< Previous20 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Saudi National Bank (SNB) utilises its prominent role as the largest institutional and specialised nancier in the Kingdom to contribute to KSA's major deals and giga projects. As the owner of NCB Capital and Samba Capital & Invest- ment Management, SNB boasts the largest asset management, brokerage, as well as investment banking entities in the Kingdom. Each of these institutions align with Saudi Vision 2030, playing a signi cant role in transforming the local banking sector. With four overseas branches in Bahrain, the UAE, Qatar, and Singapore, SNB maintains a strong international pres- ence in the Middle East, Turkey, and South Asia, enabling it to extend its nancial services beyond the Kingdom. And in tandem with the goals outlined in Saudi Vision 2030, SNB is committed to Saudisation, supporting the national goal of employing Saudi nationals in key positions and fostering the growth of local talent. Additionally, SNB places a strong emphasis on women’s equality, recognising the importance of women empowerment in the workforce. SNB, according to its official website, has recently released its preliminary nancial results for Q1 2023, indi- cating a notable 12 percent year-on-year growth in net income. This growth can be attributed to an 8 percent improvement in operating income, driven by higher net special commission income resulting from margin expan- sion and an increase in earning assets. The primary driver of this positive performance was a 4 percent growth in nancing, with retail nancing experiencing a 3 percent increase, largely due to a 4 percent growth in mortgages. Additionally, wholesale financing also increased by 4 percent during this period. Customers' deposits witnessed a substantial 8 percent rise in the rst quarter, primarily driven by strong domestic CASA growth (current account and savings account). In May 2023, SNB announced an exclusive 3-year stra- tegic partnership agreement with JCDecaux ATA Saudi Arabia, under the patronage of the General Authority of Civil Aviation (GACA). This partnership, the largest of its kind, aims to enhance SNB's customer reach through inno- vative advertising methods. The agreement includes exclu- sive advertisements on jet bridges in seven airports across the Kingdom, including Riyadh, Jeddah, Dammam, Najran, Tabuk, Madinah, as well as in Yanbu. Saudi National Bank CEO Saeed Mohammed Al Ghamdi appointed the bank’s new chairman of the Board of Directors, e ective 27 March 2023, revealed that this partnership demonstrates SNB's commitment to promoting public-private partnerships as a crucial aspect of sustainable development aligned with the goals of Saudi Vision 2030. SAUDI NATIONAL BANK (SNB) YEAR ESTABLISHED 1953 BANKINGarabianbusiness.com 21 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Established in 2012 under the leadership on its Chair- man & CEO, Naif Saleh Alrajhi, Naif Alrajhi Investment group stands as a prominent Saudi investment entity. The group boasts a wealth of experience spanning two decades in real estate development, capital markets, merg- ers, and acquisitions. The group's interests are diversi ed across 11 sectors, having made over 400 investments and participations in 30 companies and is headquartered in Riyadh and operates with a presence extending to Dubai, London, Rome, and Tangier. The group has experienced robust growth in the real estate industry, encompassing various areas including acquisition, financing, construction, development, and property management. They have also diversi ed their oper- ations into other sectors, including hospitality, F&B, contracting & interior solutions, mining, logistics, nancial management & outdoor media. With over 30 companies under its umbrella, the group has established itself as a reputable brand by prioritising partnerships and is committed to ensuring that solutions align with the communities needs and aspirations. Key partnerships aligned with Vision 2030 The economic reforms and progressive policies in KSA make it an appealing destination for local and international investors who are seeking profitable opportunities in a dynamic market. The Saudi government is pursuing the privatisation of state-owned assets across various sectors to help boost private sector participation, enhance e ciency, and stim- ulate economic growth which has led to openings for inno- vative companies with expertise and a strong history of successful investments. Naif Alrajhi Investment plays a role in achieving the goals outlined in Vision 2030, particularly in urban planning, real estate development, economic diversification, tourism development and logistics. In 2023, the company launched Ramla Terraza, an upscale destination in Riyadh, in collab- oration with the General Entertainment Authority, launched Fairmont Ramla Serviced Residence – a 34-story tower set in a prime location, also signed a strategic partnership agreement to develop mega residential projects and resorts, and is soon to announce a major development agreement that will contribute to the realisation of Vision 2030. NAIF AL RAJHI INVESTMENT GROUP YEAR ESTABLISHED 2012 DIVERSIFIED22 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIAA TRIBUTE TO THE KINGDOM OF SAUDI ARABIAarabianbusiness.com 23 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Saudi Arabia has announced several ambitious plans to launch a wave of megaprojects that are set to transform the country into a global economic powerhouse. With investment totalling billions of dollars, the kingdom is embarking on a journey to diversify its economy away from oil, create jobs, and boost its international standing as a leading hub for trade and tourism. Here is a look at the upcoming megaprojects set to transform the nation. AlUla A heritage site with over 200,000 years of history, AlUla is home to some of the world’s ancient cultural sites, sandstone mountains and oases. However, the kingdom is currently is on the process of transforming the historic site into an Saudi Arabia’s Vision 2030 realised international destination through the ‘Journey through Time’ masterplan – led by Saudi Arabia’s Crown Prince Moham- med bin Salman. The masterplan has made it more accessible for tourists to visit the site. On completion, it will add to the Royal Commission for AlUla’s (RCU) goals of contributing at least $32bn to the national GDP, opening 38,000 jobs by 2035. “The masterplan directly contrib- utes to the realisation of Vision 2030 by reinvigorating AlUla as a tourism destination and catalysing economic diversi cation in the region. Improv- ing quality of life for residents, boost- ing employment opportunities, and accelerating the development of the region’s cultural and tourism infra- structure is built into the plan,” RCU said in a statement. Exploring some of the kingdom's most ambitious projects AlUla is home to some of the world’s ancient cultural sites, sandstone mountains and oases24 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA 22,500 The area in square kilometres of the AlUla heritage site AlUla will also see ve districts that span the historic area – AlUla Old Town, Dadan, Jabal Ikmah, Nabataean Hori- zon and Hegra Historical City. The districts will be traversed by AlUla’s ancient oasis, with a 9-km section at the heart of the Cultural Oasis being fully rejuvenated. The historical site will also see 15 new cultural areas which include museums, galleries and cultural centres. AlUla will also feature the Wadi of Hospitality, which connects the five districts by a 20-kilo- metre-long public realm. The 22,500 sq km heritage site will also feature a 46-km low-carbon tram line connecting the site to AlUla Inter- national Airport. Visitors can also travel by car or, if they prefer another immer- sive option, on foot, by bicycle, or even on horseback. Moreover, the heritage site will add a total of 5,000 additional room keys to the overall target of 9,400 keys by 2035, with each district o ering visi- tors a variety of living and hospitality options, ranging from hotels and eco-tourism resorts to luxury lodges and canyon farms that are carved into the sandstone rocks. Recently, the kingdom’s AlUla Development Company formally launched operations as the kingdom transforms the project into a global tourism destination. AlUla is one of the world’s largest and oldest cultural sites located in the kingdom, and the new rm is backed by the kingdom’s Public Investment Fund (PIF). AMAALA AMAALA is an upcoming grand project that is set to rede ne sustainable devel- opment, has been incorporated as a standalone company. AMAALA merged with the Red Sea Development Company to form Red Sea Global (RSG). “We are not only expanding our footprint to help create massive economic opportunities – valued at hundreds of billions worth of riyals – for the people of Saudi Arabia. We also want to set new global standards in develop- ment and inspire the industry to do better,” John Pagano, the CEO of Red Sea Global (RSG) said. The Public Investment Fund (PIF) giga-project, located in northwest Saudi Arabia along the Red Sea, will o er a vibrant and progressive destination for recreation, wellness, and the celebra- tion of the region’s rich cultural herit- age. Spanning across 3,800-sq km AMAALA will form the heart of the AMAALA is poised to become a world-class destination and an icon for sustainable development in the Middle Eastarabianbusiness.com 25 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA 8,000 The number of new hotel rooms planned for the Red Sea project Middle Eastern Riviera and is expected to become a leading hospitality destina- tion on the global map. The project will feature 14 of the world’s top hotel brands, more than 800 residential villas, apartments and homes, 200 high-end fashion establish- ments, an arts academy and a wide range of galleries, ateliers and artisan workshops. The development will also include signature dining experiences, world-class marinas, yacht clubs and sporting venues. In addition, AMAALA will also feature a “mirage-inspired” airport designed by UK-based architectural and design rm Foster + Partners. “The structure takes its inspiration from the surrounding environment, resulting in a mesmerising mirage e ect. A spacious courtyard will anchor the terminal and will be complemented by contemporary interiors complete with unique artwork and tailored expe- riences. The airport will re ect AMAA- LA’s ultra-luxury hospitality spirit, providing an exclusive private-club experience perfectly encapsulating AMAALA’s pillars of art and culture; wellness and sport; and sea, sun, and lifestyle,” AMAALA said in a statement. AMAALA will blend wellness with creative and social o erings to provide guests with a holistic journey of self-transformation. The project is situated within the Prince Mohammed bin Salman Natural Reserve, a hidden, untouched, and thriving stretch of the Red Sea. The reserve’s beauty and natural resources will be preserved while providing an exceptional desti- nation for guests. The incorporation of AMAALA as a standalone company is a significant step towards the realisation of this grand project. It will operate inde- pendently with its own board of direc- tors, enabling it to implement its strat- egies and plans e ciently. The project’s focus on sustainable development and preserving the natural environment is a testament to the king- dom’s commitment to achieving the United Nations’ Sustainable Develop- ment Goals. AMAALA is poised to become a world-class destination and an icon for sustainable development in the Middle East. With its focus on wellness, creativity, and social o erings, it will undoubtedly be a signi cant attraction for tourists and a source of pride for Saudi Arabia. Red Sea Project A new luxury resort is set to become a major attraction for tourists visiting the Middle East. The Red Sea Project, located between the coastal cities of Umluj and Al Wajh, will span an impressive 30,000 sq km and will comprise a natural archi- pelago of pristine islands, a vast desert landscape, mountain peaks, and archae- ological treasures. The region boasts 200 km of untouched coastline and is set to become one of the world’s most successful sustainable tourist resorts. Designed with a strong focus on herit- age, culture, and conservation, the Red Sea Project is being built to attract visi- tors all year round. The resort will provide 8,000 new hotel rooms once completed and will be the rst fully integrated, luxury, mixed- use resort in the region. The developers of the Red Sea Project are determined to make it a model for sustainable tour- ism. A zero waste-to-land ll-policy, 100 percent carbon neutrality, and a ban on single-use plastics are some of the steps being taken to achieve this goal. In addition to its impressive sustainability credentials, the Red Sea Project o ers visitors a unique experi- ence that combines the natural beauty of the region with its rich cultural heritage. The resort is set to become a must-see destination for those inter- ested in exploring the historical and archaeological treasures that dot the vast desert landscape. The Red Sea Project, located between the coastal cities of Umluj and Al Wajh, will span an impressive 30,000 sq km26 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Diriyah Saudi Arabia’s historic city of Diriyah has been renewed as the country’s cultural capital, with ambitious plans to transform it into one of the world’s foremost lifestyle destinations for culture and heritage, hospitality, retail, and education. Located just 20 minutes northwest of Riyadh’s city centre, Diriyah will showcase over 300 years of authentic culture and history, delivering inspiring heritage experiences, educational and cultural opportunities, world-class residential living, and outstanding life- style o erings. At the heart of the development is the At-Turaif UNESCO World Heritage Site, which is an iconic mud-brick city and the home of the rst house of the Al Saud family, preserved and restored for future generations. The project, under the mandate of Diriyah Gate Develop- ment Authority (DGDA) and as one of the PIF’s projects, supports Vision 2030 by targeting 27 million local and international visitors by 2030. This contributes to the national tourism strategy, which aims to host 100 million worldwide tourists in the king- dom by 2030. Combining traditional Najdi archi- tectural typology and new urbanism, Diriyah is designed to emotionally connect with visitors and residents while promoting and celebrating the destination’s rich heritage. It aims to reveal the origins of modern Saudi Arabia and the spiritual values in which it is rooted. The development o ers a range of lifestyle experiences, including shop- ping, entertainment, and dining. It also includes world-class residential living, providing residents with an exceptional quality of life. Diriyah will become one of the world’s great gathering places, o er- ing a one-of-a-kind destination that celebrates Saudi Arabia’s unique culture and history by 2030. King Salman Energy Park Known as SPARK, the King Salman Energy Park, is a brand-new industrial ecosystem being developed as a hub for the global energy market. With the region’s reputation for oil and gas resources and a high demand for energy and services, SPARK is in the perfect position to offer unparalleled access to growth opportunities, world- class support services, and supply chain $6BN The projected contribution of the King Salman Energy Park to the kingdom's GDP each year Diriyah will showcase over 300 years of authentic culture and historyarabianbusiness.com 27 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA e ciencies. SPARK’s strategic location is what sets it apart, providing tenants and investors with a gateway to access energy players across the world, not just locally but throughout the wider Gulf region as well. Additionally, with easy access to King Fahd International Airport, King Abdul Aziz Seaport, and the GCC high- way, tenants and investors are sure to enjoy maximum convenience. SPARK’s development is in line with the Saudi Arabia Vision 2030 plan, which aims to diversify the Kingdom’s revenue streams by building a strong economy. This ambitious project is set to contribute over $6bn to the country’s GDP annually and create up to 100,000 jobs in the long run. SPARK’s vision is to be a leading industrial ecosystem with sustainability at its core, serving as a platform for the energy sector. By providing world-class infrastructure and services, SPARK aims to help investors grow their businesses, while also bringing sustained value to the communities it serves. As SPARK prepares for its grand opening, energy sector players are encouraged to take advantage of this exceptional opportunity to expand their businesses and take advantage of the many bene ts SPARK has to o er. From its excellent location to its top-notch support services, SPARK is set to become a 21st-century platform for the energy sector, fostering excel- lence and innovation, and propelling the industry into a bright future. King Salman Park Launched by the Custodian of the Two Holy Mosques, King Salman Bin Abdu- laziz Al Saud on March 19, 2019, King Salman Park is planned to be the largest urban park in the world. The park, set to be located in Riyadh, covers more than 16 sq km, is part of the Saudi Vision 2030 initiative aimed at improving the quality of life in the city. The park will offer a wide range of cultural, artistic, recreational and sports options, making it a hub for residents and visitors alike. It will feature vast open green spaces, including an Islamic-style garden, vertical gardens, a maze garden, and a bird and butter y sanctuary. The park also includes a 7.2km circular pedestrian walkway, a valley area surrounded by art and water features, and various water features covering over 300,000 sq m. The Royal Arts Complex, one of the park’s main attractions, occupies an area of over 400,000 sq m and includes a national theatre with a seating capac- ity of 2,500, ve museums of di erent sizes, an outdoor theatre with a capacity of 8,000, and a complex with three cinema halls, four art academies, and an educational centre for children. The park also includes seven di erent muse- ums, plazas to host different events, artworks, and landmarks. Other features of the park include a royal golf course covering an area of 850,000 sq m, a sports complex over an area of 50,000 sq m, a virtual reality court, a sky diving centre, an equestrian centre, running and biking routes, a 100,000 sq m amusement park, a 140,000 sq m aqua park, a family amuse- ment centre, a tower and a skybridge. The park also has an environmental, cultural, and educational centre cover- ing an area of 80,000 sq m. The park will be easily accessible through several main roads and is linked to the King Abdulaziz Public Transport Project through five stations on the Green Line of Riyadh Metro, and 10 stations of Riyadh Bus network. The park will also include residential compounds providing 12,000 housing units, 16 hotels with a total of 2,300 rooms, 500,000 sq m of retail spaces, mosques, police, healthcare, educational and social facilities, public libraries, 12,000 The number of housing units planned for the King Salman Park Known as SPARK, the King Salman Energy Park is a brand-new industrial ecosystem being developed as a hub for the global energy market (top picture). King Salman Park is planned to be the largest urban park in the world (above)28 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA 280,000 sq m of parking spaces, main and service roads and walkways and pathways. King Salman Park is a signi - cant step towards achieving the goals of Saudi Vision 2030, as it enhances the quality of life for the people of Riyadh and raises the city’s global ranking. THE LINE Saudi Arabia’s THE LINE at NEOM is an upcoming futuristic linear city which will be built using “a lot of artificial intelligence to design through a digital twin backbone,” NEOM’s executive director Giles Pendleton said. The project is part of the $500bn NEOM project, a futuristic city with a mixed-use development, containing spaces for work, play and living. “We’ve got to build quite a lot of real estate in a short space of time. Well, we’re not actually building THE LINE. We’re assembling it from a series of modular pieces that are pre-engineered and predetermined as to what they do,” Pendleton said when asked about build- ing a new city of 9 million inhabitants in a short period of time. The linear city being built in the kingdom’s north-west Tabuk province recently saw excavators digging a wide trench in the desert. THE LINE’s mirror facade will allow the city to seamlessly blend into the nature around it. With a reduced infra- structure footprint, the linear city will have no roads, cars or emissions, running on 100 percent renewable energy with 95 percent of land preserved for nature. The city is built to prioritise health and well-being over transporta- tion and infrastructure. The city will be just 200 metres wide but 170 km long and 500 metres above sea level with ideal climate throughout the year and a high-speed rail o ering resi- dents end-to-end transit in 20 minutes. Pendleton also revealed that THE LINE will have a “one door-lock system.” “But, if we need 100 million of them, then it’s easier for us to set up a factory and create exactly the same block 100 million times. We will create a very simple process with optimised, standardised and industrialised production whereby things are made in factories in large-scale volumes within NEOM – so that we don’t have to trans- port them far. Think of it like a giant assembly kit. The great thing about pre-engineered parts is that you can control quality and you can control dimensions, so that things connect.” Saudi Crown Prince Mohammed bin Salman said the project will embody “Zero Gravity Urbanism,” where city functions are layered vertically. “The designs revealed today for the city’s vertically layered communities will challenge the traditional at, horizontal cities and create a model for nature preservation and enhanced human liva- bility,” he said in a statement. The crown prince said THE LINE $500BN The value of the NEOM future city megaproject in northwestern Tabuk Province THE LINE will be just 200 metres wide but 170 km long and 500 metres above sea level with ideal climate throughout the yeararabianbusiness.com 29 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA “will tackle the challenges facing humanity in urban life today and will shine a light on alternative ways to live,” adding that residents will be able to reach all daily needs within a ve-min- ute walk in the project, where public parks and pedestrian areas, schools, homes and places for work are “layered.” There will also reportedly be a high- speed rail with an end-to-end transit of 20 minutes. Trojena Located 50 km from the Gulf of Aqaba coast lies Saudi Arabia’s Trojena, a snow-capped tourist destination and part of the kingdom’s megaproject NEOM. With elevations ranging from 1,500 metres to 2,600 metres, covering an area of nearly 60 sq km, the destina- tion is set to be transformed ahead of the 2029 Asian Winter Games. Saudi Arabia is the rst country in the Middle East to host the games, which will feature 32 participating nations. “This achievement sheds light on the enormous potential and the outstanding infrastructure of Saudi Arabia to host and organise international-level sports competitions and games successfully,” the country’s president of the Saudi Olympic and Paralympic Committee, Prince Abdulaziz bin Turki Al-Faisal said after the announcement that Trojena would host the event. The kingdom’s bid to host the games was unanimously approved at the general assembly meeting in Phnom Penh, Cambodia. Trojena, due for completion in 2026, is also located at an area where winter temperatures dip below zero. Year- round temperatures in the region aver- age around 10 degrees cooler than other parts of Saudi Arabia. The project was launched as part of NEOM’s plan and strategy to contribute to supporting and developing the tourism sector in the region, the company said in a statement. “Trojena will redefine mountain tourism for the world by creating a place based on the principles of ecotourism, highlighting our efforts to preserve nature and enhance the community’s quality of life, which is aligned with the goals of the kingdom’s Vision 2030,” Prime Minister and chairman of NEOM company board of directors, Saudi Crown Prince Mohammed bin Salman said during the project’s launch. The Crown Prince explained that the project falls in line with the Saudi Arabia’s commitment to be a part of the global e orts to protect the environment. He added: “Trojena will be an important addition to tourism in the region, a unique example of how Saudi Arabia is creating destinations based on its geographical and environmental diversity. This forward-looking vision will ensure that mountain tourism will be another revenue stream to support the kingdom’s economic diversi cation while still preserving its natural resources for future generations.” The destination will house six districts, with each of them having tailored experiences to ensure visitors visit the upcoming region all year long. The districts are: Gateway, Discover, Valley, Explore, Relax and Fun. Additionally, the destination has a planned set of programmes for visitors to experience throughout different times of the years. Trojena, due for completion in 2026, is located at an area where winter temperatures dip below zero Trojena will rede ne mountain tourism for the world by creating a place based on the principles of ecotourism Next >