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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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Urgent Financial Tasks Await Lebanon’s Emerging Government

Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
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Urgent Financial Tasks Await Lebanon’s Emerging Government

Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)

A broad internal consensus, encompassing both political and economic dimensions, is taking shape to adopt the principles outlined in the presidential inauguration address as the foundation of the new government’s program and ministerial statement. This approach aims to sustain Lebanon’s immediate and strong positive momentum, which is reinforced by widespread support on both Arab and international levels.

Economic bodies and professional unions representing business sectors have openly expressed their relief and full support for the strategic directions set by President Joseph Aoun following his election. However, they have made it clear that maintaining this positive momentum depends on the formation of a reform-oriented rescue government, composed of competent, experienced, and honest ministers. This government must also collaborate constructively with the president.

According to a senior financial official, the rescue mission will be challenging due to years of governmental inaction and constitutional voids, which led to a deterioration in public sector operations and the accumulation of economic, financial, and monetary crises over the past five years. These challenges were further compounded by a devastating war, which inflicted severe human and financial losses estimated at approximately $10 billion, thereby worsening the country’s financial gap, now estimated at $72 billion.

Economic and banking circles are looking to the new government to swiftly capitalize on extensive international support by restoring trust and reestablishing financial channels between Lebanon and its regional and international partners. Key to this effort are explicit and transparent commitments to combating illegal economic activities, corruption, smuggling, money laundering, and drug trafficking. In parallel, the government must prioritize strengthening judicial independence and implementing strict controls over land, sea, and air borders.

The national consensus evident in the presidential election, according to Mohammad Choucair, head of Lebanon’s economic associations, paves the way for constructive collaboration among political factions. This collaboration is crucial for addressing challenges, rebuilding the state, and benefiting from renewed international and Arab—particularly Gulf and Saudi—interest in Lebanon. Choucair emphasized the importance of normalizing relations with Gulf nations, supporting Lebanon’s recovery, and providing resources for reconstruction efforts.

One of the urgent tasks for the new government, according to the financial official, is revisiting the draft 2024 state budget, which was previously submitted to parliament. Adjustments are necessary to address fundamental discrepancies in expenditure and revenue projections, taking into account significant changes brought about by the Israeli war.

Ibrahim Kanaan, chairman of the Parliamentary Finance Committee, described the budget as “unrealistic, if not entirely fictitious,” particularly in its revenue estimates. He pointed out that revenue increases were based on income and capital taxes, internal duties, and trade-related fees, all of which have been severely impacted by the war.

Reassuring depositors, both domestic and expatriate, who have suffered massive losses over recent years, is another pressing issue. These losses were exacerbated by the inability of successive governments to implement a comprehensive rescue plan addressing the $72 billion financial gap fairly. The situation was worsened by mismanagement in the electricity sector and the squandering of over $20 billion in central bank reserves following the onset of the financial crisis.

In response to Aoun’s commitment to a fair resolution for depositors, the Association of Banks in Lebanon welcomed his emphasis on safeguarding deposits. It also expressed its readiness to collaborate with the central bank and the government to protect depositors’ rights, citing a recent State Council ruling that prohibits any financial recovery plans from including measures that would erode depositors’ funds.

In its final session, the caretaker government addressed long-standing creditor issues by unanimously agreeing to suspend Lebanon’s right to invoke statutes of limitations on claims by foreign bondholders under New York law. This suspension, effective until March 9, 2028, aims to facilitate future negotiations.

With this decision, the caretaker government tacitly acknowledged Lebanon’s pending debt obligations, including over $10 billion in suspended interest payments on Eurobonds and approximately $30 billion in principal debt. The resolution now awaits direct negotiations under the new administration, which faces the challenge of resolving a nearly five-year-old crisis triggered by the previous government’s uncoordinated decision to halt payments on all Eurobond obligations through 2037.

Caretaker Finance Minister Youssef Khalil emphasized that despite the difficult circumstances, “Lebanon remains committed to reaching a fair and consensual resolution regarding the restructuring of Eurobond debt.”