NEOM to Launch First Hotel in 2022

Saudi Arabia conclude its participation in the Arabian Travel Market exhibition in Dubai. (Asharq Al-Awsat)
Saudi Arabia conclude its participation in the Arabian Travel Market exhibition in Dubai. (Asharq Al-Awsat)
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NEOM to Launch First Hotel in 2022

Saudi Arabia conclude its participation in the Arabian Travel Market exhibition in Dubai. (Asharq Al-Awsat)
Saudi Arabia conclude its participation in the Arabian Travel Market exhibition in Dubai. (Asharq Al-Awsat)

Saudi Arabia’s NEOM is planning to launch its first hotel by the end of 2022, and it will open up to 15 hotels between 2023 and 2025, before ramping up the pace to reach 30 hotels annually.

Head of Tourism at NEOM Andrew McEvoy said that talks were held with big five brands, IHG, Hilton, Accor, and others.

Speaking to the media on the sidelines of the Arabian Travel Market 2021 held in Dubai, McEvoy added that the expected initial number of visitors next year ranges between 20,000 and 50,000, indicating that Neom is targeting about one million visitors by 2025, and 5 million by 2030.

He revealed that ten of NEOM's 39 islands are being developed and will be delivered on time.

Meanwhile, the General Authority for Civil Aviation (GACA) concluded its participation in the 28th edition of the Arabian Travel Market that was held at the Dubai International Convention and Exhibition Center between May 16 and 19 under the slogan "The setting of a new dawn for travel and tourism."

The Kingdom's pavilion was set up by the Saudi Tourism Authority. GACA’s participation in the event highlighted its achievements in civil aviation and the mega projects that it has completed and is currently undertaking.

The Authority’s participation highlights future projects to develop airports and confirms the excellence of civil aviation in Saudi Arabia in light of the expansion in the region, ranging from the construction and development of airports to its acquiring of its share of the aviation market.

At Arabian Travel Market, GACA sought to highlight its efforts in contributing to the improvement of the civil aviation sector. It was also an opportunity to confirm the vital role that it plays in the aviation industry in the region and world.

It also wants to strengthen strategic relations between the concerned authorities in the aviation sector and specialists in the global travel and tourism industry, in addition to introducing visitors from all over the world to GACA’s efforts in the Kingdom.

Saudi Arabia’s participation at the Dubai event, represented by the Saudi Tourism Authority, sought to introduce travel and Arab and international tourism experts to the development of the industry in the Kingdom and the major projects that are underway.

The development enjoys the support of the Kingdom’s leadership in line with its Vision 2030 and as it turns its attention to this vital industry.



Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."