Saudi Crown Prince Launches Visionary ‘Coral Bloom’ Plan

The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
TT

Saudi Crown Prince Launches Visionary ‘Coral Bloom’ Plan

The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)
The Coral Bloom concept is designed to blend in with Shurayrah pristine natural environment. (SPA)

Saudi Crown Prince Mohammed bin Salman, Chairman of The Red Sea Development Company, launched the Coral Bloom concept, which was created by architectural firm Foster + Partners, and designed to blend in with Shurayrah island’s pristine natural environment, reported the Saudi Press Agency on Wednesday.

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has since shared the striking vision for its main hub island at the destination, Shurayrah.

“We expect guests to be awed by what they see when they first arrive at The Red Sea Project, enjoying a truly immersive barefoot luxury experience. The Coral Bloom designs, taking inspiration from the incredible flora and fauna found uniquely in Saudi Arabia, promise to make that vision a reality,” said John Pagano, CEO of TRSDC.

“Shurayrah Island is the gateway to The Red Sea Project so it’s important that it sets the standard in groundbreaking architecture and sustainable design, not just for our destination, but globally too. This is achieved by going beyond simply protecting the environment, to applying a regenerative approach,” he added.

Biodiversity considerations take center stage, with the plan designed to avoid disruption of the island’s mangroves and other habitats, providing natural defenses from erosion, while new habitats are created through landscaping to enhance the island’s natural state.

The proposal also outlines designs for the island’s 11 hotels, adapted to suit traveler expectations post-Covid-19 including more space, and immersed into the landscape to effectively form part of the sweeping dunes, allowing the island’s natural beauty to reign supreme.

The design sees new beaches created on the dolphin-shaped island along with a new lagoon. These enhancements will contribute to raising the level of the land, providing a defensive layer from the global threat of rising sea levels. Importantly, the changes aim to preserve or enhance what already exists on the island, without damaging any habitats or natural shores.

There will be 11 hotels on Shurayrah, which will be operated by some of the most distinguished hotel brands in the world. The island’s natural landscape will be used to dramatic effect with all hotels and villas nestled within the landscape. The absence of high-rise buildings will ensure the spectacular vistas remain uninhibited, while creating a sense of mystery for guests as the island slowly reveals itself.

The hotel designs have also been responsive to the changing world and traveler demands over the last 12 months. There will be no internal corridors for example, in response to a growing demand for space and seclusion following the coronavirus pandemic. The resorts themselves will be created using lightweight materials with a low thermal mass and manufactured offsite, meaning more energy efficient construction and less impact on the environment.

Gerard Evenden, Head of Studio at Foster + Partners, said: “Our vision for Shurayrah is inspired by the island’s natural state, with the hotels designed to give the impression that they have washed up on the beaches and nestled among the dunes almost like driftwood. The materials we use and the low impact they have ensures that the pristine environment is protected, while the additions we make to the island serve to enhance what is already there – hence the name, Coral Bloom.”

The Red Sea Development Company is committed to delivering a 30 percent net conservation benefit by 2040. It is creating the world’s largest district cooling plant powered by renewable energy 24 hours a day to facilitate efficient centralized cooling across the destination. The entire destination will be powered by renewables, underpinned by the largest battery storage system in the world.

In line with this commitment, the destination’s master plan is informed by an extensive marine spatial planning exercise and leaves 75 percent of the project’s islands untouched. Shurayrah is one of only 22 islands selected for development.

The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. The remaining 12 hotels planned in phase one will open in 2023.

Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment and leisure facilities.

The Red Sea Development Company is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia and the chairman is Crown Prince Mohammed. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.

The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. The destination will include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that utilizes renewable energy and emphasizes water conservation and re-use.



Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
TT

Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol

Oil prices rose on Friday but were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal limited gains driven by concerns over disruptions from a blockade of Venezuelan tankers.

Brent crude futures were up 52 cents, or 0.87%, at $60.34 a barrel by ‌1357 GMT ‌while US West Texas Intermediate crude ‌rose ⁠51 ​cents, ‌or 0.9%, to $56.66.

On a weekly basis, the Brent and WTI benchmarks were down 1.3% and 1.4% respectively, according to Reuters.

"That we're ⁠staying down at these levels indicates that the market is awash with ‌oil right now," said Ole Hansen, ‍head of commodity strategy at ‍Saxo Bank. "There's enough oil to mitigate any disruptions."

Uncertainty over ‍how the US would enforce President Donald Trump's intent to block sanctioned tankers from entering and leaving Venezuela tempered geopolitical risk premiums, IG analyst Tony Sycamore said.

Venezuela, which pumps about 1% ​of global oil supplies, on Thursday authorised two unsanctioned cargoes to set sail for China, said two ⁠sources familiar with Venezuela's oil export operations.

Optimism over a potential US-led Ukraine peace deal also eased supply risk concerns, Sycamore said.

However, Bank of America analysts said they expect lower oil prices to curb supply, which could stop prices from going into freefall.

Investors also watched developments in Russia's war in Ukraine after Kyiv ramped up attacks on Russia's energy infrastructure. Ukraine struck a "shadow fleet" oil tanker in the Mediterranean Sea with aerial drones for the first time, ‌a Ukrainian official said on Friday.


What are Shipping Companies' Plans for Return to Suez Canal?

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo
TT

What are Shipping Companies' Plans for Return to Suez Canal?

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. REUTERS/Mohamed Abd El Ghany/File Photo

Major shipping companies are devising strategies for a potential return to the Suez Canal after two years of disruptions due to security risks in ​the Red Sea.

They have been rerouting vessels via longer, costlier routes around Africa since November 2023, following attacks on commercial ships by Yemen's Houthi militants, reportedly in solidarity with Palestinians during warfare in Gaza.

A ceasefire agreement reached in October has led some companies to explore resumption plans, although security ‌remains a ‌key concern. Below are the latest ‌updates according to Reuters:

MAERSK

The ⁠Danish ​shipping ‌company said on Friday that one of its vessels successfully navigated the Red Sea and Bab el-Mandeb Strait for the first time in nearly two years.

Maersk said it has no immediate plans to fully reopen the route and it is not considering a wider ⁠East-West network change back to the trans-Suez corridor, but considers the ‌feat a "stepwise approach" to resuming ‍passage.

CMA CGM

The world's ‍third-largest container shipping line, which has made limited Suez ‍transits when security allows, will use the passage for its India-US INDAMEX service from January, according to a schedule published on its website.

HAPAG-LLOYD

Earlier in December, the German shipping ​group's CEO said the return of the shipping industry to the Suez Canal would be gradual ⁠and there would be a transition period of 60-90 days to adjust logistics and avoid sudden port congestion.

The world's fifth-largest container company did not immediately respond to Reuters' request for comment. Hapag-Lloyd and Maersk had called for caution in November, saying they were monitoring the situation for evidence of increased security.

WALLENIUS WILHELMSEN

The Norwegian car shipping group is still assessing the situation and will not resume sailing until certain conditions are met, ‌a company spokesperson said on Friday.


Real Estate Balance Platform Regulates Market, Signals Positive Momentum in Riyadh Trading

The Saudi capital, Riyadh (Asharq Al-Awsat) 
The Saudi capital, Riyadh (Asharq Al-Awsat) 
TT

Real Estate Balance Platform Regulates Market, Signals Positive Momentum in Riyadh Trading

The Saudi capital, Riyadh (Asharq Al-Awsat) 
The Saudi capital, Riyadh (Asharq Al-Awsat) 

Following the Royal Commission for Riyadh City’ s announcement of the results of the electronic draw for purchasing residential land through the Real Estate Balance platform, Asharq Al-Awsat learned that some of the plots allocated to eligible beneficiaries will be sold at prices below SAR 1,500 (about $400) per square meter, depending on their locations.

The land distribution comes in implementation of directives issued by Crown Prince and Prime Minister Mohammed bin Salman to take the necessary steps to restore balance to Riyadh’s real estate sector.

Under these directives, the Royal Commission for Riyadh City is tasked with providing planned and developed residential land for citizens at a rate of between 10,000 and 40,000 plots annually over the next five years, at prices not exceeding SAR 1,500 per square meter.

On Wednesday, the Commission announced the issuance of the electronic draw results after completing all procedures related to verifying applicants’ eligibility and reviewing objections submitted ahead of the draw.

Competitive Prices

Real estate specialists told Asharq Al-Awsat that the Commission has allocated large tracts of land for sale to eligible beneficiaries in key locations within Riyadh’s urban fabric, noting that the move offers more choices at competitive prices and reflects positively on the overall real estate market in the Saudi capital.

They added that beneficiaries will be able to build homes at costs comparable to the prices of apartments currently offered for sale in northern Riyadh neighborhoods, which proved that the directives of Crown Prince Mohammed bin Salman have translated into tangible outcomes, enabling citizens to obtain their first homes at lower prices.

Price Decline

Real estate specialist Khaled Al-Mobid said that offering more than 6.3 million square meters of land this year through the Real Estate Balance platform aims to inject additional land within the urban area and increase housing supply with high planning quality. He described the step as important in curbing prices, which have risen recently in Riyadh.

He added that the rollout of further land areas through the platform over the next four years will help meet demand from young people and low-income segments, making affordable housing more accessible and facilitating first-home ownership.

Al-Mobid expected the Riyadh real estate market to see a correction in the coming years as the measures directed by the Crown Prince and Prime Minister are fully implemented by the relevant authorities.

Construction Costs

Another real estate specialist, Ahmed Omar Basodan, said that based on the announced locations for beneficiaries of the first batch, recipients will be able to own villas at prices lower than apartments currently offered for sale in the same neighborhoods. He explained that preliminary estimates put the combined cost of land purchase and construction at between SAR 900,000 and SAR 1.2 million.

He added that setting a ceiling price of SAR 1,500 per square meter for land will put downward pressure on prices in those areas, forcing them to retreat and become more affordable. Basodan noted that more than 10,000 plots have been allocated this year through the platform, supporting expanded housing supply, market stability, and improved quality of life.

Electronic Draw

In its latest statement, the Royal Commission for Riyadh City said the electronic draw was conducted under the supervision of an independent committee representing the Royal Commission, the Ministry of Justice, the General Real Estate Authority, Riyadh Municipality, and the Saudi Data and Artificial Intelligence Authority (SDAIA), using advanced technological systems to ensure fairness and equal opportunity.

The Commission confirmed that the final results are now available on the Real Estate Balance platform, detailing the locations of allocated plots totaling 6.3 million square meters across several Riyadh neighborhoods, including Al-Qirawan, Al-Malqa, Al-Nakheel, Al-Nargis, Namar, Al-Rimayah, Al-Rimal, and Al-Janadriyah.