How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination

Special How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination
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King Salman Park. (Supplied)
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New Murabba. (Supplied)
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King Salman Park. (Supplied)
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Qiddiya. (Supplied)
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Sports Boulevard. (Supplied)
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Diriyah. (Supplied)
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Tuwaiq Palace. (Supplied)
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Diplomatic Quarter. (Supplied)
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King Abdullah Financial District. (Supplied)
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King Salman Park. (Supplied)
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Diriyah. (Supplied)
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Diriyah. (Supplied)
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Tuwaiq Palace. (Supplied)
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Diplomatic Quarter. (Supplied)
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King Salman Park. (Supplied)
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King Salman Park. (Supplied)
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King Salman Park. (Supplied)
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New Murabba. (Supplied)
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New Murabba. (Supplied)
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Updated 23 September 2023
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How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination

How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination
  • Sports Boulevard, New Murabba, Qiddiya and King Salman Park are just some of the city’s highly-anticipated attractions
  • These sustainable and innovative urban spaces will promote culture, heritage, entertainment, leisure and recreation

RIYADH: Saudi Arabia’s Vision 2030 is paving the road for a better future by implementing transformative projects across the Kingdom. These projects aim to integrate advanced technologies and sustainable practices, ultimately enhancing the standard of living and quality of life for residents.

These projects, including Sports Boulevard, New Murabba, Qiddiya, and King Salman Park, are part of Saudi Arabia’s Vision 2030.

They are designed to create sustainable and innovative urban spaces, promote sports and recreational activities, enhance cultural and heritage sites, and provide entertainment and leisure options for residents and visitors. 

Saudi Arabia’s Vision 2030 is paving the road for a better future by implementing transformative projects across the Kingdom. These projects aim to integrate advanced technologies and sustainable practices, ultimately enhancing the standard of living and quality of life for residents.

These projects, including Sports Boulevard, New Murabba, Qiddiya, and King Salman Park, are part of Saudi Arabia’s Vision 2030. They are designed to create sustainable and innovative urban spaces, promote sports and recreational activities, enhance cultural and heritage sites, and provide entertainment and leisure options for residents and visitors.

Sports Boulevard

Sports Boulevard is the world’s largest linear park, stretching more than 135 km. It encompasses an investment area of 2.3 million sq m and features 4.4 million sq m of green and open spaces.

The park will be home to 50 sports facilities, making it a popular destination for a wide range of visitors, including pedestrians, cyclists (both professional and amateur), horse riders, art and culture enthusiasts, and individuals who prioritize eco-friendly activities. The park’s pathways and spaces have been carefully designed to encourage and support a healthy lifestyle.

Sports Boulevard in Riyadh is divided into eight distinct districts, each characterized by its distinctive design and accompanied by pathways and trails, providing a one-of-a-kind experience.

These districts include Wadi Hanifah, Wadi Al-Yasin, Wadi Al-Sulai, Arts District, Entertainment District, Athletics District, Eco District, and Sand Sports Park. Together, they offer an opportunity to promote healthy living and provide a diverse range of entertainment options in a modern and appealing manner.

New Murabba

Big enough to hold 20 Empire State buildings, the New Murabba is set to be the biggest contemporary downtown in Riyadh, thereby supporting the city’s future growth according to the goals of Saudi Vision 2030.

The New Murabba aims to incorporate the concept of sustainability by including green spaces and dedicated paths for walking and cycling. These measures are designed to enhance overall well-being by promoting healthy and active lifestyles and fostering community engagement.

Additionally, the project will feature a museum, a state-of-the-art technology and design university, a versatile immersive theater, and more than 80 destinations for entertainment and cultural activities.

The development in northwest Riyadh, at the intersection of King Salman and King Khalid roads, will cover 19 sq km and provide housing for residents. It will include more than 25 million sq m of floor space, including residential units, hotel rooms and retail space. There will also be office space, recreational facilities and community amenities. The New Murabba development aims to offer a convenient lifestyle with living, working, and entertainment options within a 15-minute distance. It will have its own transportation network and be a 20-minute drive from the airport.

Qiddiya

The Qiddiya project aims to become a groundbreaking city globally renowned for offering the most imaginative and captivating experiences. Qiddiya strives to create a thriving and enjoyable city centered around entertainment, sports and culture.

It is creating numerous exciting attractions, including theme parks suitable for families. These sports arenas can host international competitions, sports and arts academies, concert venues, racetracks for motorsport enthusiasts, and outdoor adventure activities that offer experiences with nature and the environment. Qiddiya will also provide various real estate options and community services.

The 32-hectare site will include 28 rides and attractions across six different themed areas. The 4 km Falcon’s Flight rollercoaster ride will be the centerpiece of the park, and will touch speeds of 250 km an hour and includes a dive of 160 m.

But the rollercoaster is just a small part of the Qiddiya giga-project, which will include arts centers, festival grounds, a sports stadium, shops and restaurants, housing developments, a motor racing circuit and a golf course designed by 18-time major winner Jack Nicklaus.

King Salman Park

King Salman Park is being constructed on more than 16 sq km of land, making it the largest urban park in the world. The park will offer diverse activities and options for residents and visitors of the city. Its environmental elements will significantly increase vegetation in the region and provide more per capita green spaces.

Green areas and open spaces will cover more than 9.3 million sq m, including an Islamic-style garden, a vertical garden, a maze garden, and a bird and butterfly sanctuary. These gardens span more than 400,000 sq m, with a circular pedestrian walkway extending for 7.2 km, a valley area of more than 800,000 sq m, and 300,000 sq m of water features.

The park’s Royal Art Complex will include a national theater with a seating capacity of 2,500, five museums, an outdoor theater accommodating 8,000 audience members, a complex with three cinema halls, four art academies, and an educational center for children.

The sports and entertainment facilities will feature a 850,000 sq m royal golf course, a virtual reality court, a skydiving center, an equestrian center, and running and biking routes.

Diriyah

Diriyah, the historical birthplace of Saudi Arabia, is a treasure trove of more than 30 cultural establishments, including museums and academies. It takes visitors on a captivating journey through the Kingdom’s vibrant history and offers many opportunities to engage with contemporary art.

Turaif, a UNESCO World Heritage site, gives visitors the chance to immerse themselves in captivating performances, interactive exhibitions, educational trails and advanced technologies that together help to showcase Diriyah’s past.

The Old Town features an art district that includes galleries, workspaces and creatively designed residences, while the Period Village recreates a 300-year-old local lifestyle, complete with bustling markets, artisanal shops, workshops, and delectable traditional cuisines.

Jax

The Jax district in Diriyah brings together talented professionals and aspiring artists to express the essence of life through vibrant colors. Their captivating creations are on display throughout the area.

As visitors explore the district, they encounter an array of installations in hallways and public spaces that offer an incredible visual and sensory experience and immerse them in the world of contemporary art.

The district also plays a significant role in promoting art and culture in Diriyah. In 2021 and 2022, it was home to the Diriyah Biennale Foundation, which hosted the Kingdom’s first international contemporary art biennale, in Riyadh. The event attracted artists and enthusiasts from around the world, further solidifying the Jax district’s reputation as a prominent cultural destination.

King Abdullah Financial District

Riyadh’s King Abdullah Financial District is a thriving hub that embodies the vision of the late ruler it is named after for the creation of a prosperous financial center. Aligned with the goals Vision 2030, the district contributes to the expansion and diversification of the Kingdom’s economy, while also providing a dynamic environment within the community.

Its impressive buildings, inspired by the local natural landscape, have reshaped the Riyadh skyline. They offer state-of-the-art office facilities and sustainable smart city solutions that empower businesses to thrive.

Additionally, the district contains exceptional recreational and retail amenities designed to help provide a distinctive lifestyle experience. Through its remarkable architecture and vibrant atmosphere, it is a symbol of economic growth and community vitality.

Diplomatic Quarter

The Diplomatic Quarter, also known as Al-Safarat, is a vibrant area that houses embassies, residential complexes, and a wide variety of dining options. It is also home to important cultural sites, including Tuwaiq Palace, with its unique tent-like structures and panoramic views of Wadi Hanifa.

The Cultural Center, meanwhile, is a spacious two-story building with a large celebration hall, an auditorium equipped with state-of-the-art technology, and a partially covered outdoor area for performances and other celebrations.


Saudi Arabia launches bid for seven mining exploration licenses

Saudi Arabia launches bid for seven mining exploration licenses
Updated 57 min 50 sec ago
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Saudi Arabia launches bid for seven mining exploration licenses

Saudi Arabia launches bid for seven mining exploration licenses

RIYADH: Saudi Arabia has launched a competitive bid for seven new mining exploration licenses, covering an area of approximately 1,000 sq. km.

Announced on Aug. 7 by the Ministry of Industry and Mineral Resources, this initiative seeks to attract both local and international investors to explore these promising sites.

The exploration sites span various regions and are rich in valuable minerals. The Umm Qasr site in Riyadh, covering over 20 sq. km., is known for its deposits of gold, silver, lead, and zinc.

Another site, Jebel Sabha in Riyadh, extends over 171 sq. km. and contains silver, lead, zinc, and cobalt. Wadi Doush in Asir, which spans more than 157 sq. km., holds deposits of gold, silver, and copper.

The Shuaib Marqan site in Riyadh covers over 92 sq. km and is rich in copper, silver, and gold. The Wadi Al-Jouna site in Asir, the largest of the sites, encompasses 425 sq. km. and contains copper, zinc, silver, and gold.

The Hazm Shubat site in Asir, covering over 93 sq. km., is noted for its gold deposits. Lastly, the Huwaimdhan exploration site in Makkah covers an area of more than 34 sq. km. and also contains gold.

This competition is part of the broader Exploration Enablement Program, designed to accelerate the exploration and development of Saudi Arabia's estimated mineral wealth, valued at SR9.3 trillion ($2.48 trillion). The initiative supports Vision 2030’s goal of establishing mining as a crucial pillar of the national industry.

Interested parties must submit their technical bids by early September 2024, with the winners expected to be announced by the end of the month. The ministry has made geological and technical data available through a dedicated platform to assist bidders.

The evaluation process for the bids will be both transparent and fair, with 70 percent of the evaluation based on the technical work program and expertise, and the remaining 30 percent based on community contributions and innovation.

To further encourage investment, new incentives include support of up to SR7.5 million for companies holding exploration licenses for less than five years, allowing 100 percent foreign ownership, and financing up to 75 percent of capital costs through the Saudi Industrial Development Fund.

Investors interested in participating can visit the ministry’s mining platform to review detailed information and download relevant technical and geological reports.

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Closing Bell: Saudi, Gulf stocks post gains following global slump

Closing Bell: Saudi, Gulf stocks post gains following global slump
Updated 07 August 2024
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Closing Bell: Saudi, Gulf stocks post gains following global slump

Closing Bell: Saudi, Gulf stocks post gains following global slump
  • Kingdom’s Tadawul All Share Index closed at 11,729.71, up by 0.43%
  • Qatar’s exchange gained 0.28%, Bahrain bourse edged up 0.09%, Kuwait bourse advanced 0.84%, and Dubai Financial Market rose by 1.45%

RIYADH: Stock markets in the Middle East continued to recover following “Black Monday,” when global indices plunged due to concerns over a potential US recession triggered by a weak jobs report from the world’s largest economy. 

Saudi Arabia’s Tadawul All Share Index closed at 11,729.71, up by 50.55 points, or 0.43 percent on Wednesday. 

The total trading turnover of the benchmark index was SR6.98 billion ($1.86 billion), as 169 of the stocks advanced, while 62 retreated. 

The Kingdom’s parallel market Nomu rose 207.67 points, or 0.81 percent, to close at 25,903.77, with 30 of the listed stocks advancing and 31 retreating. 

The MSCI Tadawul Index gained 0.79 points, or 0.05 percent, to close at 1,467.35. 

Rabigh Refining and Petrochemical Co. was the top performer of the day, with its share price climbing 10 percent to SR8.14. 

Other notable performers included Baazeem Trading Co. and Al-Baha Investment and Development Co. 

The worst performer was Malath Cooperative Insurance Co. whose share price dropped by 6.12 percent to SR15.66. 

Walaa Cooperative Insurance Co. and Rasan Information Technology Co. also saw declines. 

On the announcements front, Kingdom Holding Co. reported a 76.43 percent increase in net profits for the first half of this year, reaching SR820 million. The increase was attributed to higher equity results, gains on investment property sales, and reduced financial charges. 

Saudi Electricity Co. reported a 16.5 percent rise in net profits for the first half of 2024, totaling SR5.5 billion, driven by increased revenue and reduced finance costs. 

Saudi Cable Co. saw an 87.7 percent drop in net profit to SR7.02 million, while SAL Saudi Logistics Services Co. reported a 70.71 percent increase in net profit to reach SR363 million due to higher revenues and cost control efforts. 

Rabigh Refining and Petrochemical Co. reported a net loss of SR2.46 billion for the first half of the year, widening from SR2.1 billion in the same period last year attributed to decreased sales volumes and margins. 

Alkhorayef Water and Power Technologies Co. reported a substantial increase in net profits, reaching SR119 million in the first half of 2024, marking a 75.57 percent surge compared to the same period the previous year, driven primarily by a boost in operating profits.

National Metal Manufacturing and Casting Co. experienced a net loss of SR19.17 million during the first six months of the year. This represents a deterioration from the SR12.46 million loss recorded in the corresponding period of 2023. The increased loss is attributed to a decline in sales of axle, spare parts, and casting products, as well as a reduction in the average selling price of drawn wire products.

Riyadh Cement Co. achieved net profit of SR134 million in the first half of 2024, a 6.22 percent increase from the same period last year due to higher sales prices and increased revenues, despite rising Zakat expenses.

On Wednesday, the Dubai Financial Market rose by 1.45 percent, while the Abu Dhabi Exchange increased by 1.05 percent. 

The Qatar Stock Exchange gained 0.28 percent, the Bahrain bourse edged up by 0.09 percent, and the Kuwait bourse advanced by 0.84 percent. 

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King Abdulaziz Port sets record with 20,645 containers handled on single ship

King Abdulaziz Port sets record with 20,645 containers handled on single ship
Updated 57 min 6 sec ago
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King Abdulaziz Port sets record with 20,645 containers handled on single ship

King Abdulaziz Port sets record with 20,645 containers handled on single ship

RIYADH: Saudi Arabia’s maritime sector is experiencing significant expansion, highlighted by the King Abdulaziz Port in Dammam achieving a milestone in container handling.

The port recently set a new record by managing 20,645 standard containers on a single vessel, the Cosco Shipping Aquarius 036E. This achievement underscores the port's crucial role in supporting trade movement and the logistics sector.

This development aligns with the National Transport and Logistics Strategy’s goals to establish the Kingdom as a global logistics hub connecting three continents. It also reflects the success of the Saudi Ports Authority, known as Mawani, in enhancing port efficiency and strengthening the Kingdom’s ties with global markets, thereby supporting national exports.

Ongoing infrastructure improvements at King Abdulaziz Port include the recent addition of 21 coastal and bridge cranes, as part of a development plan backed by SR7 billion ($1.86 billion) in investment from commercial support contracts with Saudi Global Ports Co., a subsidiary of the Public Investment Fund.

A landmark contract with the Chinese company SANY will see the supply of 80 electric trucks to the port, marking the largest single contract for such vehicles ever signed by the Chinese firm.

These enhancements aim to boost the port’s competitive edge and confirm its international status in maritime transport and logistics. King Abdulaziz Port, equipped with advanced facilities, has also reached notable container handling records, including 292,612 standard containers in May.

In March, Mawani announced a new shipping service connecting Dammam to East Asia, linking the port to Shanghai, Xiamen, Dachan Bay, and Qingdao in China, as well as Busan in South Korea, Klang in Malaysia, Sohar in Oman, and Khor Fakkan in the UAE.

This service further enhances the port’s strategic position as the Kingdom’s main port on the Arabian Gulf, linked to the Riyadh Dry Port by rail, and a key transit point for goods to the eastern and central regions of Saudi Arabia.

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UAE banks’ savings deposits up 8.4% to reach $80.2bn

UAE banks’ savings deposits up 8.4% to reach $80.2bn
Updated 07 August 2024
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UAE banks’ savings deposits up 8.4% to reach $80.2bn

UAE banks’ savings deposits up 8.4% to reach $80.2bn

RIYADH: The UAE banking sector has demonstrated growth and stability in recent months. According to the latest data, the total value of savings deposits held by banks surged by 8.4 percent year on year, reaching 294.66 billion dirhams, equivalent to approximately $80.2 billion.

Of these deposits, 247.49 billion dirhams were held in local currency, while 47.17 billion dirhams were in foreign currencies.

This upward trend in savings deposits continued with a 1.68 percent increase from April, when the total amount stood at 289.78 billion dirhams. In addition, the value of time deposits saw a remarkable rise of 17 percent compared to the previous year, reaching 842.98 billion dirhams. Demand deposits also experienced substantial growth, climbing by more than 10 percent year-on-year to 1.04 trillion dirhams.

The banking sector’s net international reserves saw a notable surge of 29 percent, totaling 1.23 trillion dirhams by the end of May. This total includes 763.88 billion dirhams held by the Central Bank of the UAE and 472.68 billion dirhams held by other banks operating in the UAE. In conjunction with this, CBUAE’s gold reserves grew by 19.7 percent year on year, reaching 20.61 billion dirhams. The gold reserves also saw a 1.3 percent increase in May compared to April.

Transaction volumes through the UAE Funds Transfer System also experienced growth. By the end of May, the total value of transactions rose to 7.9 trillion dirhams, marking a 17 percent increase from the same period in the previous year. This total includes 4.96 trillion dirhams in interbank transfers and 2.93 trillion dirhams in transfers between bank customers. Additionally, the value of cheques cleared using the Image Cheque Clearing System reached 544.4 billion dirhams by the end of May.

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Arab oil and gas sector attracted investments worth $406bn over 22 years: report

Arab oil and gas sector attracted investments worth $406bn over 22 years: report
Updated 07 August 2024
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Arab oil and gas sector attracted investments worth $406bn over 22 years: report

Arab oil and gas sector attracted investments worth $406bn over 22 years: report
  • US emerged as the leading investor, with 85 projects representing approximately 14 percent of the total.

RIYADH: Arab nations have attracted $406 billion in investments from 356 foreign and regional companies in the oil and gas sector over the past 22 years, according to recent data from the Arab Investment and Export Credit Guarantee Corp., also known as Dhaman.

During this period, which spans from January 2003 to May 2024, the region has seen the execution of 610 projects.

The US has emerged as the leading investor, with 85 projects representing approximately 14 percent of the total. In terms of investment costs, Russia has taken the lead, contributing $61.5 billion, which constitutes about 15.2 percent of the total investment.

The Middle East remains the largest holder of proven oil reserves globally. As of 2023, it accounts for approximately 55.5 percent of the world’s known oil reserves, according to the global statistics platform Statista. However, the region’s share has declined from nearly 63 percent in 1960 to less than 56 percent by 2020.

Future projections indicate a continued decline in proven oil reserves in the Arab region. By 2024, reserves are expected to drop to 704 billion barrels, or about 41.3 percent of the global total. This figure is anticipated to decrease further by 7 percent to 654.5 billion barrels by 2030. Additionally, proven natural gas reserves in the region are forecasted to reach approximately 58 trillion cubic meters, accounting for 26.8 percent of the global total. This figure is expected to decline by 7.5 percent to 53.53 trillion cubic meters by 2030.

Despite these anticipated reductions, the production of crude oil, compressed gas, and other liquids in Arab countries is projected to increase. Production is expected to rise by 6.4 percent to 28.7 million barrels per day in 2024, with an anticipated increase to around 33 million barrels per day by 2030.

Dhaman, headquartered in Kuwait, provides guarantee services against commercial and non-commercial risks in Arab countries and is owned by the governments of Arab states along with four Arab financial institutions.