Ooredoo Kuwait Wins "Most Inspiring Workplace" Award in MENA for 2025
In this context, the company intends to launch a number of new initiatives during 2025, including advanced transformative leadership programs, platforms to enhance internal interaction and communication, in addition to innovative health and well-being initiatives.
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Roya News
12 minutes ago
- Roya News
A sharp decline in tourism in Petra… Al-Buraizat: Hotels closed and hundreds of employees laid off from tourism facilities.
The Chairman of the Board of Commissioners of the Petra Development and Tourism Authority, Fares Al-Braizat, stated that the state of tourism in Petra is 'very poor,' explaining that more than 32 hotels in the city are closed, comprising over 2,000 hotel rooms. Al-Braizat added, in a statement to 'Sawt Al-Mamlaka' on Monday evening, that all popular hotels, which number more than 200 rooms, are also closed. He revealed that nearly 700 employees were laid off from Petra hotels due to the decline in visitor numbers, emphasizing that the majority of the city's residents rely on tourism as their primary source of income. He confirmed that a lack of funding has led to the suspension of most capital projects in Petra for the current fiscal year. Furthermore, Al-Braizat indicated that the conflict in Gaza has significantly impacted incoming tourism, noting that 87% of Petra's visitors in 2023 were foreigners. He warned that marketing efforts in Europe and other regions would be ineffective amid regional tensions. Regarding nationalities that visit most, he clarified that Russians rank second after Americans in visiting Petra this year, followed by the French, then Italians, British, and Spaniards, stressing the importance of diversifying targeted global tourism markets to compensate for the current downturn. Hotel occupancy rates are only at 5%. For his part, the Vice President of the Jordanian Hotels Association, Hussein Hilalat, mentioned that the Ministry of Tourism's claims of growth in the sector 'have not manifested at all in reality,' asserting that Madaba, Petra, and Wadi Rum are the most affected areas by the decline in tourism activity. He noted that the Ministry of Tourism had promised the return of low-cost flights in October, but low bookings might prevent this from happening. He pointed out that there are countries suffering from regional repercussions, like Egypt, but they still receive tourists, indicating that an alternative plan is needed to rescue the tourism sector. Hilalat confirmed that hotel prices in Petra are very low, but demand is almost nonexistent, mentioning that the hotel occupancy rate does not exceed 5% in the first half of the current year, a figure which he described as alarming. The situation in Petra is 'very poor.' In turn, the President of the Petra Hotels Association, Abdullah Al-Hasanat, described the situation in Petra as 'very poor,' explaining that communication with the Ministry of Tourism has reached a 'dead end,' despite the worsening crisis. He criticized the 'Jordan Our Paradise' program, arguing that allocating 20,000 visitors to Petra over just five days is not a sustainable solution for operating hotel establishments. He noted that more than 700 employees were recently laid off from Petra hotels, indicating that the conditions for hotels are 'very difficult,' and that 91 hotels in the city are mostly owned by local residents, which increases the local harm. Tourism is a victim of regional tensions. The Chairman of the Economic and Investment Committee in Parliament, Khaled Abu Hassan, confirmed that Petra is the primary tourist destination in Jordan, but today it is among the most affected areas by the repercussions of regional conditions. He pointed out that the Ministry of Tourism acknowledges the existence of a 'real problem' in the city, emphasizing that the cessation of low-cost flights due to regional tensions has played a key role in diminishing tourism movement. He indicated that the Israeli-Iranian conflict, which coincided with the start of the tourist season, has significantly affected the tourism sector this year. الوسوم نسخ الرابط تم نسخ الرابط
Al Bawaba
9 hours ago
- Al Bawaba
ACWA Power announces the first half financial results for 2025
Saudi-listed ACWA Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, today announced its consolidated financial results for the six months ended 30 June 2025. The Company's adjusted net profit—attributable to equity holders of the parent—has increased by 62% (SAR 449 million) versus the comparable period of 2024 and reached SAR 1,172 million. The Company's reported net profit has on the other hand marginally dropped by 1.9% mainly due to an impairment charge in one of it's affiliated companies. Operating income before impairment losses and other expenses reached SAR 2,207 million, increasing by SAR 818 million mainly on account of higher development business and construction management services along with higher contribution from operations. ACWA Power has marked a remarkable first half of 2025 by signing nine Power Purchase Agreements (PPAs) totaling 20 GW of new power capacity, including 15 GW in July in Saudi Arabia as part of the country's renewable energy program under the framework of Vision 2030. In the water business, ACWA Power also signed two Water Purchase Agreements (WPAs), which will add 700,000 cubic meters per day (m³/day) of new desalination capacity once the projects reach their commercial operation dates. ACWA Power earlier had announced a Share Purchase Agreement (SPA) to acquire several power and water assets in Bahrain and Kuwait, adding 4.6GW power and 1.1 million m³/day water capacity on its advanced development portfolio. Once the transaction is closed, these capacities will account as operational since the acquired assets are fully operational. Marco Arcelli, Chief Executive Officer of ACWA Power, commented: 'What we've achieved so far in 2025 is a testament to our scale, agility, and long-term partnerships. Our growing portfolio, backed by frameworks like our strategic partnership with PIF, our bold entry into new markets, and other long-term strategic agreements for future energy corridors, are all pillars of our commitment to building a cleaner, more sustainable future.' Mr. Arcelli added, 'We have doubled in size over the past three years, and we expect to double again over the next five, as we continue delivering on our mission at greater scale and impact.'Abdulhameed Al Muhaidib, Chief Financial Officer, commented: 'Our strong pipeline conversions, operational performance, disciplined acquisitions, and the overwhelming response to our capital raise reflect robust and resilient steps in our business management. We are not only delivering value today, but we are also securing our position as a leader in tomorrow's global energy and water markets.'Complementing these achievements, a major milestone during this period was the successful completion of ACWA Power's capital raise through a Rights Issue, generating SAR 7.125 billion in proceeds. The issuance saw a 96% subscription rate and was nearly six times oversubscribed, reflecting strong confidence from both local and international investors in the Company's growth trajectory and long-term value creation. As a result, foreign ownership in ACWA Power has now increased to 4.27%, further broadening the Company's global investor the period, the Company successfully achieved financial close for two projects, with a total investment value of SAR 2.4 billion, supporting ACWA Power's commitment to disciplined and impactful capital deployment.3.3 GW of new power capacity and 600,000 m³/day of desalination capacity achieved commercial operation dates brought online, underscoring the Company's track record for completing the construction and bringing plants online across its global ahead, ACWA Power is laying the foundation for transformative growth in green hydrogen and renewable energy exports. The Company signed strategic agreements with global partners to develop a Green Hydrogen and Renewable Energy Export Corridor between Saudi Arabia and Europe, an initiative that aligns with both Vision 2030 and Europe's decarbonization ACWA Power is expanding its geographic footprint in Southeast Asia. Through recently signed MoUs and Strategic Partnership Agreements in Malaysia, the Company is exploring investment opportunities, with a focus on renewable energy, water, and hydrogen Power continues to accelerate toward its strategic goals, including reaching assets under management of USD 250 billion by 2030, expanding into high-potential markets, and delivering sustainable infrastructure that powers economies and improves lives. ACWA Power's interim financial statements for the six months ended 30 June 2025 issued by KPMG Professional Services (the Company's Certified Public Accountants), along with the Investor Report including a management's discussion and analysis on the financial results, are available on the Company's Investor Relations page at
Wamda
10 hours ago
- Wamda
Alaan raises $48 million Series A to transform spend management in MENA
UAE-based B2B fintech Alaan has raised $48 million in a Series A funding round led by Peak XV Partners (formerly Sequoia Capital India) and joined by Pioneer Fund, 885 Capital, Y Combinator, 468 Capital, and angel investors. Founded in 2022 by Parthi Duraisamy and Karun Kurien, Alaan allows businesses to manage finances through card issuing and automated date extraction and consolidation. After extending its services to Saudi earlier this year, Alaan will use the funds to expand its operations across the MENA region and enhance its product offerings. In 2023, Alaan closed a pre-Series A of $4.5 million, backed by Presight Capital, Y Combinator, and angel investors. Press release: Alaan, the Middle East's leading AI-powered spend management platform, has raised $48 million in a Series A funding round. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund. Notable investors include founders of unicorn companies such as Tabby and Careem, as well as prominent regional figures like Khalid Al Ameri. Founded by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan addresses the unique challenges faced by finance teams in the MENA region. The platform offers a comprehensive solution for managing corporate expenses, integrating seamlessly with local banking systems and providing features like real-time expense tracking and AI-driven insights. This funding will enable Alaan to expand its operations across the MENA region, enhance its product offerings, and further solidify its position as a leader in the fintech space.
