Saudi Arabia: SCTH, SAGIA Ink Promising Deals Worth $26B

Saudi Arabia: SCTH, SAGIA Ink Promising Deals Worth $26B
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Saudi Arabia: SCTH, SAGIA Ink Promising Deals Worth $26B

Saudi Arabia: SCTH, SAGIA Ink Promising Deals Worth $26B

The Saudi Commission for Tourism and National Heritage (SCTH) and the Saudi Arabian General Investment Authority (SAGIA) announced Friday a number of agreements and MoUs with regional and international investment firms in the tourism sector totaling about SAR100 billion (USD26.6 billion).

Agreements facilitated by SCTH include two with Al Khozama concerning the Mayasem Project and the Harbour Project in Jeddah, along with other investment plans plus another with Diriyah Gate Development Authority to establish a 27-hole golf course at Wadi Safar and a 40 room hotel in Al Bujairi, overlooking the Wadi Hanifah Valley and At-Turaif UNESCO World Heritage Site.of that with AMAN Resorts to build an exclusive 40 room hotel in Al Bujairi. Also, Saudia agreed on MoUs and agreements with NEOM to launch the first commercial flights to NEOM.

The agreements covered launching a joint initiative between Saudia and The Red Sea Development Company to promote the Red Sea Project as a luxury global destination to drive tourism, and an agreement with the Royal Commission for AlUla.

Agreements signed by SAGIA include one worth SAR37.5 billion with Triple 5, which plans to develop a series of mixed-use tourism, hospitality and entertainment destinations across the kingdom.

SAGIA signed another one with Majid Al Futtaim worth SAR20 billion for a mixed-use shopping and entertainment destination, which will create 12,000 jobs and feature the region’s largest indoor ski slope and snow park.

It also agreed with FTG Development, OYO Rooms, and Nenking Group/Ajlan Brothers on deals worth SAR11 billion.

The Chairman of SCTH, Ahmad al-Khateeb, said: “These exciting and wide-ranging agreements are only the beginning of the investment opportunities that will arise within Saudi Arabia – the fastest growing tourism sector on earth.

"We anticipate more businesses from around the world will establish operations within the kingdom, as its unique attractions, culture and natural beauty become more widely appreciated.”

Ibrahim al-Omar, governor of SAGIA, said: “In Saudi Arabia, the market fundamentals are in place for a vibrant tourism industry, and we believe that the private sector will play a crucial role in unlocking this potential.

“At SAGIA, our role is to empower and enable domestic and international investors by identifying and developing new opportunities, fostering partnerships and shaping regulatory reforms,” Omar added.

He further continued, “Signing these agreements today represents a milestone for the kingdom of Saudi Arabia as we continue charting a path to a new diversified economy.”

SAGIA granted two investment licenses with a value of SAR272.5 million. The first went to Kerten Hospitality to develop a portfolio of mixed-use projects across the Kingdom and the second to Tetrapylon to coordinate with leading tour operators across North America, Europe, and Asia.

In addition, organizations have made investment commitments collectively valued at SAR36.25 billion, including Alshaya Group, Shomoul, Radisson, and Seera Group.

Notably, these giant investments fall under a series of economic reforms conducted by the kingdom to attract qualitative investment to the Saudi market.



Gold Bolts Past Key $3,200 Mark on Dollar Slide, Safe-haven Flows

A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
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Gold Bolts Past Key $3,200 Mark on Dollar Slide, Safe-haven Flows

A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su

Gold prices breached the crucial $3,200/oz level for the first time on Friday, fueled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.
Spot gold was up 0.6% at $3,192.79 an ounce, as of 0555 GMT. Bullion scaled an all-time peak of $3,219.84 earlier in the session, and has gained around 5% this week.
US gold futures climbed nearly 2% to $3,237.50, Reuters reported.
"The rapid weakening of the US dollar seems to be the main driver of gold's rebound at the moment. That seems to reflect an ongoing exodus from USD-based assets, with stocks and bonds' selloff amid tariff policy uncertainty," said Ilya Spivak, head of global macro at Tastylive.
The dollar was down nearly 1% against its major peers, making greenback-priced bullion cheaper for overseas buyers. Major stock indexes also fell after US President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries.
China has been matching Trump's tariff hikes, sparking fears that Beijing could push duties on the US beyond the current 84%.
"$3,500 is the next round number people will be looking at. I suspect we won't get there immediately or without bumps along the way," Capital.com's financial market analyst Kyle Rodda said.
Apart from tariffs, central bank demand, expectations of interest rate cuts by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds also fueled the metal's rally this year.
US consumer prices fell unexpectedly in March but inflation risks are tilted to the upside, data showed.
Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.
Spot silver was steady at $31.2 an ounce, while platinum eased 0.2% to $936.55. Palladium gained 0.7% to $914.55.