Company Insights Red Sea Global Real Estate Red Sea Global News Exclusive Leisure & Hospitality Red Sea Global seeks more credit and considers IPO Saudi giga-project Red Sea Global is looking for a second credit facility and may consider an initial public offering by 2030, a senior official said this week. That will come after it has two dozen hotels in operation by the end of next year. “An IPO or real estate investment trust, you tend to begin […] October 2, 2024 Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024 Giga-projects Red Sea Global to open 19 luxury hotels in 2025 Red Sea Global, the Saudi giga-project, is due to open 19 new luxury hotels in 2025, it was revealed this week. It will also be opening two hotels this year, including one carved into a mountainside, an official said. “2023 saw us opening our first resort, and in 2024 we’ve opened another two resorts and […] October 1, 2024 Analysis Tourism Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention? Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors. The […] September 23, 2024 Tourism Halo Space to manufacture capsules in Saudi Arabia Spanish company Halo Space plans to localise most manufacturing of its high-altitude balloon capsule to Saudi Arabia, it said this week before its first test launch in the kingdom. The Madrid-based startup is due to stage an unmanned test flight from the Al-Aflaj oasis 330km south of Riyadh within the next two weeks, depending on […] September 18, 2024 Giga-projects Red Sea Global to open Thuwal island resort in weeks Saudi giga-project Red Sea Global will open hotels at a second site within weeks and more at a third location will open next year, the luxury resort developer said this week. The company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will open a private island called Thuwal just north of Jeddah, followed by […] August 23, 2024 Giga-projects Saudi infrastructure provider signs on for The Rig giga-project Saudi adventure tourism project The Rig has contracted a local company to develop the infrastructure for one of the kingdom’s more outlandish giga-projects. The Public Investment Fund (PIF) company said International Maritime Industries (IMI) had formally agreed to provide maritime logistics and infrastructure for the project, which has an ambitious target date of 2027. The […] August 21, 2024 Tourism Tourist spending in Saudi Arabia hit new high in 2023 Around 27 million international tourists spent SAR141 billion riyals ($37.6 billion) in Saudi Arabia in 2023, the highest figure yet. The international spending, published on X by the ministry of tourism, was a 44 percent rise on 2022 and compares to the previous high of SAR103.4 billion spent by 17.5 million inbound tourists in 2019, […] August 15, 2024 Tourism ‘Space balloon’ to launch from Saudi Arabia Spain’s Halo Space said this week that Saudi Arabia will be one of the regular launch sites for its commercial near-space balloon project, giving a boost to ambitious Saudi tourism plans. An unmanned test flight will take place in the second half of September from a location in the Al-Aflaj oasis 330km south of Riyadh, […] August 9, 2024 Analysis Giga-projects Chinese builders pitch modular tech for giga-projects Chinese contractors are leveraging their size and access to innovative construction techniques to lay claim to increasing numbers of projects in Saudi Arabia, as the kingdom’s massive development push puts pressure on resources. Some $1.25 trillion in giga-projects, spanning the residential, commercial and hospitality sectors, are in the pipeline across the vast and arid Saudi […] July 8, 2024 Posts navigation Previous 1 2 3 … 8 Next
Exclusive Leisure & Hospitality Red Sea Global seeks more credit and considers IPO Saudi giga-project Red Sea Global is looking for a second credit facility and may consider an initial public offering by 2030, a senior official said this week. That will come after it has two dozen hotels in operation by the end of next year. “An IPO or real estate investment trust, you tend to begin […] October 2, 2024
Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024
Giga-projects Red Sea Global to open 19 luxury hotels in 2025 Red Sea Global, the Saudi giga-project, is due to open 19 new luxury hotels in 2025, it was revealed this week. It will also be opening two hotels this year, including one carved into a mountainside, an official said. “2023 saw us opening our first resort, and in 2024 we’ve opened another two resorts and […] October 1, 2024
Analysis Tourism Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention? Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors. The […] September 23, 2024
Tourism Halo Space to manufacture capsules in Saudi Arabia Spanish company Halo Space plans to localise most manufacturing of its high-altitude balloon capsule to Saudi Arabia, it said this week before its first test launch in the kingdom. The Madrid-based startup is due to stage an unmanned test flight from the Al-Aflaj oasis 330km south of Riyadh within the next two weeks, depending on […] September 18, 2024
Giga-projects Red Sea Global to open Thuwal island resort in weeks Saudi giga-project Red Sea Global will open hotels at a second site within weeks and more at a third location will open next year, the luxury resort developer said this week. The company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will open a private island called Thuwal just north of Jeddah, followed by […] August 23, 2024
Giga-projects Saudi infrastructure provider signs on for The Rig giga-project Saudi adventure tourism project The Rig has contracted a local company to develop the infrastructure for one of the kingdom’s more outlandish giga-projects. The Public Investment Fund (PIF) company said International Maritime Industries (IMI) had formally agreed to provide maritime logistics and infrastructure for the project, which has an ambitious target date of 2027. The […] August 21, 2024
Tourism Tourist spending in Saudi Arabia hit new high in 2023 Around 27 million international tourists spent SAR141 billion riyals ($37.6 billion) in Saudi Arabia in 2023, the highest figure yet. The international spending, published on X by the ministry of tourism, was a 44 percent rise on 2022 and compares to the previous high of SAR103.4 billion spent by 17.5 million inbound tourists in 2019, […] August 15, 2024
Tourism ‘Space balloon’ to launch from Saudi Arabia Spain’s Halo Space said this week that Saudi Arabia will be one of the regular launch sites for its commercial near-space balloon project, giving a boost to ambitious Saudi tourism plans. An unmanned test flight will take place in the second half of September from a location in the Al-Aflaj oasis 330km south of Riyadh, […] August 9, 2024
Analysis Giga-projects Chinese builders pitch modular tech for giga-projects Chinese contractors are leveraging their size and access to innovative construction techniques to lay claim to increasing numbers of projects in Saudi Arabia, as the kingdom’s massive development push puts pressure on resources. Some $1.25 trillion in giga-projects, spanning the residential, commercial and hospitality sectors, are in the pipeline across the vast and arid Saudi […] July 8, 2024
