Significant Progress Announced in Development of Saudi AMAALA Luxury Tourism Destination

Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)
Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)
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Significant Progress Announced in Development of Saudi AMAALA Luxury Tourism Destination

Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)
Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)

Saudi Arabia’s Red Sea Global (RSG), the developer behind the regenerative tourism destinations AMAALA and The Red Sea, said on Sunday it continues to make substantial progress in the ongoing development of AMAALA – a new luxury destination with wellness at its core, that empowers people to live longer, better lives.

Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection—to nature, to self, and to community. From medical and integrative wellness and sun-drenched adventure to world-class art and transformative events, AMAALA seamlessly integrates meaningful spaces for people and the planet to flourish, said RSG in a statement.

“We have achieved remarkable progress across every aspect of AMAALA, from our signature resorts and immersive experiences to essential utilities and infrastructure. Our unwavering focus is on infusing sustainability and regenerative principles into every facet of development,” said RSG Group CEO John Pagano.

“Once complete, AMAALA will present an extraordinary collection of assets and experiences that will elevate wellness, lifestyle, and human connection," he added.

To date, RSG has awarded over 600 contracts on AMAALA worth nearly SAR23 billion ($6.13bn) to world-leading partners. These partners share RSG's ambition to co-create luxury and wellness destinations that are developed in line with responsible development practices, prioritizing regenerative initiatives and collaboration with local communities.

As development advances, a number of key areas of AMAALA are moving toward completion, each one bringing the destination closer to welcoming guests.

At Triple Bay Marina Village, the Equinox Resort is now topped out, and concrete structure work on the Village Boutique Hotel's main building, condos and villas is nearing completion. This bustling hub will soon offer guests a haven of scenic boardwalks, waterfront restaurants, luxurious boutiques and well-known retailers, plus a vibrant year-round events program, all set against the breathtaking backdrop of the Red Sea.

At the Marina: flooding of the marina basin was complete at the end of 2023, and contracts for the floating pontoons and fixed decks have been awarded as RSG begins putting the final touches on this stunning central feature.

At AMAALA Yacht Club, all construction contracts have been awarded, concrete works are close to completion, and structural steel and MEP works have been started.

At Wellness Core, superstructures are present on 80% of the 220 buildings within this zone. Including world-leading wellness resorts such as Jayasom and Clinique La Prairie, guests here will discover an environment where they can focus on mental, physical, and energetic regeneration.

In another significant development, the Ministry of Health, earlier this year, approved the design of the AMAALA Hospital. The hospital will provide healthcare services for residents and visitors to the 4,200 km2 destination.

Once complete, AMAALA will feature close to 4,000 hotel rooms across 30 hotels as well as 1,200 luxury villas, apartments, and estate homes. It will also be supported by high-end retail, fine dining, wellness, and recreational facilities. AMAALA will be powered entirely by solar energy, saving the equivalent of nearly half a million tons of CO2 emissions every year.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.