Green Finance Surges in Middle East in First Half of 2021https://english.aawsat.com/home/article/3063201/green-finance-surges-middle-east-first-half-2021
Green Finance Surges in Middle East in First Half of 2021
Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
Green Finance Surges in Middle East in First Half of 2021
Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
Green financing linked to sustainability projects in the Middle East and North Africa region increased by 38 percent and reached $6.4 billion in the first half of 2021, according to a report published by Bloomberg.
The report attributed the increase to the Red Sea Development Company (TRSDC)’s receiving a green loan of a value of $3.8 billion.
The First Abu Dhabi Bank took the lead by issuing Yuan-pegged green bonds with a value of CNY150 million in June 2021.
In March 2021, the TRSDC secured a green loan of 14.12 billion Saudi riyals ($3.76 billion).
"As the global ESG [environment social and governance] market may represent a third of global AUMs [assets under management] by 2025, ESG debt issuance has surpassed $3 trillion with record speed in May 2021,” said Adeline Diab, Bloomberg’s head of ESG and Thematic Investing for Emea and Apac regions.
Global green and sustainability-linked debt issuance volumes stood at approximately $541 billion in the first six months of 2021.
Egypt Expects €1.5 billion from EU Assistance Package in Coming Dayshttps://english.aawsat.com/business/5292038-egypt-expects-%E2%82%AC15-billion-eu-assistance-package-coming-days
Egypt Expects €1.5 billion from EU Assistance Package in Coming Days
The Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Egypt expects to receive €1.5 billion ($1.72 billion) from the European Union in the coming days, the first of two remaining tranches of a €5 billion macro-financial assistance package, Foreign Minister Badr Abdelatty said on Saturday.
Speaking at a press conference in Egypt's new administrative capital alongside European Commissioner for the Mediterranean Dubravka Suica, Abdelatty said the outstanding €3 billion would be disbursed in two equal tranches of €1.5 billion each, Reuters reported.
He said Cairo hoped the last payment would be transferred by the start of the autumn.
The EU has so far disbursed €2 billion of the package, having transferred an initial €1 billion tranche in January 2025 and a second €1 billion earlier this year.
The macro-financial assistance forms part of a broader €7.4 billion funding deal the EU announced in 2024, which also includes €5 billion in concessional loans.
Saudi Hospitality Boom: 50 Global Brands Race Ahead with $120 Billion in Investmentshttps://english.aawsat.com/business/5292021-saudi-hospitality-boom-50-global-brands-race-ahead-120-billion-investments
Saudi Hospitality Boom: 50 Global Brands Race Ahead with $120 Billion in Investments
Jeddah Corniche stands out as one of the Kingdom's premier destinations for landmark tourism and hospitality developments (SPA).
Saudi Arabia continues to cement its position as one of the fastest-growing hospitality markets in the region and the world, driven by the rapid expansion of mega tourism projects and emerging destinations. This momentum is prompting the world's leading hotel companies to accelerate their investments and launch unprecedented projects across the Kingdom.
During the first half of this year, Saudi Arabia's hospitality sector continued to attract major investments, with leading international hotel groups announcing new hotel openings and signing record expansion agreements across the Kingdom's cities and flagship developments.
This activity coincides with Saudi Arabia maintaining the largest hotel pipeline in the Middle East, driven by pioneering destinations such as NEOM, the Red Sea, Qiddiya, and Diriyah, alongside continued growth in Riyadh, Makkah, and Madinah.
An Asharq Al-Awsat review found strong alignment between the expansion plans of these hospitality brands and the objectives of Saudi Vision 2030. According to the latest Ministry of Tourism data, more than 50 global hospitality brands are expanding in the Kingdom through investments exceeding $120 billion, with plans to add more than 200,000 new hotel rooms. The private sector plays a pivotal role, contributing around 50 percent of these investments to meet growing demand and cater to the diverse preferences of travelers, from luxury hotels and coastal resorts to heritage and rural accommodations.
In this context, investors and tourism industry experts said the momentum reflects a qualitative transformation that is enhancing service standards and strengthening competitiveness, supported by an attractive investment environment and flexible regulatory frameworks that have successfully streamlined the investment journey for both foreign and domestic investors.
Global Investments
At the beginning of 2026, Marriott announced an agreement to add five new hotels in Jeddah, Makkah, and Madinah, providing more than 2,700 rooms.
Sofitel, the French luxury hospitality brand owned by Accor, also announced the official opening of the Sofitel Riyadh Hotel & Convention Center.
Knowledge Economic City also announced a DoubleTree by Hilton hotel, the first property within the city's master plan. Designed to offer a new level of comfort and connectivity in Madinah, the project comes as Red Sea Global recently officially opened the SLS Red Sea Resort on Shura Island, marking the brand's first property in the Kingdom. The resort features 150 luxury accommodations, including guestrooms, suites, and private pool villas, in addition to a full-service spa, a cinema, and a range of vibrant leisure facilities.
Meanwhile, Saudi-based Blacksand and Marriott International signed an agreement to develop 10 new hotels across the Kingdom, adding more than 1,300 hotel rooms over the next four years. The deal reflects the strong momentum in Saudi Arabia's hospitality and tourism sectors in line with the objectives of Saudi Vision 2030.
In April, the King Abdullah Financial District Development and Management Company (KAFD DMC), the entity responsible for managing and operating the district, opened W Riyadh – KAFD, marking the debut of the W Hotels brand in Saudi Arabia.
In the latest of these developments, The Ascott Limited recently announced plans to open Ascott Villas Riyadh in the fourth quarter of 2026. The project will be the company's first villa community in the Kingdom and will comprise 86 villas in Riyadh's Hittin district.
The announcement also reflects The Ascott Limited's broader expansion strategy, as the company seeks to strengthen its presence in the Saudi market as part of its plan to reach 15,000 units across the Kingdom by 2030, capitalizing on the continued growth of the tourism and business sectors in Riyadh and other major cities.
Reflecting the growing appeal of the Saudi market to leading international investors, Dar Global announced a strategic partnership with The Trump Organization to develop Trump International Tower Jeddah. The landmark luxury project, which will feature a five-star hotel and high-end branded residences, underscores the transformation of the Red Sea coastline into a magnet for some of the world's most prestigious hospitality and luxury brands.
A rendering of the new Ascott Villas Riyadh project (Asharq Al-Awsat).
Investor Confidence
Majed Al Hokair, a businessman and investor in the tourism and entertainment sector, told Asharq Al-Awsat that the Kingdom's growing success in attracting global hotel brands reflects a qualitative transformation in its tourism sector.
"The focus is no longer simply on increasing the number of hotels. It is now about building an integrated tourism ecosystem that caters to a wide range of visitor segments," he said.
Al Hokair said the entry and expansion of prestigious international brands in cities such as Riyadh, Jeddah, Makkah, and Madinah reflects investors' confidence in the future of the Saudi market. It also enhances service quality and raises the level of competition, ultimately improving the visitor experience.
He added that tourists' preferences have evolved in recent years, and the Kingdom is increasingly able to meet those changing expectations through a diverse portfolio of hospitality offerings, including luxury hotels, boutique hotels, resorts, rural accommodations, and heritage accommodations, all distinguished by high standards of quality.
National Talent
For his part, tourism investor Nasser Abdulaziz Al Ghaylan told Asharq Al-Awsat that the continued momentum in the entry and expansion of global hotel brands will position Saudi Arabia among the region's leading tourism and investment destinations in the years ahead, particularly with the rollout of major developments such as NEOM, the Red Sea, Qiddiya, and Diriyah, alongside the objectives of Saudi Vision 2030.
Al Ghaylan said the long-term success of these investments will depend on continued investment in developing Saudi talent, enhancing the visitor experience, and providing a diverse and sustainable range of tourism offerings, ensuring balanced growth that further strengthens the Kingdom's position on the global tourism map.
The Ministry of Tourism recently released a report titled Global Investments in Saudi Tourism to coincide with its participation in the Future Hospitality Summit, held in Riyadh from June 22 to 24. The report highlighted the growing interest among international investors in entering the Saudi tourism market and expanding their presence in the Kingdom.
Mövenpick Resort Al Khobar enhances the appeal of tourism destinations along the Eastern Province's coastline (SPA).
The report notes that more than 50 global hospitality brands are expanding across the Kingdom, supported by growing tourism demand and a comprehensive investment environment that has positioned Saudi Arabia as the Middle East's largest tourism market in terms of tourism development projects.
It highlights key indicators reflecting the sector's accelerating momentum, including investments exceeding $120 billion and the addition of more than 200,000 new hotel rooms by 2030, with around 50 percent of those projects expected to be financed by the private sector.
The report also highlights the investment environment underpinning the sector's growth, pointing to significant improvements in the tourism sector's regulatory framework, streamlined licensing procedures, investment incentives, digital services, and business centers that help shorten the investor journey, enhance clarity around regulatory requirements, and facilitate access to the relevant government entities.
Struggling German Auto Supplier Continental to Sell Unithttps://english.aawsat.com/business/5291984-struggling-german-auto-supplier-continental-sell-unit
Struggling German Auto Supplier Continental to Sell Unit
FILE PHOTO: Flags with the logo of German tyremaker Continental flutter in Korbach, Germany, February 27, 2026. REUTERS/Fabian Bimmer/File Photo
German auto supplier Continental announced Saturday a four-billion-euro ($4.6-billion) deal to sell a division to a US investment group, the latest move in a major restructuring.
Continental, which has been struggling amid a crisis in the wider European auto sector, has been slimming down its operations to focus on its traditional tire business.
The group has signed an agreement to sell its ContiTech division, which makes plastic and rubber products for industrial clients, to private equity firm Lone Star Funds, according to a statement.
As well as the four-billion-euro sale price, Continental could receive up to 250 million euros more in coming years, depending on the business's performance.
"With the planned sale of ContiTech, Continental is completing its strategic realignment," AFP quoted it as saying.
The deal should be finalized by the end of 2026.
Some of the funds from the sale will be used to pay down debt, while around 2.5 billion euros will be distributed to shareholders, it added.
Continental last year spun off a division focused on car components including braking systems and sensors as a separate entity, called Aumovio.
The group has also announced thousands of job cuts in recent years, along with other auto suppliers and manufacturers in Germany.
The sector is facing fierce Chinese competition, weak demand in key markets and a troubled shift to electric vehicles.
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