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NEOM Welcomes JLS Yachts as Key Partner for Sindalah's Yachting Experience

NEOM Welcomes JLS Yachts as Key Partner for Sindalah's Yachting Experience
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NEOM Welcomes JLS Yachts as Key Partner for Sindalah's Yachting Experience

NEOM Welcomes JLS Yachts as Key Partner for Sindalah's Yachting Experience

NEOM has appointed JLS Yachts, a leading Middle East-based yacht agency and concierge service provider, as a 'key partner superyacht agency' for Sindalah, NEOM's luxury island development.
Set to open in 2024, Sindalah will be NEOM's first tourism destination, offering visitors an idyllic luxury lifestyle experience. Sindalah is one of NEOM's 41 islands, which will be home to a world-leading yachting ecosystem with more than 5,000 berths, SPA reported.
NEOM's partnership with JLS Yachts will support Sindalah's vision of becoming a global yachting destination, with the island just 17 hours of sailing from the Mediterranean. The agency's office within the island's marina will provide a comprehensive range of world-class services for the comfort and pleasure of the yachting community, including berthing, provisioning, bunkering, customs clearance, transportation and travel arrangements.
The appointment of JLS Yachts as NEOM's second official yachting partner follows the June 2023 announcement that Monaco-based BWA Yachting would establish an office at the Sindalah marina.
Leveraging its service excellence and its established presence in the Arabian Gulf region and Indian Ocean, JLS Yachts will bring its regional expertise to Sindalah as it prepares to welcome the world's most discerning superyacht clientele during 2024.
With a core team of 34 professionals totalling more than 130 combined years of marine experience, JLS Yachts' dedicated personnel are poised to cater to every aspect of superyacht maritime services.
The company also provides extensive training offerings to develop the next generation of yacht enthusiasts, captains and crew.
In this regard, JLS Yachts CEO Captain Stephen Corbett said: "We are very pleased and honoured to be selected as a key partner for NEOM's magnificent Sindalah Island on Saudi Arabia's Red Sea coastline. Our new operational offices in Jeddah and Riyadh offer great exposure and services to our VVIP owners, captains and crew."

"As the largest and most experienced superyacht agency in the Middle East and northern Indian Ocean, we look forward to bringing our unique and rewarding services to the Red Sea and beyond," he added.

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Business

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 

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.