Saudi: Diriyah Announces 1st of its Global Hotel Portfolio

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.”

As Trump 2.0 becomes a reality, Europe is poised to enter a new geopolitical and trade quagmire with its biggest trading partner.

Donald Trump's victory may harm Europe's economy as proposed 10% US tariffs risk hitting European exports such as cars and chemicals, eroding Europe's GDP by up to 1.5% or about €260 billion.

Analysts warn of European Central Bank (ECB) rate cuts, euro weakness, and a recession risk.

According to several economic analyses, there is broad agreement that Trump's proposed 10% universal tariff on all US imports may significantly disrupt European growth, intensify monetary policy divergence, and strain key trade-dependent sectors such as autos and chemicals.

The long-term effects on Europe's economic resilience could prove even more significant if tariffs lead to protracted trade conflicts, prompting the European Central Bank (ECB) to respond with aggressive rate cuts to cushion the impact, according to Euronews.

Trump's proposed across-the-board tariff on imports, including those from Europe, could profoundly impact sectors such as cars and chemicals, which rely heavily on US exports.

Data from the European Commission shows that the European Union exported €502.3 billion in goods to the US in 2023, making up a fifth of all non-European Union exports.

European exports to the US are led by machinery and vehicles (€207.6 billion), chemicals (€137.4 billion), and other manufactured goods (€103.7 billion), which together comprise nearly 90% of the bloc's transatlantic exports.

ABN Amro analysts, including head of macro research Bill Diviney, warn that tariffs “would cause a collapse in exports to the US,” with trade-oriented economies such as Germany and the Netherlands likely to be hardest hit.

According to the Dutch bank, Trump's tariffs would shave approximately 1.5 percentage points off European growth, translating to a potential €260 bn economic loss based on Europe's estimated 2024 GDP of €17.4 tn.

Should Europe's growth falter under Trump's tariffs, the European Central Bank (ECB) may be compelled to respond aggressively, slashing rates to near zero by 2025.

In contrast, the US Federal Reserve may continue raising rates, leading to “one of the biggest and most sustained monetary policy divergences” between the ECB and the Fed since the euro's inception in 1999.

Dirk Schumacher, head of European macro research at Natixis Corporate & Investment Banking Germany, suggests that a 10% tariff increase could reduce GDP by approximately 0.5% in Germany, 0.3% in France, 0.4% in Italy, and 0.2% in Spain.

Schumacher warns that “the euro area could slide into recession in response to higher tariffs.”

According to Goldman Sachs' economists James Moberly and Sven Jari Stehn, the broad tariff would likely erode eurozone GDP by approximately 1%.

Goldman Sachs analysts project that a 1% GDP loss translates into a hit to earnings per share (EPS) for European firms by 6-7 percentage points, which would be sufficient to erase expected EPS growth for 2025.

Saudi: Diriyah Announces 1st of its Global Hotel Portfolio