عربي English Türkçe اردو فارسى
Logo
Latest News
Business

New Murabba Signs MoU with the Tourism Development Fund

The MoU was signed by New Murabba Development Company CEO Michael Dyke and TDF chief executive Qusai bin Abdullah Al-Fakhri. - SPA
The MoU was signed by New Murabba Development Company CEO Michael Dyke and TDF chief executive Qusai bin Abdullah Al-Fakhri. - SPA
TT
TT

New Murabba Signs MoU with the Tourism Development Fund

The MoU was signed by New Murabba Development Company CEO Michael Dyke and TDF chief executive Qusai bin Abdullah Al-Fakhri. - SPA
The MoU was signed by New Murabba Development Company CEO Michael Dyke and TDF chief executive Qusai bin Abdullah Al-Fakhri. - SPA

New Murabba Development Company (NMDC) signed a memorandum of understanding (MoU) with the Tourism Development Fund (TDF) to spearhead the transformation of Riyadh. The agreement will see the two entities work closely together to create New Murabba, the world’s largest modern downtown, serving as a model for future urban development and contributing towards Riyadh city’s evolution, in line with Vision 2030, SPA reported.

The MoU was signed by New Murabba Development Company CEO Michael Dyke and TDF chief executive Qusai bin Abdullah Al-Fakhri.

As part of the agreement, TDF will provide direct financing opportunities in collaboration with its network of partners and contracted investors, solidifying NMDC’s access to TDF’s expertise, networks, and investment capabilities.
The agreement is poised to unlock New Murabba's immense potential, placing Riyadh at the forefront of global destinations and showcasing the Kingdom of Saudi Arabia's commitment to innovative, sustainable urban development, cultural richness, and unparalleled visitor experiences on the world stage.
“We are pleased to have partnered with the New Murabba Development Company to bring this bold undertaking to life: an innovative undertaking that will enhance Riyadh’s status on the global stage as one of the commercial and financial capitals of the world,” TDF’s Al-Fakhri said. “This is a future-focused partnership that extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia.”
“In line with Vision 2030 and the National Tourism Strategy, our agreement with New Murabba Development Company marks the beginning of an exciting new chapter for Riyadh; one that adds to the richness of the Kingdom’s inspiring story of transformation,” the TDF chief said. “Together, we aim to create a modern downtown in the Saudi capital that provides even greater access to exceptional living, working, and entertainment experiences. Representing the very best of Saudi excellence, we believe New Murabba will attract tourists, as well as investors, to the Kingdom and improve citizens’ and residents’ quality of life.”
“New Murabba will be a gateway to the future,” NMDC’s Dyke said. “We are confident that our partnership with TDF will enable us to play a transformative role in diversifying sources of income for the Saudi economy, aligning seamlessly with the objectives of Vision 2030. Together, we will create groundbreaking opportunities that will not only elevate the Saudi tourism landscape but drive New Murabba to the forefront of global innovation.”

Most Viewed

 
 
Business

US Stocks Dip on Mixed Earnings as Markets Monitor Iran

A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)
TT
TT

US Stocks Dip on Mixed Earnings as Markets Monitor Iran

A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026. (Photo by ANGELA WEISS / AFP)

Wall Street stocks retreated from records early Thursday as markets digested a trove of mixed earnings reports and monitored the latest dynamics between the United States and Iran.

Analysts cited profit-taking after both the S&P 500 and Nasdaq shrugged off a jump in oil prices to finish at records on Wednesday.

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 49,311.39, AFP reported.

The broad-based S&P 500 dipped 0.2 percent to 7,126.19, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 24,588.07.

David Morrison, senior market analyst at FCA, called Thursday's early trading action "a mild bout of profit-taking triggered by some worrying reports of hostile action between the US and Iran," according to a note.

The US Defense Department said its forces boarded a vessel in the Indian Ocean that was transporting oil from Iran, while President Donald Trump announced on social media that he ordered the Navy to "shoot and kill" boats placing mines in the Strait of Hormuz.

Iran vowed it would keep the strait closed to all but a trickle of approved vessels for as long as the United States blockaded its ports.

Among companies reporting results, Tesla fell 1.7 percent and Lockheed Martin dropped 3.7 percent, while American Airlines jumped 4.9 percent.

Business

What Does the Inclusion of Saudi Bonds in the J.P. Morgan Index Mean?

Saudi woman walks at the Saudi stock market in Riyadh - Reuters
Saudi woman walks at the Saudi stock market in Riyadh - Reuters
TT
TT

What Does the Inclusion of Saudi Bonds in the J.P. Morgan Index Mean?

Saudi woman walks at the Saudi stock market in Riyadh - Reuters
Saudi woman walks at the Saudi stock market in Riyadh - Reuters

Saudi Arabia’s debt market is set for a strategic shift in early 2027, following J.P. Morgan’s announcement that local-currency bonds will be included in its global emerging markets bond index. The move represents a vote of confidence in the Kingdom’s structural reforms and is expected to open the door to substantial capital inflows that will help finance major economic transformation projects.

In a note, J.P. Morgan said the move follows a series of reforms to improve foreign investor access and enhance local market capabilities.

The bank added that Saudi sukuk, Shariah-compliant debt instruments that function similarly to bonds, with a remaining maturity of up to 15 years, will be eligible for inclusion in the Government Bond Index-Emerging Markets (GBI-EM), the most widely tracked benchmark of its kind, with $233 billion in assets tracking it.

J.P. Morgan said eight sukuk issues would be eligible for inclusion, with a total value of $69 billion.

The Kingdom’s inclusion in the index is expected to boost liquidity and demand for sovereign debt, contributing to lower borrowing costs.

In September, J.P. Morgan had placed Saudi Arabia on “Positive Index Watch,” paving the way for its eventual inclusion in the GBI-EM.

Commenting on the decision, Saudi Finance Minister Mohammed Al-Jadaan told Bloomberg that the move reflects continued confidence in the Kingdom’s economic transformation trajectory. He said the inclusion marks a new milestone in Saudi Arabia’s integration into global financial markets, adding that its immediate impact will be seen in broadening and diversifying the investor base and supporting long-term capital inflows into the domestic debt market, thereby strengthening the resilience and stability of the national economy.

The Significance of the Index

The importance of J.P. Morgan’s index lies in its role as a benchmark guiding major global fund allocations, particularly passive funds that track indices automatically. With an expected weighting of around 2.52 percent, Saudi bonds will become a core component of international investor portfolios, increasing government bond liquidity and reducing borrowing costs over the long term, a critical factor for the Kingdom’s economy.

Passive funds play a key role in ensuring steady inflows. Trillions of dollars globally are managed through such funds. Once Saudi Arabia is included in the index, these funds will purchase Saudi bonds to remain aligned with it. Unlike active investors, they do not rapidly buy or sell based on daily news or market sentiment, but continue to hold bonds as long as they remain in the index, providing significant stability to the Saudi debt market. Their participation also ensures a constant base of large-scale buyers, facilitating bond trading at any time.

Reforms That Paved the Way

This inclusion is the result of a series of regulatory reforms highlighted by the bank in its note. Saudi Arabia has improved international investor access by linking to the global Euroclear system, expanding its network of primary dealers to include international banks, and facilitating cross-border settlement and trading. These measures have enhanced legal certainty and transparency, making the Saudi debt market an attractive and secure destination for foreign capital.

Financial Stability Amid Regional Challenges

Beyond its economic dimensions, the move carries strategic significance amid ongoing geopolitical tensions in the region. Increased inflows into local bonds are expected to strengthen the government’s ability to manage any economic fallout from regional instability. It underscores the resilience and attractiveness of the Saudi economy, demonstrating its capacity to attract quality investment and secure the financing needed for its development plans regardless of external challenges.

Business

S&P Warns African Sovereign Credit Rating Risks Likely to Worsen

Central Bank of Egypt building (A.P.)
Central Bank of Egypt building (A.P.)
TT
TT

S&P Warns African Sovereign Credit Rating Risks Likely to Worsen

Central Bank of Egypt building (A.P.)
Central Bank of Egypt building (A.P.)

S&P Global Ratings warned on Thursday that the risks to African sovereign credit scores were likely to worsen the longer the Middle East war drags on.

The ratings agency said that higher fuel and fertilizer import costs would increase inflation and fiscal strains for countries, "potentially leading to rating pressure".

Egypt, Mozambique and Rwanda are among the "most exposed" the agency said, although Egypt's deep domestic capital markets and Rwanda's high levels of concessional debt provide some offset, according to Reuters.

Less exposed are net-oil exporters Nigeria, Angola and Congo-Brazzaville as well as Morocco, due to stronger foreign-currency reserves.

S&P's "base case" assumed that the conflict will peak and that the Strait of Hormuz will gradually reopen but related disruptions will likely persist for months. A resumption of hostilities and a more prolonged conflict would present a greater threat to many African sovereigns.

The ratings agency said it expected Africa's borrowing costs to increase due to war's impacts and as a result of global risk aversion.

S&P in recent weeks kept Egypt's credit rating on a "stable" outlook and affirmed ratings for Morocco, Ghana and Mozambique.