and they are in accelerated development in this regard,” he said.

“They’re building a commercial pilot at the oil fields. So the brines that come out of the field will feed into this commercial pilot on a continuous basis,” added Al-Mudaifer.

Lithium is a key component in the batteries of electric cars, laptops, and smartphones.

The vice minister said that while the cost of extracting lithium from the brine runoffs from oil fields remained higher than the traditional method of extraction from salt flats, but added he expected that if lithium prices grew the project would soon be commercially viable.

Aramco, KAUST, and Ma’aden did not immediately reply to Reuters requests for comments.


Closing Bell: Saudi stock market ends in the red at 11,949

Closing Bell: Saudi stock market ends in the red at 11,949
Updated 50 min 51 sec ago
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Closing Bell: Saudi stock market ends in the red at 11,949

Closing Bell: Saudi stock market ends in the red at 11,949

RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Tuesday, dropping 148.01 points, or 1.22 percent, to close at 11,948.72.

Total trading turnover for the benchmark index amounted to SR4.84 billion ($1.29 billion), with 36 stocks advancing and 197 declining.

The Kingdom’s parallel market, Nomu, also saw a decline, shedding 44.13 points to close at 31,100.31. Meanwhile, the MSCI Tadawul Index lost 19.13 points, ending the session at 1,498.54.

Among the top performers in the main market, Savola Group saw its share price surge by 9.89 percent, closing at SR30.55. Other gainers included Arriyadh Development Co., whose shares rose by 3.92 percent to SR30.50, and Bawan Co., which gained 3.84 percent, closing at SR54.10.

On the downside, Almarai Co. experienced a drop of 4.27 percent, with its share price closing at SR58.30.

On the announcements front, Almoosa Health Co. announced the final offer price for its upcoming initial public offering on Saudi Arabia’s main market at SR127 per share.

The total offering size is SR1.68 billion, with a market capitalization of SR5.63 billion upon listing, making it the second-largest IPO in the Saudi market in 2024.

The institutional book-building process was oversubscribed by 103 times, with an order book value of SR173 billion.

The subscription period for individual investors will run from Dec. 23 to 24. Malek Almoosa, CEO of Almoosa Health Co., expressed confidence in the company’s future, saying, “We believe that the attractiveness of the Saudi healthcare market, coupled with our 30-year legacy and innovative approach to patient care, ideally position us to capitalize on fresh opportunities by building new, cutting-edge facilities that will drive sustainable growth.”

In another announcement, Yamama Cement Co. revealed that its board of directors has approved plans to sign a non-binding memorandum of understanding with Obeikan Investment Group and Sultan Holding Co. to establish a holding company focused on investments in the minerals sector in Saudi Arabia.

The new entity will focus on producing key minerals such as lithium, graphite, and silica. Despite the positive news, Yamama Cement Co.'s share price fell by 3.17 percent, closing at SR33.60.


Jordanian expat remittances up 3.1% in 2024, building on steady growth from previous years

Jordanian expat remittances up 3.1% in 2024, building on steady growth from previous years
Updated 51 min 22 sec ago
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Jordanian expat remittances up 3.1% in 2024, building on steady growth from previous years

Jordanian expat remittances up 3.1% in 2024, building on steady growth from previous years

RIYADH: The value of remittances from Jordanian expatriates grew by 3.1 percent in the first 10 months of 2024, reaching $2.9 billion, according to the Central Bank of Jordan.

Data from the CBJ showed in the first three quarters of 2024, money sent back to the country from citizens abroad totaled $2.6 billion, a 3.2 percent increase from the same period of 2023.

The rise seen by Jordan is consistent with much of the region, with Egypt seeing a 42.6 percent remittance increase in the first nine months of 2024, and Saudi Arabia witnessing a two-and-a-half-year high in October for expats sending money back to the country.

The 2024 figures come after global remittance flows to low- and middle-income countries slowed in 2023, with a modest 0.7 percent growth after strong increases in the previous two years, according to the World Bank. 

The Middle East and North Africa saw a nearly 15 percent drop to $55 billion in 2023, primarily due to reduced flows to Egypt, but the final figure for 2024 is expected to show 4.3 percent growth.

In 2023, Egypt was the top remittance recipient in the Middle East and North Africa, receiving $19.5 billion, followed by Morocco and Lebanon, while Jordan received $4.5 billion. 

In terms of remittances as a percentage of the gross domestic product, Lebanon ranked highest at 27.5 percent, followed by the West Bank and Gaza at 18.8 percent, and Jordan at 8.9 percent.

Jordan tourism struggles

The CBJ also revealed that tourism income in Jordan dropped by 3.1 percent in the first 11 months of 2024 to total $6.7 billion, mainly due to a 4.9 percent decrease in arrivals. 

Despite this overall decline, tourism income from Jordanian expatriates rose by 7.4 percent, and revenue from Arab tourists increased by 12.5 percent.

Income from European visitors dropped by 55.4 percent, money from US tourists fell by 37.4 percent, with other spending from other international tourists declining by 17.8 percent, as the Israel-Hamas conflict continued to impact on visitor numbers.

Additionally, Jordanians’ spending on international tourism in 2024 rose by 3.3 percent, reaching $1.8 billion, compared to the same period in 2023.


Saudi Arabia launches duty exemption for industrial inputs to boost exports

Saudi Arabia launches duty exemption for industrial inputs to boost exports
Updated 17 December 2024
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Saudi Arabia launches duty exemption for industrial inputs to boost exports

Saudi Arabia launches duty exemption for industrial inputs to boost exports

RIYADH: The Saudi Export Development Authority has launched a new service, “Exemption for Export,” aimed at enhancing Saudi Arabia’s industrial competitiveness.

The initiative, developed in collaboration with the Ministry of Industry and Mineral Resources, allows industrial companies to benefit from customs duty exemptions on inputs used for the production of export goods, aligning with the Kingdom’s Vision 2030 goal of diversifying the economy and boosting non-oil exports.

The service, which applies to industrial inputs such as labor, raw materials, fuel, equipment, and buildings, is designed to provide a competitive advantage to Saudi manufacturers by reducing costs associated with exports.

To qualify, companies must hold a valid industrial license and submit a request for exemption for materials listed under the Ministry of Industry and Mineral Resources’ approved industrial capacities. Additionally, the materials must match those specified in the company’s industrial license.

Eligibility for the exemption is also determined by a company’s export performance over the past 12 months. Once approved, the process is quick and efficient, with exemption requests typically processed within five business days.

Companies can access the service via the “Sina’ai” platform, provided by the Ministry of Industry and Mineral Resources, where they can apply for the customs exemption under the export category.

This new service addresses key challenges faced by Saudi Arabia’s industrial sector, streamlining the export process and encouraging businesses to expand their reach to international markets.

According to the Saudi Export Development Authority, the initiative is in line with efforts to support exporters and help achieve Saudi Vision 2030 objectives.

“This initiative aims to diversify the Kingdom’s income sources, strengthen non-oil exports, and foster sustainable growth by offering innovative solutions that meet the needs of exporters and promote the competitiveness of national industries,” the statement said.

The Kingdom’s ongoing push for economic diversification, under Vision 2030, has led to significant investments in non-oil sectors. Enhancing the industrial sector's global competitiveness is a cornerstone of this vision, and non-oil exports have steadily increased in recent years.

The Saudi Export Development Authority, in partnership with the Ministry of Industry and Mineral Resources, has introduced several initiatives to facilitate the expansion of Saudi-made products in international markets.

Key programs include the National Industrial Development and Logistics Program, which focuses on improving infrastructure, streamlining customs procedures, and providing export incentives.

By removing financial and logistical barriers, Saudi Arabia aims to position itself as a global trade hub, driving sustainable growth in key sectors such as manufacturing, petrochemicals, and construction materials.