Saudi: Diriyah Announces 1st of its Global Hotel Portfolio

As part of the transformation of the historic city of Diriyah, (DGDA) announced the first 14 of its planned 38 hotel brands
As part of the transformation of the historic city of Diriyah, (DGDA) announced the first 14 of its planned 38 hotel brands
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Saudi: Diriyah Announces 1st of its Global Hotel Portfolio

As part of the transformation of the historic city of Diriyah, (DGDA) announced the first 14 of its planned 38 hotel brands
As part of the transformation of the historic city of Diriyah, (DGDA) announced the first 14 of its planned 38 hotel brands

Saudi Arabia’s Diriyah Gate Development Authority (DGDA) has announced the first 14 of its planned 38 hotel brands over the coming years, 15 minutes northwest of Riyadh city center.

“DGDA has received overwhelming interest from the world’s most revered luxury five-star brands to have a presence within the development’s carefully curated collection of 38 hospitality brands. Currently the concept design is nearing completion for the first 14 brands and DGDA looks forward to unveiling additional hotel operators as their designs advance further,” the Authority said in a press release on Wednesday.

The development – which remains on time, on budget and on track – will be the first giga project in the world to simultaneously open, ground-break and announce world class assets every year from 2022 until completion in 2026. It will also be the first of Saudi Arabia’s giga projects to open assets, with its first 18 restaurant brands launching in Bujairi Terrace in early 2022.

The hotel brands are strategically located across two of DGDA’s four master plans – Diriyah Gate and Wadi Safar. Hotel brands coming to Diriyah Gate phase one, a five square kilometer mixed-use heritage, tourism and lifestyle destination, set to become the world’s largest cultural and heritage city – in alphabetical order - include Address Hotels & Resorts, part of the Emaar Hospitality Group, which stays true to its tagline ‘Where Life Happens’ offering guests opportunities to celebrate life and its most cherished moments; whilst Baccarat Hotels & Resorts will offer guests an artistic atmosphere catering to opulent social moments.

Located in the Bujairi district will be a Campbell Gray Hotels and Resorts property, combining sustainability and Najdi design with modern glamor to Diriyah Gate; the development will also offer a 100-key hotel by Capella Hotels and Resorts which will embody excellence in the craft of hospitality and curate unique experiences for guests to truly immerse in the local community; Fauchon, the purveyor of French contemporary gastronomy since 1886, will launch its first Fauchon Hotel in the Middle-East, showcasing the perfect Parisian “art de vivre” experience; and an 80-key retreat from LXR Hotels & Resorts, Hilton’s exclusive collection of legendary, independent properties, representing the brand’s debut in Saudi Arabia.

In addition, Orient Express will make its debut into the Middle East, bringing the refined nomadic spirit and state-of-art detailing that characterize the artisan of travel; while Raffles will reinterpret artistic and cultural tradition through an inspiring contemporary lens, with breath-taking views of Wadi Hanifah from its rooftop; there will be a luxury Park Hyatt property boasting meaningful interiors by world renowned designers; or guests can relax in the surrounds of The Ritz-Carlton which will fuse the past and present through elegant design and intuitive service. Finally, international grand and gracious Rosewood Hotels & Resorts will add a new urban sanctuary to its collection of global properties and The Luxury Collection will also be arriving in Diriyah, offering a unique and cherished expression of its location.

To the west of Diriyah sits Wadi Safar - a place of outstanding cultural history; and a destination steeped in heritage and rich cultural tradition nestled within 60 square kilometers of unspoilt natural landscape. Much as this special location was once the gathering place for traders and travelers from Asia, Africa and Europe, Wadi Safar is being developed to become today’s modern embodiment: a cultural hub where the world’s finest experiences and visionary minds will combine. This unique and ever-evolving story is being shaped by a chorus of exceptional brands and voices. These include the world class Oberoi brand who will bring their unremitting dedication to warm hospitality and perfection in a serene setting; and the purposeful sustainability and wellness commitment of Six Senses, inviting guests to reconnect to the region through crafted experiences. These hotel partners and more will come together to create a new global landmark and construct a new legacy for the Kingdom.

The hotel openings will commence in a strategically articulated manner with the first property which will be a part of The Luxury Collection, operated by Marriott International, due to open in 2022 with 141 keys.

“This prestigious hotel collection will set the stage for a new level of global hospitality,” Jerry Inzerillo, Group CEO of DGDA, said.

Jonathan Timms, President of Diriyah Development Company, added: “The announcement of our forthcoming hotel collection is a major milestone in our development’s progress. Each hotel partner has been carefully selected and curated to ensure our guests receive the highest standard of hospitality, whilst enticing them to explore Diriyah and the Kingdom through much-loved brands.”



Alphabet's Investment in SpaceX Multiplies 100-Fold to $94 Billion

The letters of the word "Alphabet" on a computer screen featuring a Google search page in an illustration (Reuters)
The letters of the word "Alphabet" on a computer screen featuring a Google search page in an illustration (Reuters)
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Alphabet's Investment in SpaceX Multiplies 100-Fold to $94 Billion

The letters of the word "Alphabet" on a computer screen featuring a Google search page in an illustration (Reuters)
The letters of the word "Alphabet" on a computer screen featuring a Google search page in an illustration (Reuters)

Alphabet's early bet on SpaceX has multiplied more than 100-fold, with the Google parent disclosing a stake worth about $94 billion at the end of June compared with the $900 million investment it said it made in Elon Musk's rocket company in 2015.

Alphabet has emerged as by far the largest single institutional holder of SpaceX following its $86 billion IPO in June, according to a Reuters analysis of quarterly filings made public so far.

The filings shed new light on the scale of positions acquired by SpaceX's backers as the company transitioned from a closely held startup to a publicly traded giant. Together with separate public disclosures on early investments, including Alphabet's, they also highlight how dramatically the value of some early investments in SpaceX has grown.

Because the 13F filing data is compiled once ⁠per quarter and disclosed ⁠within six weeks of quarter-end, the information is dated and will not capture any buying or selling done by these large investors since June 30.

There are other limitations as well, given the vast universe of SpaceX investments and the evolving schedule of when they stand to become eligible to be sold in public markets.

"It's very, very difficult to tease out which of these institutions were holding pre-IPO shares," said Steve Sosnick, market strategist at Interactive Brokers.

Alphabet is an exception because the company publicly disclosed that it invested $900 million in SpaceX ⁠in 2015, providing a rare benchmark against which to compare the value of its current holding.

Alphabet did not immediately respond to a request for comment. Sosnick added that the 13F filings did not reveal investors' lockup status or intentions with respect to realizing profits on pre-IPO positions.

FILE - The SpaceX logo is displayed on a building, May 26, 2020, at the Kennedy Space Center in Cape Canaveral, Fla. (AP Photo/David J. Phillip, File)

Alphabet held 551.2 million SpaceX shares at the end of the second quarter, according to the firm's filing, worth about $94.2 billion at SpaceX's June 30 share price of $170.86.

At Thursday's price, Alphabet's disclosed position would be worth about $77.9 billion, still about 86.5 times the size of Google's original investment. Fidelity Investments was the second-largest reported institutional holder, with 302.6 million SpaceX shares, followed by Gigafund Management with 171.8 million, Baillie Gifford with 51.4 million and BlackRock with 51.0 million.

Alphabet, Fidelity, Gigafund Management, Baillie Gifford and BlackRock, the five largest reported holders in the data, accounted for nearly three quarters ⁠of reported SpaceX ⁠shares, highlighting the concentration of reported institutional ownership among a handful of investors.

Separately, SpaceX said in a regulatory filing that Musk owned a 48.4% stake in the company. SpaceX went public on June 12 at $135 a share. Its shares have since retreated from their end-June level. SpaceX closed at $141.29 on Thursday, 4.7% above its IPO price but 17.3% below the June 30 close.

Sosnick told Reuters that SpaceX remains one of the most actively traded stocks among customers at Interactive Brokers, receiving a "fresh jolt of buying last week when market fears about what would happen when the first lockup expiry arrived proved to be unfounded."

Retail owners of SpaceX shares, who do not have to submit their holdings to the SEC, turned into net sellers of the stock on Friday for the first time since the IPO, according to data from Vanda Research.

The research firm, which tracks the activity of self-directed individual investors, calculated that this group sold a net $4.5 million on that day. SpaceX shares were down 3% on Thursday but have risen 30% since August 5.


Iraqi Daily Oil Exports in August Highest since Start of War

A view across Shatt al-Arab of the 'Bin Omar' oil field north of Basra, Iraq (Reuters)
A view across Shatt al-Arab of the 'Bin Omar' oil field north of Basra, Iraq (Reuters)
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Iraqi Daily Oil Exports in August Highest since Start of War

A view across Shatt al-Arab of the 'Bin Omar' oil field north of Basra, Iraq (Reuters)
A view across Shatt al-Arab of the 'Bin Omar' oil field north of Basra, Iraq (Reuters)

Iraq's average daily oil exports since the beginning of August are the highest since the outbreak of the Middle East war between Iran and the United States, which has choked off the Strait of Hormuz, the oil ministry said Friday.

Iraqi Oil Minister Bassem Mohammed Khudair told a press conference that "exports since the beginning of the month have reached a rate of two million barrels" per day, for a total of around 26 million barrels, saying the daily rate was achieved "for the first time since the crisis began".


Fitch Keeps US at 'AA+', Cites Economic Resilience amid Fiscal Risks

The American flag flies in the National Mall near the Capitol building in Washington (Reuters)
The American flag flies in the National Mall near the Capitol building in Washington (Reuters)
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Fitch Keeps US at 'AA+', Cites Economic Resilience amid Fiscal Risks

The American flag flies in the National Mall near the Capitol building in Washington (Reuters)
The American flag flies in the National Mall near the Capitol building in Washington (Reuters)

Fitch on Thursday affirmed the sovereign credit rating for the United States at "AA+" with a stable outlook, citing its large economy, high per-capita income and the US dollar's status as the world's leading reserve currency.

The US economy remained resilient despite higher tariffs, government spending cuts, tighter border controls and heightened policy uncertainty, reflecting its ability to absorb shocks and economic flexibility, Reuters quoted the credit ratings agency ⁠as saying.

Fitch, however, estimated ⁠economic growth of 1.9% in 2026-2027, lower than the 2.8% in 2025, and noted weakening labor demand and a significant slowdown in job creation this year.

Inflation remains a concern, with the agency expecting it to average 3.4% in ⁠2026, above the Federal Reserve's 2% target. Tariffs have added to core goods inflation, though their impact has been less severe than expected.

Fitch expects the general government deficit to widen to 7.4% of GDP in 2026 and remain at that level in 2027, the highest among "AA"-rated sovereigns.

Higher military and interest costs, along with rising Medicare and Social Security spending, would limit ⁠efforts ⁠to reduce the deficit.

Peer S&P Global also maintained its "AA+" rating on the US in June, citing the economy's resilience and strong institutions.

Fitch had downgraded the US sovereign rating by one notch from the top-tier triple-A rating in 2023, pointing to expected fiscal deterioration and repeated down-to-the-wire debt ceiling negotiations.

Moody's downgraded the US by one notch last year, citing rising debt levels and stripping the country of its last remaining triple-A rating.