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Saudi Crown Prince Announces Diriyah as PIF’s Fifth Giga-Project

The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)
The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)
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Saudi Crown Prince Announces Diriyah as PIF’s Fifth Giga-Project

The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)
The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)

Saudi Crown Prince and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman announced on Monday designating Diriyah as the fifth giga-project owned by the Kingdom’s sovereign wealth fund.

The Diriyah tourism project aligns with PIF’s strategy for achieving the goals of the Kingdom’s plan for national transformation, Vision 2030.

Vision 2030 aims to diversify the local economy by contributing to the development and empowerment of vital sectors such as tourism and culture. Overall, this works to enhance the Kingdom’s position regionally and internationally as a leading tourist and cultural destination.

Diriyah’s designation is a step that reflects the state’s interest in culture and investment, specialists affirmed to Asharq Al-Awsat.

Moreover, the project’s addition to PIF’s portfolio promotes a sustainable economy, creates partnership opportunities with the private sector and attracts foreign capital, all of which contribute to the Kingdom’s GDP.

The announcement comes as an extension and affirmation of the Crown Prince’s efforts about all the main elements that make up the national identity and Saudi culture.

The Diriyah project adds historical, cultural, and political value to the Kingdom’s 300-year history.

Diriyah is a globally significant destination that includes the Turaif district, a UNESCO World Heritage Site.

“The Crown Prince's announcement strengthens partnership with the private sector and attracts foreign capital to enter into this giant project (Diriyah) and explore new investment opportunities,” Abdul Mohsen Al-Hokair Group’s CEO, Majed Al-Hokair, told Asharq Al-Awsat.

“The project enhances the Kingdom’s position regionally and internationally and constitutes a historical, cultural and economic value for Saudi Arabia,” Al-Hokair added.

He also noted that including Diriyah as the fifth giga-project by PIF enhances qualitative and sustainable development projects in the Kingdom.

“Diriyah is the center of heritage and culture and the cradle of the first Saudi state,” asserted Al-Hokair.

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Business

Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
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Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 

Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has toured hospitality facilities and visitor services in Madinah as part of the “Spirit of Ramadan” inspection tour, which also included Jeddah and Makkah.

New data show visitor numbers exceeded 21 million over the past year, a 12 percent increase from 2024, while total tourism spending reached SAR 52 billion (about $13.9 billion), up 22 percent.

The visit focused on assessing the sector’s readiness for the Ramadan season, evaluating service quality, and supporting ongoing and upcoming tourism projects.

Madinah posted strong tourism performance in 2025, driven by higher visitor inflows and expanded hospitality capacity, reinforcing its position as a leading religious destination within Saudi Arabia’s tourism landscape.

Demand growth has been matched by a sharp rise in supply. Licensed hospitality facilities increased to 610, up 35 percent, while the number of licensed rooms surpassed 76,000, a 24 percent gain, strengthening the city’s ability to accommodate during peak seasons such as Ramadan and Hajj.

Travel and tourism offices also grew to more than 240, reflecting a 29 percent expansion in supporting services.

Al-Khateeb said the entry of international hospitality brands and new projects over the past five years underscores both sectoral growth and rising investor confidence in the Kingdom’s tourism ecosystem.

“The landscape today is different. The sector is growing steadily, supported by a system that empowers investors and facilitates their journey, with a promising future ahead,” he said.

To expand hotel capacity, the minister inaugurated the Radisson Hotel Madinah, a project worth more than SAR 39 million (around $10 million) and financed by the Tourism Development Fund.

The 2025 performance signals a shift from traditional seasonal growth toward more sustainable expansion built on diversified offerings, improved service quality, and a stronger contribution to the local economy.

 

 

 

 

 

 

Business

Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
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Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File

Plane maker Airbus aims to deliver a record number of commercial aircraft this year, the company said Thursday, capitalizing on "strong demand" and a jump in profit in 2025.

"2025 was a landmark year, characterized by very strong demand for our products and services across all businesses," CEO Guillaume Faury said in a press release announcing annual results.

The European manufacturer said it received 1,000 orders for commercial planes in 2025, with net orders of 889 after taking cancellations into account, and 793 delivered.

Last year, its overall profit jumped 23 percent to 5.2 billion euros ($6.1 billion).

The company said it is targeting "around 870 commercial aircraft deliveries" this year.

"As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services," it said in its outlook.

Both Airbus and its rival Boeing have struggled to return to pre-pandemic production levels after their entire network of suppliers was disrupted, even as airlines are eager to modernize their fleets with more fuel-efficient aircraft and expand to meet an expected increase in passenger numbers over the coming decades.

Business

Saudi Arabia's Humain Invests $3 Bn in Musk's xAI

The logo of the Saudi company Humain. Asharq Al-Awsat
The logo of the Saudi company Humain. Asharq Al-Awsat
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Saudi Arabia's Humain Invests $3 Bn in Musk's xAI

The logo of the Saudi company Humain. Asharq Al-Awsat
The logo of the Saudi company Humain. Asharq Al-Awsat

Saudi Arabia's artificial intelligence firm Humain said Wednesday it had invested $3 billion in US billionaire Elon Musk's xAI.

The investment made Humain a "significant minority shareholder,” the company said in a statement.

It added that its xAI holdings would be "converted into SpaceX shares" after the rocket company announced it was taking over the AI start-up earlier this month as Musk pushes to unify his many business interests.

CEO Tareq Amin said the latest investment “reflects Humain’s conviction in transformational AI and our ability to deploy meaningful capital behind exceptional opportunities where long-term vision, technical excellence, and execution converge, xAI’s trajectory, further strengthened by its acquisition by SpaceX, one of the largest technology mergers on record, represents the kind of high-impact platform we seek to support with significant capital.”

Musk's xAI had previously announced in November it was teaming up with Humain to build a 500-megawatt data center in Saudi Arabia.

The Saudi firm also inked a new deal with Nvidia.