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Saudi Arabia Launches $266 mln Company to Develop Holy Sites

The Royal Commission for Makkah Al-Mukarramah and the Holy Sites (RCMC) launches Kidana, Asharq Al-Awsat
The Royal Commission for Makkah Al-Mukarramah and the Holy Sites (RCMC) launches Kidana, Asharq Al-Awsat
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Saudi Arabia Launches $266 mln Company to Develop Holy Sites

The Royal Commission for Makkah Al-Mukarramah and the Holy Sites (RCMC) launches Kidana, Asharq Al-Awsat
The Royal Commission for Makkah Al-Mukarramah and the Holy Sites (RCMC) launches Kidana, Asharq Al-Awsat

Saudi Arabia has launched a company with an authorized capital of SR1 billion ($266 million) called “Kidana” to develop holy sites in the Kingdom.

Kidana will be headquartered in Mina and is the first closed joint-stock company owned by the Royal Commission for Makkah Al-Mukarramah and the Holy Sites (RCMC). RCMC made the announcement on Sunday.

Prince Abdullah bin Bandar bin Abdulaziz, chairman of the board of directors at Kidana, explained why it was important to maintain and preserve the two holy cities of Makkah and Madinah.

“The holy cities have received prioritized care and attention from each of the Saudi monarchs since the era of the late King Abdulaziz. The holy sites, may Allah protect them, are the most sanctified symbols of our religion and history,” he said.

Kidana is aiming for long-term sustainability when reconstructing and renovating the holy sites. It seeks to increase the number of pilgrims that the holy sites are able to hold, in line with the country’s Vision 2030 reform plan, and allowing more pilgrims to perform Hajj and Umrah each year.

It also wants to renovate the sites for optimal use throughout the year, creating sustainable urban centers and raising the efficiency of operations during the Hajj season. It plans to increase the quality of services on offer, as well as designing and developing real estate projects close to the holy sites.

Launching Kidana is the first key step in RCMC’s strategy, which was outlined last September, to develop and maintain the holy sites.

RCMC’s future priorities include the activation of the Holy Mosque and Holy Sites Program, as well as the development of a land and real estate program, a transport and transport infrastructure program, a partnerships investments program, and a financial sustainability program supported by the Center for Comprehensive Management.

Hatim Mouminah, a senior adviser at RCMC, was appointed Kidana CEO following the company’s first board meeting.

In other news, Emaar The Economic City (Emaar EC) signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Co., Albilad Investment Co. and Ekofine Holding BV to establish a SAR 1.8 billion closed and private investment fund.

The fund, which will follow the requirements of the Capital Market Authority (CMA), will be responsible for developing and operating a 5-star resort and hotel with a water park and luxury overwater villas under the Rixos brand, one of the trademarks owned by Accor International, the company said in a bourse statement.

The Rixos Emerald Shores project is one of the largest tourist resorts proposed to be established in King Abdullah Economic City. The resort will be constructed on a total land area of 275,000 square meters, a 600-meter Red Sea beach stretch and golf course.

The resort is expected to be one of the largest leisure and tourism destinations in the Kingdom, housing more than 500 rooms and 35 luxury hotel villas with direct views of the Red Sea coast.

The resort also provides an integrated and world-class water park, clubs for children and gyms, in addition to more than 10 varied options of international restaurants and cafes.

The financial impact is expected to be recognized after establishing the fund and signing the relevant agreements, the statement noted.

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US to Stop Collecting Tariffs Deemed Illegal by Supreme Court on Tuesday

LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
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US to Stop Collecting Tariffs Deemed Illegal by Supreme Court on Tuesday

LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP
LOS ANGELES, CALIFORNIA - FEBRUARY 20: Shipping containers stand stacked while others rest on truck transport chassis at the Port of Los Angeles on February 20, 2026 in Los Angeles, California. Mario Tama/Getty Images/AFP

The US Customs and Border Protection agency said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday, more than three days after the Supreme Court declared the duties illegal.

The agency said in a message to shippers on its Cargo Systems ‌Messaging Service (CSMS) ‌that it will de-activate all tariff ‌codes ⁠associated with President ⁠Donald Trump's prior IEEPA-related orders as of Tuesday.

The IEEPA tariff collection halt coincides with Trump's imposition of a new, 15% global tariff under a different legal authority to replace the ones struck down by the Supreme ⁠Court on Friday.

CBP gave no reason why ‌it was continuing ‌to collect the tariffs at ports of entry days ‌after the Supreme Court's ruling, and its message ‌offered no information about possible refunds for importers.

The message noted that the collection halt does not affect any other tariffs imposed by Trump, including ‌those under the Section 232 national security statute and the Section 301 unfair ⁠trade practices ⁠statute.

"CBP will provide additional guidance to the trade community through CSMS messages as appropriate," the agency said.

Reuters reported on Friday that the Supreme Court decision made more than $175 billion in US Treasury revenue generated by the IEEPA tariffs subject to potential refunds, based on an estimate by Penn-Wharton Budget Model economists.

Their estimate from a ground-up forecasting model showed that IEEPA-based tariffs were generating more than $500 million per day in gross revenue.

Business

Gold Climbs to 3-week High as US Tariff Ruling Stokes Uncertainty

A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
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Gold Climbs to 3-week High as US Tariff Ruling Stokes Uncertainty

A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
A vendor displays gold bracelets for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)

Gold climbed to a three-week high on Monday as uncertainty stoked by the US Supreme Court's decision to strike down a vast swathe of President Donald Trump's tariffs pressured the dollar and pushed investors to the safety of bullion.

Spot gold climbed 1.1% to $5,158.29 per ounce by 0558 GMT, having earlier hit its highest since January 30. ‌US gold futures for ‌April delivery were up 2% at $5,180.40.

"The court's ‌tariff ⁠ruling has, aside ⁠from earning the ire of the US president, added another layer of uncertainty to global markets, with traders again turning to gold as a defensive play," said Tim Waterer, chief market analyst at KCM Trade.

The US Supreme Court struck down Trump's sweeping tariffs that he pursued under a law meant for use in national emergencies, ⁠handing the Republican president a stinging defeat in ‌a landmark ruling on Friday ‌with major implications for the global economy.

After the court ruling, Trump said ‌he would raise a temporary tariff from 10% to 15% ‌on US imports from all countries.

Wall Street futures and the dollar slid in Asia on Monday as murkiness around US tariffs revived the "sell America" trade, Reuters reported.

"Whether gold can claw its way back above $5,400 in the near-term ‌may rest on how long tariff uncertainty lingers and whether the US engages in military action ⁠against Iran," Waterer ⁠said.

Iran has indicated it is prepared to make concessions on its nuclear program in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a US attack.

Meanwhile, data on Friday showed that underlying US inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won't cut interest rates before June.

Spot silver climbed 2.9% to $86.98 per ounce, a more than two-week high.
Spot platinum edged 0.1% higher to $2,158.55 per ounce, while palladium slipped 0.2% to $1,745.09.

Business

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
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EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo

The European Union's executive arm requested “full clarity” from the United States and asked its trade partner to fulfill its commitments after the US Supreme Court struck down some of President Donald Trump’s most sweeping tariffs.

Trump has lashed out at the court decision and said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

The European Commission said the current situation is not conducive to delivering "fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as agreed to by both sides and spelled out in the EU-US Joint Statement of August 2025.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

A top EU lawmaker said on Sunday he will propose to the European Parliament negotiating team to put the ratifying process of the deal on pause.

“Pure tariff chaos on the part of the US administration,” Bernd Lange, the chair of Parliament’s international trade committee, wrote on social media. “No one can make sense of it anymore — only open questions and growing uncertainty for the EU and other US trading partners.”

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed."

Jamieson Greer, Trump’s top trade negotiator, said in a CBS News interview Sunday morning that the US plans to stand by its trade deals and expects its partners to do the same.

He said he talked to his European counterpart this weekend and hasn’t heard anyone tell him the deal is off.

“The deals were not premised on whether or not the emergency tariff litigation would rise or fall,” Greer said. “I haven’t heard anyone yet come to me and say the deal’s off. They want to see how this plays out.”

Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Among the biggest US exports to the bloc are professional and scientific services like payment systems and cloud infrastructure, oil and gas, pharmaceuticals, medical equipment, aerospace products and cars.

“When applied unpredictably, tariffs are inherently disruptive, undermining confidence and stability across global markets and creating further uncertainty across international supply chains,” The Associated Press quoted the commission as saying.

As primarily a trading bloc, the EU has a powerful tool at its disposal to retaliate — the bloc’s Anti-Coercion Instrument. It includes a raft of measures for blocking or restricting trade and investment from countries found to be putting undue pressure on EU member nations or corporations.

The measures could include curtailing the export and import of goods and services, barring countries or companies from EU public tenders, or limiting foreign direct investment. In its most severe form, it would essentially close off access to the EU’s 450-million customer market and inflict billions of dollars of losses on US companies and the American economy.