عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Red Sea Global and Kingdom Holding Company Sign SAR2 Billion Joint Venture 

Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).
Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).
TT
TT

Red Sea Global and Kingdom Holding Company Sign SAR2 Billion Joint Venture 

Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).
Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).

Red Sea Global (RSG) announced on Tuesday the successful completion of an investment deal with Kingdom Holding Company (KHC).

The SAR2 billion joint venture brings together RSG and KHC in a 50/50 partnership to develop and own the Four Seasons Resort Red Sea, Saudi Arabia, expected to open in early 2025.

The highly anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations. It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets, meeting and events spaces, a marine discovery center, and a Kids For All Seasons space, according to an RSG press release.

"This partnership strengthens our unwavering commitment to transforming the tourism landscape in Saudi Arabia. We share a common vision of creating extraordinary destinations that not only drive economic growth and job creation, but also preserve precious ecosystems, aligning perfectly with the aspirations outlined in Vision 2030,” said RSG Group CEO John Pagano.

KHC CEO Eng. Talal Ibrahim Almaiman said: "We are proud to partner with RSG in the execution of one of the Kingdom’s most exciting projects and look forward to creating value for our respective shareholders. This investment will form part of our broader strategy for further investments in the Saudi Arabian high growth market."

Shura Island will be home to a total of 11 resorts, and will include residential properties, an 18-hole championship golf course, a 118-berth marina, and an "exceptional retail, dining, and entertainment experience".

Most Viewed

 
 
Business

Moody’s Upgrades Türkiye’s Ratings to B1 on Tight Monetary Policy

A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)
A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)
TT
TT

Moody’s Upgrades Türkiye’s Ratings to B1 on Tight Monetary Policy

A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)
A street vendor waits for customers at an underground passage in Istanbul, Türkiye, July 11, 2024. (Reuters)

Ratings agency Moody's upgraded Türkiye’s ratings to "B1" from "B3" on Friday, citing improvements in governance and a tighter stance on monetary policy.

Backed by President Recep Tayyip Erdogan and spear-headed by Finance Minister Mehmet Simsek, Türkiye has been implementing a tight monetary and fiscal policy since last year to tackle soaring inflation. Annual inflation dipped to below 72% last month from above 75% in May, which is seen as the peak.

Türkiye’s central bank has raised its main rate to 50% from 8.5% since Simsek was appointed last year.

The country's central bank has recently said it will maintain its tight monetary policy stance until a permanent decline in inflation is achieved. In June, the central bank reiterated that disinflation would take hold in the second half of the year.

Last month, the international crime watchdog, Financial Action Task Force (FATF), removed Türkiye from its "grey list" of countries that require special scrutiny, in a boost to the country's economic turnaround plan.

Moody's is the first credit ratings agency to announce new ratings for Türkiye following the FATF decision.

Lower current-account deficit and improvement in the central bank's financial position has materially reduced the country's external vulnerability, Moody's said.

"Earlier concerns over rising risks of a full-blown balance of payments crisis - which had triggered successive downgrades to the B3 rating level - have for now dissipated," the agency added in a statement.

The agency also maintained its "positive" outlook on Türkiye, expecting authorities to maintain its tight economic policy stance for longer.