ROSHN launches first residential community in Makkah

The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. SPA
The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. SPA
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Updated 26 December 2024
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ROSHN launches first residential community in Makkah

ROSHN launches first residential community in Makkah

JEDDAH: Saudi Arabia’s leading property developer, ROSHN, has officially launched its first residential community in Makkah, marking a significant milestone in the company’s efforts to improve the city’s living standards while supporting the national development goals outlined in Vision 2030.

The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. The groundbreaking ceremony was attended by a host of prominent figures, including Makkah Mayor Musaed bin Abdulaziz Al-Dawood, Royal Commission for Makkah and Holy Sites CEO Saleh bin Ibrahim Al-Rasheed, Real Estate General Authority CEO Abdullah Al-Hammad, and ROSHN’s acting CEO Khaled Jawhar. The event also saw participation from officials across both the public and private sectors.

Strategically positioned, the Al-Manar community is just a 20-minute drive from the Grand Mosque, less than an hour from King Abdulaziz International Airport in Jeddah, and only two minutes from Makkah’s western gateway. The development’s design thoughtfully integrates the region’s rich cultural and architectural heritage, blending modernity with tradition.

The Saudi government, under Vision 2030, has set ambitious targets to boost homeownership among citizens, aiming for 70 percent by the end of the decade.

ROSHN is playing a pivotal role in achieving this goal by developing large-scale residential projects that offer high-quality and affordable housing options for Saudi citizens. These initiatives are in line with the government’s strategy to expand the housing sector, elevate living standards, and provide homes for the country’s growing population.

At the ceremony, attendees were given a tour of model villas and previewed the diverse residential designs available within the community. The Al-Manar development will feature a variety of villas alongside essential amenities such as schools, mosques, shopping centers, healthcare facilities, open spaces, and recreational areas.

Khaled Jawhar, acting CEO of ROSHN, explained that the project spans over 21 million sq. meters and will provide more than 33,000 housing units. Additionally, it will offer more than 150 facilities designed to meet the needs of residents and support community well-being.

Saleh bin Ibrahim Al-Rasheed, CEO of the Royal Commission for Makkah and Holy Sites, emphasized the significance of the Al-Manar community as the first fully integrated ROSHN development in Makkah.

“Located at the city’s western gateway, within the Haram boundaries, this project reflects our commitment to facilitating impactful developments that drive long-term growth and sustainability,” Al-Rasheed said.


World Bank adds Bayer, Hyatt and other CEOs to private sector initiative

World Bank adds Bayer, Hyatt and other CEOs to private sector initiative
Updated 18 sec ago
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World Bank adds Bayer, Hyatt and other CEOs to private sector initiative

World Bank adds Bayer, Hyatt and other CEOs to private sector initiative

LONDON: The World Bank has added four top executives, including Bayer AG CEO Bill Anderson and Hyatt Hotels CEO Mark Hoplamazian, to an initiative working to address barriers to private sector investment in developing countries.

World Bank President Ajay Banga, former CEO of Mastercard, launched the Private Sector Investment Lab shortly after taking office in June 2023, assembling 15 business leaders to brainstorm ways to create more jobs in developing countries.

Banga has worked to shift the bank’s focus to look more at the creation of jobs, underscoring a huge gap between the 1.2 billion young people poised to enter the workforce in developing countries over the next decade and the far fewer 420 million jobs on the horizon.

“You can’t get jobs without development, and you don’t get poverty alleviation and development without jobs,” he told CNBC in an interview on Wednesday.

The next phase will aim at implementing proven solutions at scale, the bank said, identifying five priorities — regulatory and policy certainty, political risk insurance, foreign exchange risk, junior equity capital and securitization.

“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy,” Banga said in a statement. “It’s about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike.”

The Lab’s founding members included senior executives from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group. It is chaired by Shriti Vadera, Chair of Prudential Plc.

The new members, in addition to Anderson and Hoplamazian, bring in Sunil Bharti Mittal, chair of Bharti Enterprises, and Aliko Dangote, president & CEO of Dangote Group.

The added members come from sectors critical to job creation, such as infrastructure, agribusiness, healthcare, tourism, and manufacturing — all industries well-versed in creating broad-based employment and economic opportunity.

The bank has already begun implementing the five priorities identified by the Lab, including work to streamline guarantee instruments, which resulted in a 30 percent increase in issuance and bolstered investor confidence.

In the area of foreign exchange risk, the bank said it was scaling local currency financing to deepen domestic capital markets, noting that its International Finance Corporation arm last year committed one-third of its long-term financing in local currency and aimed to reach 40 percent by 2030.

The bank is also working with institutional investors such as Standard & Poors and BlackRock to standardize and securitize portfolios, unlocking capital from pension funds, insurers, and sovereign wealth funds, it said.


Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase

Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase
Updated 21 min 40 sec ago
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Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase

Oil Updates — crude steadies after 2% drop on potential OPEC+ output increase

BEIJING: Oil prices ticked up on Thursday after falling nearly 2 percent in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing US-Iran nuclear talks.

Brent crude futures rose 8 cents, or 0.12 percent, to $66.20 a barrel by 8:05 a.m. Saudi time, while US West Texas Intermediate crude gained 9 cents, or 0.14 percent, to $62.36 a barrel.

Prices settled down 2 percent in the previous trading session after Reuters reported that several OPEC+ members would suggest the group accelerate oil output increases for a second month in June, citing three sources familiar with the OPEC+ talks.

“While a risk-on move lifted most risk assets yesterday, oil was left behind thanks to OPEC+ discord,” ING analysts wrote in a note.

Kazakhstan, which produces about 2 percent of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritize national interest, rather than that of OPEC+ in deciding production levels, Reuters reported on Wednesday.

There have previously been disputes among OPEC+ members over compliance with production quotas, one of which resulted in Angola exiting OPEC+ in 2023.

“Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war,” the ING analysts said.

Signs that the US and China could be moving closer to trade talks supported prices. The Wall Street Journal reported that the White House would be willing to lower its tariffs on China to as low as 50 percent in order to open up negotiations.

US Treasury Secretary Scott Bessent said on Wednesday that current import tariffs — of 145 percent on Chinese products headed into the US and 125 percent on US products headed into China — were not sustainable and would have to come down before trade talks between the two sides could begin.

White House Press Secretary Karoline Leavitt later told Fox News, however, that there would be no unilateral reduction in tariffs on goods from China.

Rystad Energy analysts say a prolonged US-China trade war could cut China’s oil demand growth in half this year to 90,000 barrels per day from 180,000 bpd.

Trump is also mulling tariff exemptions on car part imports from China, the Financial Times reported on Wednesday.

Potentially putting downward pressure on oil prices, the US and Iran will hold a third round of talks this weekend on a possible deal to reimpose restraints on Tehran’s uranium enrichment program. The market is watching the talks for any sign that a US-Iran rapprochement could lead to the easing of sanctions on Iran oil and boost supply.

But the US on Tuesday put fresh sanctions on Iran’s energy sector, which Iran’s foreign ministry spokesperson said showed a “lack of goodwill and seriousness” over dialogue with Tehran. 


Lebanon receives preliminary approval to increase World Bank loan to $400m

Lebanon receives preliminary approval to increase World Bank loan to $400m
Updated 24 min 58 sec ago
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Lebanon receives preliminary approval to increase World Bank loan to $400m

Lebanon receives preliminary approval to increase World Bank loan to $400m

CAIRO: Lebanon has received preliminary approval to increase the value of a World Bank reconstruction loan to $400 million from $250 million, Finance Minister Yassine Jaber said in a statement on Wednesday.

The Lebanese prime minister said in March that the World Bank had presented a $1 billion program for the reconstruction of Lebanon, including $250 million as a loan.


Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh

Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh
Updated 24 April 2025
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Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh

Virgin Atlantic flight from London, airline’s first to Saudi Arabia, touches down in Riyadh
  • The flight from London Heathrow to King Khalid International Airport marks start of carrier’s daily service to the Kingdom from the UK
  • Airline also announces new service to South Korean capital Seoul, which will begin in March 2026

RIYADH: Virgin Atlantic’s first-ever flight to Saudi Arabia touched down at King Khalid International Airport in Riyadh on Wednesday, as the airline began a daily service from the UK.

The airline’s founder, Richard Branson, was on board the flight from London Heathrow, as the company seeks to capitalize on demand for business travel that is expected to grow under Saudi Vision 2030, the Kingdom’s comprehensive program of national reforms and diversification.

The airline cited the growth of Riyadh as a business and leisure destination as motivation for its decision to introduce the route, as the Middle East’s largest economy offers an ever-growing list of business, sporting and cultural opportunities and experiences.

The company said it also expects to offer a “predominantly Saudi Arabian point of sale” for customers interested in visiting the UK, or wanting to take connections to North America.

Alongside business travelers, Virgin expects the route to prove popular with Saudis who want to visit friends and family, as more people from the Kingdom choose to live in Britain.

“Virgin Atlantic also looks forward to deepening its partnership with Riyadh Air, when it takes to the skies in 2025,” the company added.

The airlines signed an agreement last year to introduce a range of services for customers traveling between Saudi Arabia and the UK. A dedicated Riyadh crew will serve the route, with the aim of providing culturally appropriate services.

“Arabic coffee is served as part of the predeparture drinks service, alongside a selection of dates in the upper and premium cabins,” the company said. “Halal meals are available throughout, and the Travelers’ Prayer also plays before the safety video.”

After a meeting with Branson, Saudi Tourism Minister Ahmed Al-Khateeb said in a message posted on social media: “We look forward to expanding our strategic partnership with Sir Richard Branson and Virgin Group to deliver exceptional travel experiences, connect the world to Saudi destinations, and elevate Saudi Tourism on the global map.

“Our partnership with Virgin Atlantic will open new routes connecting Saudi Arabia to the world. It marks a new chapter in global air connectivity and strengthens the Kingdom’s role as a leading travel hub, inviting UK and world travelers to discover our rich tourism experience.”

The airline announced on Wednesday a new service to the South Korean capital Seoul, which will begin operating in March 2026, as it continues to target expansion in Asian markets.


Veolia puts Gulf region at the forefront of desalination innovation

Veolia puts Gulf region at the forefront of desalination innovation
Updated 23 April 2025
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Veolia puts Gulf region at the forefront of desalination innovation

Veolia puts Gulf region at the forefront of desalination innovation

MUSCAT: Desalination is fast becoming a cornerstone of global water resilience — and at the heart of this transformation is Veolia, a global leader in water technologies. With operations spanning continents, the company is placing the Gulf region at the center of its innovation strategy.

“Gulf countries, and particularly Oman, are now our global centre for desalination innovation,” said Estelle Brachlianoff, CEO of Veolia. “What we’re building here represents global excellence, underpinned by continuous technological evolution,” she told *Arab News en français.

Scaling solutions

Veolia currently operates more than 2,300 desalination facilities across 108 countries, representing 18 percent of the world’s installed capacity. As global demand soars, the company plans to double its output — from 1.4 to 2.8 billion cubic meters per year by 2030 — in a market expected to exceed 40 billion liters per day by decade’s end.

Recent projects, including Hassyan and Mirfa 2 in the UAE, underscore this momentum. A major facility is also in development in Rabat, Morocco. Meanwhile in Saudi Arabia, where daily desalination needs often top 600 million liters, Veolia is enabling a shift toward membrane-based systems tailored for scale, efficiency, and sustainability.

From solar-powered plants to AI-optimized membrane systems, Veolia continues to pioneer technologies like its patented Barrel™ modular system — highlighting the company's commitment to high-performance innovation.

FASTFACTS

Veolia leads globally in desalination, operating over 2,300 sites in 108 countries and aiming to double output by 2030.

Energy efficiency in desalination has improved dramatically, with power use down 85 percent since the early 2000s and water costs dropping from $5 to under $0.50 per cubic meter.

Veolia’s future-focused approach blends innovation, affordability, and environmental stewardship, reinforcing its global leadership in water technologies.

Breaking the myths

A key part of Veolia’s success has been challenging outdated perceptions around desalination. "We’ve broken all the old myths about desalination, one by one,” said Brachlianoff.

Energy consumption, once a major drawback, has dropped by over 85 percent since the early 2000s due to next-generation membranes and energy recovery technologies. Production costs have fallen from $5 to less than $0.50 per cubic meter, making desalinated water a viable option for municipalities and mid-sized industries alike.

Veolia’s new solutions are now also being deployed in sectors such as mining, refining, and even data centers. Projects in Sur, Oman, feature solar integration, while others introduce advanced brine discharge control systems, raising environmental standards across the board.

Gulf countries as living laboratories

Veolia’s work in Oman supports the country’s Vision 2040, particularly its renewable energy goals.

“We’re directly contributing to the goal of achieving 30% renewable energy in the national mix,” said Erwan Rouxel, CEO of Veolia Oman.

A solar plant already provides over a third of the Sur facility’s power needs. The company is also investing in landfill gas-to-energy projects. Crucially, Oman also serves as a hub for workforce development, with 75 percent of Veolia Oman’s staff being local nationals.

“Our Omanization efforts are crucial, not only for business continuity but also for creating shared value with the communities we serve,” Rouxel added.

In Saudi Arabia, Veolia is helping the country transition from thermal desalination to more efficient membrane-based processes.

“The country is shifting from thermal desalination to membrane-based desalination, particularly reverse osmosis,” said Adrien de Saint Germain, CEO of Veolia’s Water Technologies division. “And these aren’t small projects — some exceed 500 to 600 million liters per day. What matters now is how we optimize the entire environment around the membranes.”

He emphasized that Veolia’s approach involves more than technology — it is also about building long-term partnerships through cost-effective design and strategic delivery.

“What makes Saudi projects unique is their multi-year horizon and scale. We can plan strategically and deliver consistently,” he said.

Moroccan innovation in the Atlantic

While the Gulf drives growth in volume, Morocco is offering innovation on a different front — the Atlantic.

“In Morocco, we’re working with Atlantic seawater, which involves very different parameters: lower temperatures, different algae risks,” explained Anne Le Guennec, Senior EVP of Water Technologies. “But it’s the same scale: 800,000 cubic meters per day, just like Hassyan in Dubai.”

Regional expertise plays a critical role in success, she noted.

“From red algae to changing water quality, we know this region. And we work with strong local partners who can respond quickly and deploy workforce on a large scale,” she added.

Toward atomic-level filtration

Looking ahead, Veolia is pushing the boundaries of water purification for specialized industries.

“We’re currently developing solutions using ion-exchange resins,” Le Guennec revealed. “We’re talking atomic-level filtration, separating specific ions. This is where we’ll meet the ultrapure water needs for industries like pharmaceuticals and semiconductor manufacturing.”

This next-generation technology is also feeding into global projects, including the “water of the future” initiative in Paris, where Middle Eastern expertise will help deliver water free of micropollutants by 2027.

Long-term vision and global impact

For CEO Estelle Brachlianoff, Veolia’s strategy is defined by continuous innovation, cost-effectiveness, and environmental responsibility.

“Our ambition is clear: to maintain our global leadership in desalination by continuing to evolve, innovate, and provide the most cost-effective and energy-efficient solutions on the market,” she said.

As water scarcity intensifies worldwide, Veolia is not merely adapting — it is setting the standard.