Aramco, Riyadh Air Explore Collaboration Opportunities
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
Aramco, Riyadh Air Explore Collaboration Opportunities
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
Saudi Aramco and Riyadh Air, the Kingdom's new premium international airline, have signed a Memorandum of Understanding (MoU) during the FII 8th Edition in Riyadh.
The MoU sets the stage for potential collaboration in areas such as low-carbon fuel supply and sustainability.
“We are delighted by the prospect of exploring a wide variety of opportunities for collaboration between Aramco and Riyadh Air,” said Aramco Executive Vice President of Products & Customers Yasser M. Mufti.
“Both companies have expressed a desire to adopt latest technologies, elevate experiences and contribute to sustainability objectives. Aramco’s work to develop lower-carbon fuels, its strong focus on digitalization, and its aviation experience, among other things, provide a strong platform for potential cooperation with Riyadh Air,” he added.
As for Riyadh Air Chief Financial officer Adam Boukadida, he said that the partnership “aligns perfectly with our ambition to become a leading global airline committed to sustainability and low-carbon fuels.”
“By leveraging Aramco’s expertise, we aim to improve our operational capabilities and provide outstanding experiences for our guests. Together, we can play a significant role in advancing the Kingdom’s environmental and economic objectives.”
Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Regionhttps://english.aawsat.com/business/5242129-moody%E2%80%99s-establishes-regional-hq-riyadh-deepening-presence-region
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.
“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.
The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.
“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.
“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.
“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.
Mahmoud Totonji will lead the regional headquarters as General Manager.
Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainabilityhttps://english.aawsat.com/business/5242098-saudi-arabia-launches-first-endowment-fund-environmental-water-and-agricultural
Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainability
The launch of the Namaa Endowment Fund (Asharq Al-Awsat)
Saudi Arabia has launched its first endowment fund dedicated to advancing environmental, water and agricultural sustainability, reinforcing efforts to strengthen the Kingdom’s non-profit sector and long-term development.
Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadhli on Tuesday inaugurated the Namaa Endowment Fund at the ministry’s headquarters, in the presence of senior officials and stakeholders.
The fund is designed to support economic and social development goals, address community needs, increase the non-profit sector’s contribution to GDP, and promote sustainable management of environmental, water and agricultural resources.
Al-Fadhli said the fund represents a new model of institutional endowment work and a practical mechanism to expand developmental impact while ensuring the sustainability of non-profit initiatives.
Developed in partnership with the General Authority for Awqaf, the fund aims to build assets commensurate with its ambitions, enabling higher returns and a wider impact over the long term.
It will pursue carefully structured investments that balance financial performance with developmental outcomes, with the potential to own or benefit from real estate assets that can be used by non-profit organizations.
Encouraging Private-Sector Participation
Al-Fadhli added that the ministry, in cooperation with the General Authority for Awqaf, the Capital Market Authority and AlAhli Capital, will support the fund and encourage contributions from the private sector, business leaders and the wider public.
Contributions will be made through a licensed digital platform under strict financial governance. He called on all segments of society to contribute in support of sustainable development across the environment, water and agriculture sectors.
Namaa will finance endowment initiatives within the ministry’s ecosystem, including the non-profit institutions Reef, Morooj and Saqaya. Its focus areas include water provision and conservation, afforestation, biodiversity protection, vegetation cover, the circular economy, sustainable agriculture and irrigation, and reducing food loss and waste.
Emad Alkharashi, Governor of the General Authority for Awqaf, announced an initial contribution of SAR100 million, describing it as a foundation for a sustainable endowment model.
He said the fund combines the legacy of endowments with modern investment practices to protect natural resources, strengthen food security and ensure lasting developmental impact.
Alkharashi added that the partnership with the ministry maximizes results and positions the fund as a model for directing endowments toward high-impact, long-term priorities through a transparent, well-governed institutional framework.
Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth https://english.aawsat.com/business/5242092-makkah-gears-ramadan-tourism-drive-record-hospitality-growth-%C2%A0
Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Saudi Arabia’s Ministry of Tourism has raised the readiness of Makkah’s hospitality sector to its highest level ahead of the holy month of Ramadan, stressing that serving pilgrims and visitors remains a top national priority.
Makkah is preparing to receive worshippers and visitors amid a marked expansion in hospitality capacity. The city now has more than 2,200 licensed accommodation facilities, reflecting growth of 35 percent over the past year. The number of licensed hotel rooms has exceeded 380,000, up 25 percent, while total domestic and inbound tourism spending is projected to surpass SAR 143 billion ($38.1 billion) in 2025.
The wider Makkah region recorded unprecedented performance indicators last year, both in visitor numbers and tourism spending, underscoring sustained growth and operational readiness.
Total domestic and international visitors exceeded 50 million, marking a 14 percent increase compared with 2024.
Tourism Minister Ahmed Al-Khateeb announced the figures during an annual inspection tour on Tuesday, stressing that the indicators reflect a major expansion in accommodation capacity and record growth in visitor numbers.
The tour included inspections of temporary lodging facilities designated for pilgrims, part of a proactive plan to increase capacity during peak seasons, alongside early preparations for the upcoming Hajj.
Vision 2030 targets surpassed
Official data has shown that Saudi Arabia has exceeded its Vision 2030 targets for the Umrah. The number of pilgrims arriving from abroad rose from 8.5 million in 2019 to more than 18 million in 2025, surpassing the original goal of 15 million by 2030.
A number of hotels surrounding the Grand Mosque in Makkah. (General Authority for Awqaf)
Service quality indicators improved as well, with pilgrim satisfaction reaching 94 percent, exceeding Vision 2030 benchmarks.
Workforce development kept pace with demand, as the number of licensed tour guides rose to more than 980, a 23 percent increase.
Masar Mall project
Al-Khateeb announced a joint financing agreement between the Tourism Development Fund and the Arab National Bank with Hamat Holding to support the Masar Mall project. The development carries a total cost of SAR 936 million (about $250 million).
The project is expected to become the largest shopping center in Makkah with the capacity to accommodate around 20 million visitors annually.
Its location near the Haramain High-Speed Railway station and a direct pedestrian link to the Grand Mosque are expected to strengthen the city’s commercial and tourism infrastructure.
Jeddah: Gateway to pilgrims
Meanwhile, Jeddah continues to consolidate its position as a complementary destination to Makkah and a primary gateway for pilgrims, while also expanding its role as a coastal tourism hub.
The city welcomed more than 13 million domestic and international visitors in 2025, a 10 percent increase from 2024. Tourism spending reached SAR 28 billion ($7.47 billion), up 6 percent year on year.
Jeddah’s hospitality sector also expanded, with more than 500 licensed facilities and over 33,000 licensed rooms.
The city is currently developing 46 tourism projects valued at SAR 21 billion ($5.6 billion) and expected to add more than 11,000 hotel rooms and further strengthen its tourism infrastructure and economic value.
لم تشترك بعد
انشئ حساباً خاصاً بك لتحصل على أخبار مخصصة لك ولتتمتع بخاصية حفظ المقالات وتتلقى نشراتنا البريدية المتنوعة
