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Saudi Crown Prince Launches Soudah Peaks Masterplan

Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.
Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.
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Saudi Crown Prince Launches Soudah Peaks Masterplan

Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.
Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of Soudah Development, launched on Monday the masterplan to develop Soudah and parts of Rijal Almaa into Soudah Peaks – a luxury mountain tourism destination set 3,015 meters above sea level on Saudi Arabia's highest peak.

Situated within an extraordinary natural and cultural environment in the Aseer region (southwest Saudi Arabia), the project is a key part of the Public Investment Fund’s (PIF) efforts to diversify the economy by expanding vital industries such as tourism, hospitality, and entertainment, and supporting Aseer development strategy.

Crown Prince Mohammed, Chairman of Soudah Development’s Board of Directors, stated that Soudah Peaks represents a new era of luxury mountain tourism by providing an unprecedented living experience while preserving the natural environment, cultural, and heritage richness.

It is strategically aligned with Vision 2030 goals of expanding tourism and entertainment, supporting economic growth, attracting investments, contributing more than SAR29 billion to the Kingdom’s cumulative GDP, and creating thousands of direct and indirect job opportunities.

The Crown Prince said: “The masterplan reaffirms our commitment to global efforts in preserving the environment and natural resources for future generations and aims to contribute to diversifying national income sources and building a strong economy that attracts local and global investments.”

“Soudah Peaks will be a significant addition to the tourism sector in Saudi Arabia and place the Kingdom on the global tourism map, whilst highlighting and celebrating the country’s rich culture and heritage. Visitors will have the opportunity to discover the beauty of Soudah Peaks, explore its rich culture and heritage, and experience the authentic hospitality of the local community. Soudah Peaks will offer unforgettable experiences amidst lush greenery, above the clouds,” he added.

Soudah Peaks aims to offer high-end luxurious hospitality services to over two million visitors throughout the year by 2033. The masterplan is being designed to reflect the local traditional, and architectural styles, and will promote both the cultural and landscape heritage of the region.

The destination will be home to six unique development zones: Tahlal, Sahab, Sabrah, Jareen, Rijal, and Red Rock. Each will offer a range of world-class facilities including hotels, luxury mountain resorts, residential chalets, villas, premium mansion sites, entertainment and commercial attractions, as well as outdoor attractions dedicated to sports, adventure, wellness and culture.

Soudah Development will deliver 2,700 hospitality keys, 1,336 residential units, and 80,000 square meters of commercial space for Soudah Peaks by 2033. The masterplan will be developed over three phases, with 940 hotel keys, 391 residential units, and 32,000 square meters of retail space expected to be completed in 2027, within phase one.

Soudah Peaks is set across more than 627 square kilometers of awe-inspiring nature, with less than 1% of the land being acquired for building, reflecting Soudah Development’s commitment to protecting and preserving the environment, following best-in-class sustainability standards, and contributing to the efforts of the Saudi Green Initiative.

As a closed joint-stock company owned by PIF, Soudah Development aims to develop a unique luxury mountain tourism destination in Saudi Arabia, whilst preserving the natural environment and cultural heritage of the project area spread across Soudah and parts of Rijal Almaa.

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Business

IEA, IMF and World Bank to Coordinate Response to Middle East War's Impact

A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked
A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked
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IEA, IMF and World Bank to Coordinate Response to Middle East War's Impact

A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked
A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked

The heads of the International Energy Agency, International Monetary Fund, and World Bank on Wednesday said they will form a coordination group to maximize their response to the significant economic and energy impacts of the war in the Middle East.

In a joint statement, the three global bodies noted that the war had caused major disruptions in the region and triggered one of the largest supply shortages in global energy market history.

"At these times of high uncertainty, it is paramount that our institutions join forces to monitor developments, ⁠align analysis, and coordinate ⁠support to policymakers to navigate this crisis," the heads of the IMF, IEA and World Bank said.

The new coordination group will assess the severity of impacts across countries, coordinate a response mechanism, and mobilize stakeholders to deliver support to countries in need, the international bodies said.

The response mechanism could include targeted policy advice, assessment of potential financing needs ⁠and related provision of financial support, including through low or zero-percent financing, as well as unspecified risk mitigation tools, they said.

Thousands of people have been killed across the Middle East in the war, which began when the US and Israel struck Iran on February 28, triggering Iranian attacks on Israel, US bases and the Gulf states, while opening a new front in Lebanon.

Now in its second month, the conflict has spread across the region, disrupting energy supplies and threatening to send the global economy into a tailspin.

"The impact is substantial, global, and highly asymmetric, disproportionately ⁠affecting energy ⁠importers, in particular low-income countries," Reuters quoted the IMF, IEA and World Bank as saying.

They noted that the war was already resulting in higher oil, gas and fertilizer prices, while triggering concerns about food prices and affecting global supply chains of helium, phosphate, aluminum, and other commodities. Tourism had also been hit.

"The resulting market volatility, weakening of currencies in emerging economies, and concerns about inflation expectations raise the prospect of tighter monetary stances and weaker growth," the organizations said.

"We are committed to working together to safeguard global economic and financial stability, strengthen energy security, and support affected countries and people on their path to sustained recovery, growth, and job creation through reforms," they said.

Business

Saudi Arabia: Mawani Announces Commencement of Container Terminal Operations at Jubail Port

Jubail Commercial Port. SPA
Jubail Commercial Port. SPA
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Saudi Arabia: Mawani Announces Commencement of Container Terminal Operations at Jubail Port

Jubail Commercial Port. SPA
Jubail Commercial Port. SPA

The Saudi Ports Authority “Mawani” has announced the commencement of container terminal operations at Jubail Commercial Port under a privatization contract with Saudi Global Ports (SGP), backed by private sector investments exceeding SAR2 billion ($533 million).

The new move is in line with the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030, Mawani said in a statement on Wednesday.

“The commencement of operations comes as part of the implementation of the privatization contract signed between the two parties, which includes the development of infrastructure and the modernization of operational equipment,” it said.

“This includes increasing berth length from 1,000 m to 1,400 m, deepening berths from 14 m to 18 m, increasing the number of STS cranes from 6 to 10, and raising the number of RTG cranes from 13 to 29 automated, environmentally friendly cranes,” the statement added.

According to Mawani, the launch will increase the container terminal’s handling capacity from 1.5 million TEUs to 2.4 million TEUs annually, across an area of 460,000 square meters.

This will enable the terminal to accommodate large next-generation vessels, enhance operational efficiency, and reinforce Jubail Commercial Port’s position as a key logistics gateway supporting the Kingdom’s sustainable growth.

It will also strengthen operational integration with the Group’s terminals across the Eastern Coast ports.

Business

Germany Growth Forecasts Slashed as Mideast War Hits Economy

Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File
Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File
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Germany Growth Forecasts Slashed as Mideast War Hits Economy

Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File
Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File

Leading economic institutes more than halved their growth forecast for Germany on Wednesday, warning that the energy shock caused by the Middle East war would hit Europe's top economy hard.

A group of leading institutes slashed their joint GDP growth forecast for 2026 to 0.6 percent, down from a September prediction of 1.3 percent.

Inflation is now forecast to rise to 2.8 percent, up from 2.0 percent, "weighing on household purchasing power".

"The energy price shock triggered by the Iran war is hitting the recovery hard," said economist Timo Wollmershaeuser of the Ifo institute, adding that increased government spending was nevertheless "preventing a stronger slide", AFP reported.

Oil and natural gas prices have surged since the end of February, when the United States and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war.

Iran has since closed the Strait of Hormuz to ships of countries it considers allied with the US and Israel, effectively blocking a sea lane that normally transports about a fifth of the world's oil and liquefied natural gas.

Higher inflation in Germany would hit consumer spending, the institutes said, weighing on an already weak economy that has barely grown since a burst of pent-up demand after the Covid pandemic in 2022.

The government on Wednesday introduced rules allowing petrol stations to only raise prices once a day, at noon.

But motorist Sebastian, a 49-year-old estate agent who did not want to give his surname, told AFP at a Frankfurt petrol station that this was not enough to protect his spending power.

"Whether the price of petrol changes once a day or 10 times a day doesn't really matter," he said, adding it was "certainly not enough" to lower his costs.

Germany's economy, struggling with fierce Chinese competition in sectors from cars to chemicals, was in the doldrums even before US President Donald Trump last year imposed sweeping new tariffs before starting the Mideast war in late February.

Chancellor Friedrich Merz, who took office last May, vowed to borrow and spend hundreds of billions through a special infrastructure fund over coming years in what was dubbed a spending "bazooka" aimed at getting the economy back on its feet.

But the economists said that much of the money was simply paying for day-to-day spending.

"Government expenditure on consumption is rising much more sharply than investment," economist Oliver Holtemoeller of the Halle Institute for Economic Research said. "That was not the idea behind changing the financing rules."

The outlook for the longer term was also dire.

Citing low productivity, industrial decline and an ageing population, the institutes warned that Germany's economy would soon be unable to grow sustainably.

"We have also reassessed the structural changes in the German economy and, in particular, revised our forecast for industrial growth downwards," Wollmershaeuser said.

In an era when "demographic change is hitting with full force", he said, "potential growth will come to a standstill by the end of the decade, and we will have to get used to average GDP growth rates of zero percent".

Speaking to broadcaster Welt TV, Economy Minister Katherina Reiche said the government was working on reducing labour taxes and energy costs but that Germans would have to get used to working more over the course of their lives.

"We need to make this country vigorous again," she said. "Germany needs to get its will to win back."