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.”



EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dutch and British wholesale gas prices continued to declined on Tuesday morning on milder weather forecasts for next week, high wind speeds and stable supply.

The benchmark front-month contract at the Dutch TTF hub was down 0.61 euros at 46.65 euros per megawatt hour (MWh) at 0947 GMT, according to LSEG data.

The contract for March was down 0.52 euro at 46.63 euros/MWh.

In Britain, the front-month contract fell by 2.04 pence to 116.76 pence per therm.

In north-west Europe, although another cold snap is forecast from Friday over the weekend, the latest forecasts are showing milder temperatures than yesterday from Jan. 15, according to LSEG data, Reuters reported.

Wind speeds are expected to remain quite strong today, limiting gas demand.

However, in north-west Europe, gas-for-power demand is expected 36 million cubic metres (mcm) per day higher at 78 mcm/day on the day-ahead.

"Wind speeds are expected still high today, before dropping sharply tomorrow with the cold spell arriving," said LSEG gas analyst Saku Jussila.

In Britain, Peak wind generation is forecast at around 15.1 gigawatts (GW) today and 14.7 GW tomorrow, Elexon data showed.

Analysts at Engie EnergyScan said EU net storage withdrawals have slowed due to a more comfortable spot balance but the storage gap compared to last year remains high. On 5 January, EU gas stocks were 69.94% full on average, compared to 84.96% last year.

Looking further ahead, analysts at Jefferies expect a tight year for global gas markets due to project delays and higher-than-expected demand.

"European and Asian LNG spot gas prices in 2025 could surpass those of 2024, driven by Europe's increased gas injection needs and the loss of Russian exports outpacing the expected growth in global LNG supply," they said.

"Post 2025, the market is expected to loosen with an additional 175 million tonnes of new supply coming online between 2026 and 2030, primarily from the US and Qatar," they added.

In the European carbon market, the benchmark contract was down 0.91 euro at 73.45 euros a metric ton.