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Saudi Arabia Inks Deals on Construction, Tourism Projects in Madinah

Prince Faisal bin Salman reviews the models of the mega projects expected in Madinah. (Asharq Al-Awsat)
Prince Faisal bin Salman reviews the models of the mega projects expected in Madinah. (Asharq Al-Awsat)
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Saudi Arabia Inks Deals on Construction, Tourism Projects in Madinah

Prince Faisal bin Salman reviews the models of the mega projects expected in Madinah. (Asharq Al-Awsat)
Prince Faisal bin Salman reviews the models of the mega projects expected in Madinah. (Asharq Al-Awsat)

The Governor of the Madinah region, Prince Faisal bin Salman bin Abdulaziz, inaugurated a number of projects in the Knowledge Economic City (KEC) and witnessed the signing of a number of contracts and agreements for the development of commercial, residential, tourism and entertainment projects.

The contracts included a tripartite agreement between the Saudi Tourism Development Fund (TDF), Riyadh Bank and the KEC to finance Phase 1 of the project, which will be implemented with the support of the Madinah Region Development Authority.

Phase 1 includes the construction of a commercial market, Hilton Hotel, the Boulevard commercial walkway, recreational area and health and sports centers.

The Tourism Development Fund, of the Ministry of Tourism, is financing the project as part of the fund’s strategy to provide support to private sector investors and boost the establishment of modern tourism projects that help enhance and develop the capabilities of the tourism sector in the Kingdom.

KEC has also agreed to the terms for the management of the Madinah Gate Fund Project Development with Riyadh. It aims to develop the lands adjacent to the Haramain high-speed train station in Madinah and the area overlooking Prince Nayef Road.

The development includes the construction of a four-star hotel and hotel apartments with 325 hotel units managed by the Hilton Group, markets, shops, restaurants, entertainment area, a bus stop and other services.

Public transport will be directly linked to the Haramain high-speed train station.

Prince Faisal also inaugurated the construction works on the Aliaa residential project in Dar al-Jiwar, and the development of Elite International Schools, a model international school complex for boys and girls from kindergarten to grade 12.

The complex of schools will be built on a 20,000-square-meter plot of land as part of a 25-year lease agreement and will be able to accommodate around 1,700 students. The first school is scheduled to open in September 2022.

CEO of TDF Qusai al-Fakhri said that the agreement is one of several successful deals with local banks aimed at providing investors with attractive financial solutions that encourage investments into this promising sector.

“It exemplifies our commitment to delivering on the National Tourism Strategy, increasing the GDP contribution of the tourism sector from 3 to 10 percent by 2030 and creating 1 million new jobs,” noted Fakhri.

The KEC Hub will be a 68,000-square meter tourism complex in Madinah, valued at $346.3 million making it among the biggest tourist projects in Madinah.

The new complex is located only around 6km from the Prophet’s Mosque, and it is easily accessible through the Haramain high-speed railway at the Knowledge City. The railway connects Madinah with Makkah in around 55 minutes.

The project will benefit from the position of Madinah in the Islamic world, in addition to its being an international destination for tourism and heritage.

It ranked 23rd among the top 100 City Destinations for 2019 with around 9 million tourists, according to the latest report by Euromonitor International.

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Business

Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.