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Zawya
2 hours ago
- Zawya
Saudi Arabia's blue economy projected to contribute $5.86bln and create 100,000 jobs by 2030
JEDDAH — Saudi Arabia continues its efforts to protect its marine ecosystems and blue economy, which is projected to contribute SR22 billion and create 100,000 jobs by 2030. This is through addressing a key challenge to this vision: the threat of invasive marine species introduced through shipping and aquaculture that can cause tens of billions of dollars in economic losses annually. In response to this issue, King Abdullah University of Science and Technology (KAUST) has partnered with the National Center for Wildlife (NCW) to monitor these species and analyze their risks, building a knowledge database to enhance the sustainability of the Kingdom's environmental and economic resources. CEO of NCW Dr. Mohammed Qurban highlighted the urgency of the project, noting that protecting marine ecosystems is vital for growing sectors such as coastal tourism and aquaculture. He said that the research partnership with KAUST will help the Kingdom develop scientific assessment tools, risk models, and early warning systems to anticipate environmental challenges. As part of the collaboration, researchers conducted surveys at 34 sites along the Red Sea and Arabian Gulf coasts, collecting over 10,000 marine samples. These surveys identified approximately 200 potentially invasive species, including more than 70 non-native species already present in Saudi waters. A number of NCW employees participated in a specialized KAUST workshop last May to develop national expertise. The workshop covered risk assessment protocols and provided training in advanced technologies, including environmental DNA (eDNA) analysis for early detection. This partnership serves as a model for how research institutions and national agencies can collaborate to protect biodiversity and support the growth of the blue economy.


Zawya
a day ago
- Zawya
Saudi-listed Flynas turns to losses of $229mln in Q2 2025
Saudi Arabia's budget airline Flynas reported a net loss of 862.5 million riyals ($229.82 million) in the second quarter of 2025 compared to a net profit of SAR 238.86 million a year ago. The losses were entirely due to non-recurring initial public offering (IPO)-related expenses totalling SAR 1.08 billion. Revenue for the second quarter reached SAR 2.1 billion, down 1.5% year-on-year, due to temporary headwinds from the early suspension of Saudi Umrah and regional instability. The airline reported a net loss of SAR 714.6 million for the first half of 2025 compared to a profit of SAR 388 million a year earlier. Revenue rose 1.3% YoY to SAR 3.9 billion despite temporary headwinds faced in the second quarter. Total shareholders' equity doubled to SAR 3.37 billion by the end of June 2025, compared to SAR 1.64 billion in the same period last year.


Tourism Breaking News
a day ago
- Tourism Breaking News
Millennium Hotels & Taiba elevate hospitality in Madinah with strategic relaunch of Al Aqeeq and Taiba Properties
Post Views: 38 Millennium Hotels and Resorts Middle East & Africa, in partnership with Taiba, a Saudi forward hospitality company announces the relaunch of two iconic properties in the heart of Madinah: Millennium Al Aqeeq and Millennium Taiba. Strategically located steps from Al-Masjid An-Nabawi, both properties offer a spiritually enriching stay experience for Umrah pilgrims, families, and travellers seeking premium comfort rooted in Islamic hospitality. 'These properties are more than key assets in our portfolio—they are landmarks of faith, connection, and culture,' said Ali Hamad Lakhraim Al Zaabi- President of Millennium Hotels MEA. 'Our partnership with Taiba ensures that every guest, whether a pilgrim, traveler, or visitor, is welcomed with a seamless, enriching experience rooted in the values of Islamic hospitality and cultural reverence.' Following an extensive enhancement of service and guest touchpoints, the hotels will offer upgraded digital booking journeys, enhanced dining concepts, and customized services for religious travellers. Sultan Bader Al-Otaibi, Chief Executive Officer, Taiba, commented: 'This strategic relaunch embodies our shared vision with Millennium Hotels and Resorts Middle East & Africa, to deliver world-class hospitality experiences that honor the spiritual significance of Madinah. At Taiba, we recognize the profound responsibility that comes with serving pilgrims and visitors to one of Islam's holiest sites. Through this partnership, we are raising the standard of religious hospitality, seamlessly blending comfort, reverence, and service excellence. This initiative is a key milestone in our broader commitment to support the goals of Saudi Arabia's Vision 2030, particularly in positioning the Kingdom as a leading global destination for religious tourism'.