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Motivating Global Brands to Use Smart Technologies in Saudi Products

Minor Hotels intends to expand in the Saudi market and work on environmental sustainability. In the frame, Michael Marshall, Chief Commercial Officer of Minor Group. (Asharq Al-Awsat)
Minor Hotels intends to expand in the Saudi market and work on environmental sustainability. In the frame, Michael Marshall, Chief Commercial Officer of Minor Group. (Asharq Al-Awsat)
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Motivating Global Brands to Use Smart Technologies in Saudi Products

Minor Hotels intends to expand in the Saudi market and work on environmental sustainability. In the frame, Michael Marshall, Chief Commercial Officer of Minor Group. (Asharq Al-Awsat)
Minor Hotels intends to expand in the Saudi market and work on environmental sustainability. In the frame, Michael Marshall, Chief Commercial Officer of Minor Group. (Asharq Al-Awsat)

Michael Marshall, Chief Commercial Officer of Minor Hotels Group, revealed the imminent opening of the Anantara resort in Saudi Arabia, specifically in the Diriyah region, stressing that the group intended to expand its hotels in the country over the coming years.

In an interview with Asharq Al-Awsat, Marshall noted that the rapid progress in the Kingdom has encouraged the company to look for the right partners to build a long-term, healthy and solid relationship that would enable the group to expand its brand presence in Saudi Arabia.

He also stressed the importance of the Kingdom’s focus on environmental sustainability, pointing to the necessity of cooperation to achieve the essential requirements for this purpose.

“Many are happy with the Saudi openness and the attempt to attract tourists to the country... The Kingdom is committed to implementing its projects, and it is not surprising that tourism and the travel sector in Saudi Arabia have reached great levels,” Marshall said.

He added: “We are pleased to announce the upcoming opening of Anantara Resort in Diriyah… and I would like to mention the splendor of the area, which is rich in old buildings and other beautiful landmarks.”

With regards to future projects, Marshall revealed that the Minor Hotels Group would announce the opening of more hotels, noting that several memoranda of understandings have been signed as part of the group’s effort to be “an essential part of the Kingdom’s growth plan and Vision 2030.”

Marshall emphasized that openness in Saudi Arabia was an important factor that attracted companies and visitors, especially with the implementation of simplified procedures to obtain tourist visas.

“The possibilities of attracting tourists to Saudi Arabia will further increase, especially with the recent sports events, including the Formula 1 race and golf tournaments, as well as concerts that will correct the misconceptions” about the tourists’ access to the Kingdom.

He also underlined his firm belief that Saudi Arabia’s tourism investments would strongly increase.

“I have already seen this in the Arab travel market, and during the campaign to promote the role of Saudi Arabia in tourism, which was previously limited to the Hajj and visiting Makkah…,” he stated, pointing to the country’s ancient history and wonderful landmarks.

Asked about environment sustainability in newly-launched projects, Marshall said: “It is necessary for us to cooperate in environmental sustainability, which is essential for the future.”

He continued: “Sustainability and the survival of the local community in its authentic environment have become a priority for tourists who also want to enjoy local experiences. This principle forms an essential part of Vision 2030. Therefore, I find that Saudi Arabia is taking the appropriate decision in this regard.”

Commenting on the progress of Saudi Arabia’s tourism on the regional level, Marshall noted that the Kingdom was now welcoming Kuwaitis, Qataris, Emiratis and Egyptians, who are interested in opening new businesses in the country.

“There is no doubt that the strong ties with neighboring countries and even with their families contribute to the prosperity of these businesses. On the other hand, we will witness the visit of international tourists looking for adventure. This category is more open to new experiences,” he remarked.

As for Saudi Arabia’s digital transformation, Marshall said that the Kingdom’s effort to keep pace with digital progress was very interesting.

He added that the Minor Hotels Group has been working towards this end by innovating applications for over 10 years.

“For example, in the Anantara and AVANI resorts, it is possible to check in and check out, choose the room and even open the doors or order food… through a dedicated application; thus, it is possible to dispense with the phone in the room and use it only for emergencies,” he explained.

“Customer experience helps tourists adapt to technology while keeping the process easy for them; we want everyone to master how to use technology without feeling that it is too complicated,” Marshall underlined.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.