Saudi state-backed funds eye stakes in Canadian mining firms, says industry minister 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef in Canada. X/@BAlkhorayef
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Updated 02 October 2024
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Saudi state-backed funds eye stakes in Canadian mining firms, says industry minister 

JEDDAH: State-backed Saudi funds are seeking to acquire stakes in Canadian mining firms as part of efforts to enhance the Kingdom’s global influence in the sector and diversify its economy beyond oil, said a top minister. 

During his visit to the North American country, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef asserted that there are no barriers to the Kingdom’s investments in the Canadian mining sector, despite local regulations that restrict investments by foreign state-owned entities, as reported by Al-Arabiya TV channel. 

In 2023, Saudi Arabia’s non-oil exports to Canada totaled SR140 million ($37.33 million), mainly comprising base metals and plant products. Conversely, non-oil imports from Canada reached SR2.89 billion, including locomotives, pharmaceutical products, and electrical devices. 

In a post on his X account, Alkhorayef said: “In Toronto, Canada, I met with the Chairman of the Saudi-Canadian Business Council and highlighted the council’s crucial role in enhancing trade relations between the two nations.” 

He noted that the council serves as a vital platform for connecting private sector leaders and fostering partnerships that leverage shared investment opportunities. 

The visit, following a similar tour in the US, aims to attract Canadian companies to explore essential minerals such as copper in the Arabian Peninsula. 

During its stops in Ottawa and Toronto, the Saudi delegation held strategic meetings with government officials and private sector leaders, resulting in memoranda of understanding aimed at advancing the industrial and resource sectors. 

Alkhorayef commenced his visit with a tour of the Toronto Stock Exchange, where he met with the CEO and representatives from various listed resource companies. Discussions focused on investment opportunities in the sector, underscoring the Kingdom’s potential and the incentives available for investors. 

Leading the delegation, Alkhorayef explored the latest digital financial technologies in the stock market and met with key global players in the resource and geological survey sectors. He also visited the University of Toronto and institutions dedicated to industrial innovation and capacity development. 

The Saudi minister participated in a roundtable meeting organized by the Saudi-Canadian Business Council, attended by Ontario’s Lt. Governor Edith Dumont and Associate Minister of Mines Stephen Crawford. 

The meeting focused on opportunities in the Kingdom’s industrial and resource sectors, as well as the advantages of investing in Saudi Arabia. 

Additionally, Alkhorayef met with Sebastian Goodfellow, director of the university’s Lassonde Institute of Mining, and interacted with Saudi students studying in Canada. 

In Ottawa, he held discussions with various government officials, including the Minister of International Development Ahmed Hussen and Minister of Innovation, Science, and Industry François-Philippe Champagne, emphasizing the Kingdom’s commitment to strengthening bilateral relations. 


US and China reach deal to slash tariffs, officials say

Updated 10 sec ago
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US and China reach deal to slash tariffs, officials say

GENEVA: The US and China said on Monday they have agreed a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.

Speaking after talks with Chinese officials in Geneva, US Treasury Secretary Scott Bessent told reporters the two sides had reached a deal for a 90 day pause on measures and that reciprocal tariffs would come down by 115 percent.

 


Oil Updates — prices rise as US-China trade talks soothe market jitters

Updated 21 min 5 sec ago
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Oil Updates — prices rise as US-China trade talks soothe market jitters

TOKYO: Oil prices rose on Monday after both sides in US-China trade talks over the weekend touted their progress, which lifted market sentiment that the world’s two largest crude users may be moving toward a resolution of their trade dispute.

Brent crude futures climbed 43 cents, or 0.67 percent, to $64.34 a barrel by 8:00 a.m. Saudi time. US West Texas Intermediate crude futures were trading at $61.50 a barrel, up 48 cents, or 0.79 percent, from Friday’s close.

Both benchmarks rose more than $1 on Friday and gained over 4 percent last week for their first weekly gains since mid-April, after a US trade deal with Britain swelled investors’ optimism that economic disruptions from US tariffs on trading partners may be avoided.

The US and China ended trade talks on a positive note on Sunday, with White House officials touting a “deal” to reduce the US trade deficit, while Chinese officials said both had reached “important consensus.”

However, neither side released any details of the talks with Chinese Vice Premier He Lifeng, saying a joint statement would be issued on Monday.

Positive talks between the world’s two largest economies could help boost crude demand as trade, currently disrupted by massive tariffs levied by both countries, is restored between them.

“Optimism over constructive US-China talks supported sentiment, but limited details and OPEC’s plan to raise output capped gains,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.

Tazawa was referring to plans by the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, to accelerate output hikes in May and June that will add more crude to the market.

However, a Reuters survey found that OPEC oil output edged lower in April.

Additionally, talks between Iranian and US negotiators to resolve disputes over Tehran’s nuclear program ended in Oman on Sunday with further negotiations planned, officials said, as Tehran publicly insisted on continuing its uranium enrichment.

A US-Iran nuclear deal could alleviate concerns about lower global oil supply, which could also pressure oil prices.

Last week, US energy firms cut the number of oil and natural gas rigs operating to their lowest since January, energy services firm Baker Hughes said on Friday. 


Hospitality boom spurs 45% Saudization, workforce growth: Diriyah executive

Updated 11 May 2025
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Hospitality boom spurs 45% Saudization, workforce growth: Diriyah executive

RIYADH: The Kingdom’s hotel industry has achieved 45 percent Saudization in its workforce, marking a significant step toward the Kingdom’s Vision 2030 goals, according to a senior executive.

Speaking at the Future Hospitality Summit in Riyadh, Imran Changezi, executive director of Hospitality Development at Diriyah, emphasized the sector’s accelerating efforts to localize talent and create opportunities for Saudi nationals.

Changezi recalled starting his hospitality career in Riyadh, noting that when he began, it was common to find only one Saudi employee among 300 hotel staff. He said that the situation has since improved significantly, with Saudi nationals now making up 45 to 50 percent of hotel workforces.

He added that Saudi Arabia is undergoing a hospitality transformation that is unprecedented both in scale and execution.

“I have never seen a transformation of this scale in my life, in my career. The speed at which this is being executed is just phenomenal,” Changezi said.

He noted that since the launch of Vision 2030, the sector has witnessed a surge in talent, energy, and a strong commitment to development.

Reflecting on the cultural foundation that supports the hospitality industry, Changezi emphasized the innate sense of hospitality embedded within Saudi society. He noted that the “DNA of hospitality” is deeply rooted in the way of life for citizens, residents, and all who call the Kingdom home, describing it as an integral part of their identity and daily interactions.

As Diriyah’s development progresses, Changezi stated that the organization is working closely with key government stakeholders to ensure alignment and support.

He said that once the planned hotels open, they expect to employ between 14,000 and 15,000 people, adding that strong collaboration is already underway with the Saudi Tourism Authority and the Ministry of Tourism.

Mohammed Marghalani, chief franchised assets officer at Dan Co. —a subsidiary of the Public Investment Fund—stressed the importance of aligning with market expectations.

He noted that there is currently a gap between the offerings of the Ministry of Tourism and the actual needs of the market, particularly in relation to what international hotel operators require.

According to Changezi, the Diriyah project is expected to add approximately 5,500 to 6,000 new hotel keys, with a strong focus on the luxury and upper-upscale segments.

He noted that 37 international hotel brands have already been officially announced, and that the team has been working with more than 60 brands in total since as early as 2019 and 2020.

Yasser Faisal Al-Sharif, founder of Al Sadu Advisory, called for stronger educational infrastructure to support the sector. “It’s a fantastic business opportunity. It’s a gold mine — hospitality education,” he said. “What we need is to have an internationally accredited institution.”

Al-Sharif stressed the need for campuses with reduced dependency on government incentives.


Saudi Arabia adds over 1,000 hotel keys as summit opens with major deals

Updated 11 May 2025
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Saudi Arabia adds over 1,000 hotel keys as summit opens with major deals

RIYADH: Saudi Arabia’s hospitality sector saw a boost on the opening day of the Future Hospitality Summit, with more than 1,000 new hotel keys announced across several high-profile agreements.

Key signings on Sunday included new hotel developments in Jeddah, Madinah, and Qassim, underscoring sustained investor confidence in the Kingdom’s ambitious tourism expansion plans.

Among the notable announcements was BWH Hotels’ partnership with Optimal Real Estate and Rsoukh Trading Co. to develop five new properties across Jeddah and Madinah. The move signals a major step forward in the group’s regional expansion strategy.

“We signed five hotels between Jeddah and Madinah,” said Mujahid Pasha, director of development Middle East at BWH Hotels, in an interview with Arab News on the sidelines of the event.
“The partnership only brings five hotels, but these five hotels represent about 1,000 keys in total,” Pasha added.

The centerpiece of BWH’s announcement is a 540-room Best Western Premier property in Madinah, located just 600 meters from the Prophet’s Mosque.
“This is one of the big hotels we just signed today,” said Pasha. “We talk about an upper, upscale offering, which is our Best Western Premier brand.”

Another highlight is a luxury WorldHotels Elite property on King Road in Jeddah — often referred to as the “Golden Mile” due to its prime location. The development will include 215 guest rooms and approximately 300 office units as part of a broader mixed-use complex.

“WorldHotels is our luxury and high-end offering,” said Pasha. “The King Road doesn’t have any luxury offerings, so we wanted to use that brand.”

The event features panels, investment showcases, and strategic signings shaping the future of hospitality. AN photo by Loai El-Kelawy

Three additional hotels will be introduced under BWH’s SureStay brand—its economy and midscale portfolio—including two SureStay Studios and one SureStay Hotel.

“These brands are not in the region as well. The first in the region will be in Saudi Arabia,” Pasha noted, confirming that two of the SureStay properties will be in Jeddah and one in Madinah.

BWH Hotels, which operates 18 brands globally, is leveraging its diverse portfolio to target a broad range of travelers and budgets.

In another development, Amsa Hospitality announced a new four-star hotel project in Qassim in collaboration with Alkayan Alarabi. The property will be located within the Al-Kayan Avenue mall on Al-Imam Al-Bukhari Road.

“This is a new hotel, newly developed, with 174 keys including suites, meeting rooms, gym, two restaurants, and a spa,” said Amsa CEO Muin Serhan.

Designed to serve both business and leisure travelers, “the hotel is currently under development and is expected to complete development by the end of this year with official operations expected later in the first quarter of next year,” Serhan added.

Rounding out the day’s announcements, IHG Hotels & Resorts and Ashaad Co. signed an agreement to develop three new hotels in Jeddah and Alkhobar, further adding to the Kingdom’s growing hospitality portfolio.

Beyond real estate deals, the summit spotlighted the industry’s growing focus on talent development. Organizers launched the inaugural NextGen Investment Forum, aimed at addressing workforce challenges in the tourism and hospitality sectors.

“For the first time at FHS Saudi, we proudly introduce the NextGen Investment Forum, a new platform dedicated to addressing one of the most critical issues and urgent challenges in our history—investing in our people,” said Jonathan Worsley, chairman and CEO of The Bench, which organizes the hospitality event.

Worsley emphasized the hospitality sector’s global economic impact.
“Hospitality and tourism is a massive industry, a massive force in today’s contribution to global gross domestic product,” he said.
“It’s the world’s third largest economic sector,” Worsley added, citing 357 million jobs worldwide and a $1.1 trillion contribution to global GDP.

According to summit figures, the industry will require 100 million additional jobs over the next five years to meet rising demand. In Saudi Arabia alone, a $110 billion investment in the sector is set to deliver 362,000 hotel rooms by 2030.

“We need an additional 1 million jobs in the Kingdom by 2030,” Worsley stated. “The foundations of sustainable growth must begin with education and training.”

The NextGen forum aims to bridge the gap between education and industry by fostering dialogue on training, investment, and talent retention.
“We’re bridging the gap between academia and what the industry needs—exploring funding and investment opportunities in hospitality education and enhancing the industry’s appeal to retain talent and reduce turnover,” Worsley said.

During a panel discussion on global tourism trends, Harry Theoharis, member of the Hellenic Parliament and candidate for secretary-general of the UN World Tourism Organization, praised Saudi Arabia’s transformation.

“Saudi Arabia’s tourist plans, if anything, are one of the biggest success stories,” he said.
“We’ve seen Saudi Arabia transform itself from a very specific and niche market of religious tourism, which was the staple of Saudi Arabia, to a very vibrant, very energetic, very young-oriented destination attuned to the wills of the young population,” Theoharis added.

More than 1,000 global tourism leaders, investors, and operators have convened in Riyadh for the Future Hospitality Summit, held from May 11–13 at the Mandarin Oriental Al Faisaliah. Centered on the theme “Where Vision Shapes Opportunity,” the event features panels, investment showcases, and strategic signings shaping the future of hospitality in Saudi Arabia and beyond.


Closing Bell: Saudi main index slips to close at 11,346 

Updated 11 May 2025
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Closing Bell: Saudi main index slips to close at 11,346 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 17.52 points, or 0.15 percent, to close at 11,346.59. 

The total trading turnover of the benchmark index was SR3.32 billion ($896 million), as 108 of the stocks advanced and 128 retreated.    

The Kingdom’s parallel market, Nomu, also lost 508.04 points, or 1.82 percent, to close at 27,423.45. This comes as 30 stocks advanced while 45 retreated.    

The MSCI Tadawul Index followed suit and lost 0.22 points, or 0.02 percent, to close at 1,451.79.     

The best-performing stock of the day was SHL Finance Co., whose share price surged 8.74 percent to SR19.90.   

Other top performers included SICO Saudi REIT Fund, which saw its share price rise 6.54 percent to SR4.40, as well as National Medical Care Co., whose shares surged 4.93 percent to SR149. 

Middle East Specialized Cables Co. recorded the steepest decline, falling 8.33 percent to SR33. Fawaz Abdulaziz Alhokair Co. followed with a 6.62 percent drop to SR14.94, while Saudi Chemical Co. slipped 6.47 percent to SR8.39. 

On the announcements front, MBC Group Co. reported its interim financial results for the period ending March 31. According to a statement on Tadawul, the company posted a net profit of SR263.5 million in the first quarter of 2025, marking a 117.2 percent increase compared to the same period in 2024. The surge in profit was primarily driven by a SR190 million rise in gross profit, attributed to higher revenues during the month of Ramadan. 

MBC Group Co. ended the session at SR43.90, up 0.47 percent. 

Al-Rajhi Co. for Cooperative Insurance also announced its interim financial results for the first quarter. A bourse filing showed that the company posted a net profit of SR90.7 million for the period ending March 31, representing an 18.4 percent decline compared to the same quarter last year. The drop in net profit was primarily attributed to a decrease in the insurance service result before re-takaful, total comprehensive income, and total investment income, as well as an increase in other operating expenses and gross written premiums. 

Al-Rajhi Co. for Cooperative Insurance ended the session at SR123.40, down 2.76 percent. 

Saudi Ground Services Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR97.6 million in the first quarter of 2025, marking a 37 percent increase compared to the same period in 2024. The growth was primarily driven by an SR18.3 million rise in revenue year on year. 

Saudi Ground Services Co. ended the session at SR49.00, down 1.53 percent. 

Saudi Chemical Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company reported a net profit of SR82.33 million for the period ending March 31, reflecting a 9.9 percent decline compared to the same quarter last year. The decrease was attributed to higher finance costs, the revaluation of derivative financial instruments related to interest rate exposure, and an increase in zakat and tax provisions. 

Saudi Chemical Co. ended the session at SR8.95, down 6.47 percent. 

Dallah Healthcare Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR155.56 million in the first quarter of 2025, marking a 30.3 percent increase compared to the same period a year earlier. The rise in profit was driven by higher revenues, along with non-recurring gains of SR51 million resulting from the company’s 33.33 percent stake in a real estate fund through an in-kind contribution of land. 

Dallah Healthcare Co. ended the session at SR120, up 0.17 percent. 

Tamkeen Human Resource Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing revealed the company recorded a net profit of SR26 million for the period ending March 31, representing a 40.54 percent increase compared to the same quarter last year. The surge in earnings was attributed to growth in the group’s revenues, gross profit, and operating profit. 

Tamkeen Human Resource Co. ended the session at SR55.30, up 3.61 percent. 

Umm Al Qura for Development and Construction Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company posted a net profit of SR159.6 million for the period ending March 31, reflecting a staggering 3,219.3 percent increase compared to the same quarter a year earlier. The sharp rise in profit was primarily driven by a significant surge in revenues.  

Umm Al Qura for Development and Construction Co. ended the session at SR24.26, up 0.34 percent. 

Taiba Investments Co. has announced its interim financial results for the period ending March 31. According to a statement on Tadawul, the company reported a net profit of SR131.3 million in the first quarter of 2025, marking a 36.6 percent increase compared to the same quarter last year. This growth is mainly attributed to the rise in operating revenues during the first quarter of 2025. 

Taiba Investments Co. ended the session at SR43.25, up 1.5 percent.