Banyan Tree AlUla Debuts in Saudi Arabia 

Opening in October 2022, the resort, which is developed by the Royal Commission for AlUla, brings wellbeing-centred luxury to a heritage site

Banyan Tree AlUla Debuts in Saudi Arabia 
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Banyan Tree AlUla Debuts in Saudi Arabia 

Banyan Tree AlUla Debuts in Saudi Arabia 

Banyan Tree launches its first property in historical AlUla in Saudi Arabia, ush-ering in the Group’s debut in the Kingdom.  AlUla is attracting the attention of the world’s affluent travel-lers with its mesmerising mix of history, culture, and entertainment, all set against a breathtaking desert backdrop dating back millions of years.

Inspired by the nomadic nature of Nabataean architecture, the all-villa, tented resort epitomises Banyan Tree’s commitment to local influence. The fundamental principles of the resort are designed around three concepts that allow guests to immerse themselves in the resort and the destination: 
•    ‘In-villa’ provides guests with made-to-measure offerings brought to life by the talented cast of Banyan Tree hosts.
•    ‘In-valley’ takes guests into the essence of AlUla through exclusive outdoor treatments, nomadic chef’s tables, active adventures, and private events staged in spectacular settings.
•    ‘En-voyage’ brings guests through privileged immersions crafted with local talents, continuously unlocking new facets of AlUla’s rich legacy. Bespoke wellbeing and adventure excursions show a glimpse of the ancient landscapes of AlUla and the lives of the people who call it home.

“The Banyan Tree AlUla opening marks the completion of the final development phase of Ashar Valley, which also houses the world-famous Maraya Hall.” said Mr John Northen, Executive Director- Head of Hotels and Resorts at the Royal Commission for AlUla. “The selection of Banyan Tree to operate this re-sort was driven by the brand’s synergy with the vision of the Royal Commission for AlUla for the destina-tion. The ethos of Banyan Tree is to provide a sanctuary for the senses in an awe-inspiring location with a great sense of place, which is a perfect match for us in AlUla.” 
The resort will feature two dining venues, including Saffron, Banyan Tree’s signature Thai restaurant, of-fering contemporary Thai cuisine. The renowned Banyan Tree Spa welcomes guests with carefully curat-ed wellness experiences that combine Asian traditions and local elements.

“We are thrilled to launch Banyan Tree in the beautiful valley of AlUla in the kingdom of Saudi Arabia. Founded in 6th century BC, AlUla is filled with so much history and we are honoured to be part of its herit-age efforts,” said Mr Eddy See, President and Chief Executive Officer, Banyan Tree Group. “Since we started our journey 28 years ago, we have been pioneers of the all-pool villa concept, and now we bring our purposeful, sustainably designed concepts to AlUla with all-tented villas that complement the existing eco-destination.”
Guests looking to be among the first to enjoy a once-in-a-lifetime experience at Banyan Tree AlUla can enroll in Accor’s loyalty programme: ALL – Accor Live Limitless. As a member of ALL-Accor Live Limitless, guests can earn reward points on every stay, when dining and can use their points to book nights at participating hotels, transfer points to use with partners worldwide or convert them into truly unforgettable moments with Limitless Experiences in entertainment, sports, culture, shopping, travel and more.

For more information or to book a stay at Banyan Tree AlUla, email [email protected] or call +966 55 184 2203. 

 



China Approves $840B Plan to Refinance Local Government Debt, Boost Economy

Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
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China Approves $840B Plan to Refinance Local Government Debt, Boost Economy

Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)

China on Friday approved a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt, in the latest push to rev up growth in the world’s second largest economy.

The plan will be implemented over the next three years, Xu Hongcai, vice-chairman of the National People's Congress's financial and economic committee, said at a news conference Friday.

Finance minister Lan Fo'an estimated that the hidden debt of local governments was 14.3 trillion yuan ($2 trillion) at the end of 2023. Hidden debt refers to debt that has not been disclosed publicly, The Associated Press reported.

Lan said 2 trillion yuan would be allocated each year from 2024 to 2026 to help local governments resolve their debts. He estimated that the amount of hidden debt will drop to 2.3 trillion yuan ($320.9 billion) by the end of 2028.

Officials also said Friday that the ceiling to issue special bonds will be raised to 35.52 trillion yuan ($4.96 billion) from 29.52 trillion yuan ($4.12 billion) for local governments.

Lan said that the implementation of such a large-scale replacement measure indicates a “fundamental shift” in China's approach to debt restructuring and said that China’s government debt risk was “controllable.”

Analysts have called for bold, multi-trillion-yuan measures to reinvigorate the world's second largest economy, which has yet to bounce back fully from the COVID-19 pandemic.
Local government debts have ballooned partly due to high spending and low tax revenues during the pandemic, but also due to a downturn in the property industry, since sales of land use rights, a key source of local government revenue, have sagged.

The central bank loosened restrictions on borrowing in late September, sparking a stock market rally, but economists say the government needs to do more to ignite a sustained recovery. Government officials have indicated that could come at this week's meeting of the Standing Committee of the National People's Congress, which must give official approval to any new spending.

The economy has shown signs of life in the past two months. Purchase subsidies offered to people who trade in old cars or appliances for new ones helped auto sales rebound in September. A survey of manufacturers turned positive in October after five straight months of decline, and exports surged 12.7% last month, the largest increase in more than two years.

For most of the year, the ruling Communist Party appeared more focused on addressing long-term structural issues with the economy rather than short-term ones. Previous steps to boost the economy were piecemeal, seemingly aimed at keeping the economy afloat rather than sparking a robust recovery.

In recent weeks, the party has signaled a growing concern about the economy's sluggishness as it tries to meet its goal of achieving growth of around 5% this year. The central bank's monetary easing was followed by government pronouncements that it still has ample funds to pump into the economy.

Still, the longer-term goals of transforming China into a high-tech and green energy economy seem likely to remain the chief aims of the Communist Party, which doesn't face election pressures like the ones that toppled the Democrats and swept Donald Trump's Republicans to power in America this week.