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Kerten Hospitality Launches Initiative to Unify, Strengthen its 12+ Lifestyle Projects in Saudi Arabia

Kerten Hospitality, the renowned global hospitality operating company, announced on Monday the launch of its brand-new initiative named "The Collective by Kerten Hospitality".
Kerten Hospitality, the renowned global hospitality operating company, announced on Monday the launch of its brand-new initiative named "The Collective by Kerten Hospitality".
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Kerten Hospitality Launches Initiative to Unify, Strengthen its 12+ Lifestyle Projects in Saudi Arabia

Kerten Hospitality, the renowned global hospitality operating company, announced on Monday the launch of its brand-new initiative named "The Collective by Kerten Hospitality".
Kerten Hospitality, the renowned global hospitality operating company, announced on Monday the launch of its brand-new initiative named "The Collective by Kerten Hospitality".

Kerten Hospitality, the renowned global hospitality operating company, announced on Monday the launch of its brand-new initiative named "The Collective by Kerten Hospitality". This project aims to group together all of the Kerten Hospitality’s developments in Saudi Arabia under one umbrella.

The Collective represents a strategic move to cluster efforts and resources, leveraging a more robust overall brand presence to drive consumer trust and credibility while attracting the attention of potential investors.

The combined value of the projects within The Collective by Kerten Hospitality is projected to surpass 1.5 billion SAR in 2023, underscoring the remarkable investment and commitment towards developing a wide range of sustainable and distinctive tourism experiences in Saudi Arabia.

As the Kingdom aims to attract a growing number of tourists and investors, the accomplishments of The Collective will contribute significantly to the expansion of the tourism sector and further establish Saudi Arabia as a top destination featuring a thriving and eco-friendly tourism industry.

Aimed at expediting the activation of unique assets throughout the Kingdom, The Collective by Kerten Hospitality will provide individual investors with increased confidence to enter the burgeoning hospitality market.

In addition, The Collective is expected to stimulate short-term growth in lifestyle and sustainability projects and present unprecedented investment opportunities across the Kingdom while building synergies in line with the Ministry of Tourism’s development strategy, from Aseer to Yanbu and Jeddah to Riyadh, Hail and Jouf.

This cohesive platform will enhance visibility for each property and inspire travelers to explore the breadth of Kerten Hospitality's offerings within Saudi Arabia. This approach is also set to streamline the integration of new projects and foster collaboration among investors, ministries, and governmental bodies, sparking interest in further fund developments.

Marloes Knippenberg, the CEO of Kerten Hospitality, said: "The Collective by Kerten Hospitality is a testament to the progressive vision of the Saudi government and the Ministry of Tourism, as it allows us to drive forward such remarkable projects."

"Not only does it showcase the strength of Kerten Hospitality's diverse portfolio in Saudi Arabia, but it also presents a unique opportunity for investors, significantly enhancing the visibility of our projects while inspiring travelers and fostering a sense of community among our properties."

"As the hospitality landscape in Saudi Arabia continues to evolve, we believe that The Collective will drive growth, create synergies, and offer attractive investment prospects for forward-thinking investors seeking to capitalize on the dynamic potential of this thriving market. We are confident that this approach will position Kerten Hospitality and its partners at the forefront of Saudi Arabia's dynamic and increasingly competitive hospitality landscape."

The Collective aims to provide confidence for individual investors entering the industry, support the growth of more lifestyle projects in the Kingdom, and create a lasting impact on Saudi Arabia's hospitality landscape.

The Saudi Ministry of Tourism is actively fostering a supportive investment environment, particularly in the hospitality sector, to drive economic growth and enhance the nation's position as a premier global tourism destination.

Mahmoud Abdulhadi, Deputy Minister of Destination Enablement at the Ministry of Tourism said: "Our efforts to grow the tourism sector in the Kingdom have been strategically focused on promoting multiple cities and showcasing the diverse natural and cultural experiences they offer, while also emphasizing sustainability."

"We believe that by concentrating on lifestyle opportunities across various destinations, we can create a more vibrant and appealing tourism landscape that respects our environment and natural resources. This approach not only encourages visitors to explore different parts of Saudi Arabia but also fosters sustainable growth for the industry, ultimately benefiting local communities and businesses," he added.

"We remain committed to working closely with our partners, such as Kerten Hospitality, to bring innovative, exciting, and sustainable projects to fruition, further bolstering the Kingdom's position as a sought-after, responsible tourism destination."

Kerten Hospitality, a global hospitality company, specializes in creating, operating, and managing bespoke lifestyle projects across various sectors. With a commitment to innovation and sustainability, Kerten Hospitality's portfolio includes hotels, serviced apartments, serviced office spaces, and food and beverage projects. The company's mission is to create unique experiences that inspire travelers and redefine how people live, work, and explore the world.

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China, US Slash Sweeping Tariffs in Trade War Climbdown

Under Monday's deal, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent -- down by over 100 percentage points. STR / AFP
Under Monday's deal, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent -- down by over 100 percentage points. STR / AFP
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China, US Slash Sweeping Tariffs in Trade War Climbdown

Under Monday's deal, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent -- down by over 100 percentage points. STR / AFP
Under Monday's deal, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent -- down by over 100 percentage points. STR / AFP

The United States and China slashed sweeping tariffs on each others' goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war that roiled global markets and international supply chains.

Washington and Beijing agreed to drastically lower sky-high tariffs in a deal that emerged from pivotal talks at the weekend in Geneva, AFP reported.

US President Donald Trump said Washington now had the blueprint for a "very, very strong" trade deal with China that would see Beijing's economy "open up" to US businesses, in an interview broadcast Tuesday on Fox News.

"We have the confines of a very, very strong deal with China. But the most exciting part of the deal ... that's the opening up of China to US business," he told the US broadcaster while aboard Air Force One on the way to the start of his Gulf tour.

"One of the things I think that could be most exciting for us and also for China, is that we're trying to open up China," he added, without elaborating.

Trump had upended international commerce with his sweeping tariffs across economies, and China has been especially hard hit.

Unwilling to budge, Beijing responded with retaliatory levies that brought new tariffs on both sides well over 100 percent.

After billions were wiped off equities and with businesses ailing, negotiations finally got underway at the weekend in Geneva between the world's trade superpowers to find a way out of the impasse.

Under the deal, the United States agreed to lower its new tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent -- down by over 100 percentage points.

'No winners'

The reductions came into effect just after midnight Washington time (0401 GMT) on Wednesday, a major de-escalation in trade tensions that saw US tariffs on Chinese imports soar to up to 145 percent and even as high as 245 percent on some products.

Washington also lowered duties on low-value imports from China that hit e-commerce platforms like Shein and Temu.

Under Trump's order, such small parcels would be hit by duties of 54 percent of their value -- down from 120 percent -- or a $100 payment.

China said Wednesday it was suspending certain non-tariff countermeasures too.

Beijing's commerce ministry said it was halting for 90 days measures that put 28 US entities on an "export control list" that bars firms from receiving items that could be used for both civilian and military purposes.

The ministry added in a separate statement that it was pausing measures which added 17 US entities to an "unreliable entity list". Companies on the list are prohibited from import and export activities or making new investments in China.

The suspension for 11 entities added on April 4 applies for 90 days, while the ministry did not specify the length of suspension for six others added on April 9.

Markets have rallied in the glow of the China-US tariff suspension.

Chinese officials have pitched themselves at a summit in Beijing with Latin American leaders this week as a stable partner and defender of globalization.

"There are no winners in tariff wars or trade wars," Chinese President Xi Jinping told leaders including Brazil's Luiz Inacio Lula da Silva. His top diplomat Wang Yi swiped at a "major power" that believed "might makes right".

'Risk of renewed escalation'

Deep sources of tension remain -- the US additional tariff rate is higher than China's because it includes a 20 percent levy over Trump's complaints about Chinese exports of chemicals used to make fentanyl.

Washington has long accused Beijing of turning a blind eye to the fentanyl trade, something China denies.

Analysts warn that the possibility of tariffs returning after 90 days simply piles on more uncertainty.

"Further tariff reductions will be difficult and the risk of renewed escalation persists," Yue Su, principal economist at The Economist Intelligence Unit, told AFP.

Trump's rollercoaster tariff row with Beijing has wreaked havoc on US companies that rely on Chinese manufacturing, with the temporary de-escalation only expected to partially calm the storm.

And Beijing officials have admitted that China's economy -- already ailing from a protracted property crisis and sluggish consumer spending -- is likewise being affected by trade uncertainty.