Saudi Crown Prince Launches Visionary ‘Coral Bloom’ Plan

The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
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Saudi Crown Prince Launches Visionary ‘Coral Bloom’ Plan

The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)

Saudi Crown Prince Mohammed bin Salman, Chairman of The Red Sea Development Company, launched the Coral Bloom concept, which was created by architectural firm Foster + Partners, and designed to blend in with Shurayrah island’s pristine natural environment, reported the Saudi Press Agency on Wednesday.

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has since shared the striking vision for its main hub island at the destination, Shurayrah.

“We expect guests to be awed by what they see when they first arrive at The Red Sea Project, enjoying a truly immersive barefoot luxury experience. The Coral Bloom designs, taking inspiration from the incredible flora and fauna found uniquely in Saudi Arabia, promise to make that vision a reality,” said John Pagano, CEO of TRSDC.

“Shurayrah Island is the gateway to The Red Sea Project so it’s important that it sets the standard in groundbreaking architecture and sustainable design, not just for our destination, but globally too. This is achieved by going beyond simply protecting the environment, to applying a regenerative approach,” he added.

Biodiversity considerations take center stage, with the plan designed to avoid disruption of the island’s mangroves and other habitats, providing natural defenses from erosion, while new habitats are created through landscaping to enhance the island’s natural state.

The proposal also outlines designs for the island’s 11 hotels, adapted to suit traveler expectations post-Covid-19 including more space, and immersed into the landscape to effectively form part of the sweeping dunes, allowing the island’s natural beauty to reign supreme.

The design sees new beaches created on the dolphin-shaped island along with a new lagoon. These enhancements will contribute to raising the level of the land, providing a defensive layer from the global threat of rising sea levels. Importantly, the changes aim to preserve or enhance what already exists on the island, without damaging any habitats or natural shores.

There will be 11 hotels on Shurayrah, which will be operated by some of the most distinguished hotel brands in the world. The island’s natural landscape will be used to dramatic effect with all hotels and villas nestled within the landscape. The absence of high-rise buildings will ensure the spectacular vistas remain uninhibited, while creating a sense of mystery for guests as the island slowly reveals itself.

The hotel designs have also been responsive to the changing world and traveler demands over the last 12 months. There will be no internal corridors for example, in response to a growing demand for space and seclusion following the coronavirus pandemic. The resorts themselves will be created using lightweight materials with a low thermal mass and manufactured offsite, meaning more energy efficient construction and less impact on the environment.

Gerard Evenden, Head of Studio at Foster + Partners, said: “Our vision for Shurayrah is inspired by the island’s natural state, with the hotels designed to give the impression that they have washed up on the beaches and nestled among the dunes almost like driftwood. The materials we use and the low impact they have ensures that the pristine environment is protected, while the additions we make to the island serve to enhance what is already there – hence the name, Coral Bloom.”

The Red Sea Development Company is committed to delivering a 30 percent net conservation benefit by 2040. It is creating the world’s largest district cooling plant powered by renewable energy 24 hours a day to facilitate efficient centralized cooling across the destination. The entire destination will be powered by renewables, underpinned by the largest battery storage system in the world.

In line with this commitment, the destination’s master plan is informed by an extensive marine spatial planning exercise and leaves 75 percent of the project’s islands untouched. Shurayrah is one of only 22 islands selected for development.

The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. The remaining 12 hotels planned in phase one will open in 2023.

Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment and leisure facilities.

The Red Sea Development Company is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia and the chairman is Crown Prince Mohammed. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.

The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. The destination will include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that utilizes renewable energy and emphasizes water conservation and re-use.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.