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Associated Press
3 days ago
- Business
- Associated Press
Entries open for the MENA Wealth & Private Awards 2025
The inaugural edition is now open for entries, celebrating the achievements of private banks, wealth managers and family offices across the MENA region DUBAI, UNITED ARAB EMIRATES, May 28, 2025 / / -- Entries are now open for the inaugural MENA Wealth & Private Awards 2025, the region's first dedicated programme celebrating the achievements of private banks, wealth managers, and family offices across the Middle East and North Africa. Designed to spotlight innovation, client excellence, and regional leadership, the MENA Wealth & Private Awards 2025 invites banks and institutions operating in the MENA region to compete across key categories such as Best Regional Private Bank, Outstanding Wealth Advisory, Excellence in Family Office Services, and Digital Wealth Innovation. Entries are open until 13 July 2025, with winners set to be honoured at a gala ceremony at the One&Only Royal Mirage, Dubai on 22 October 2025. The awards provide a unique platform to benchmark excellence and recognise the individuals and institutions shaping the future of wealth management in MENA. To find out more about the awards and how to enter, visit: Vignesh Satyarajan MEED email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Mid East Info
14-05-2025
- Business
- Mid East Info
Saudi Arabia to Build Over 180,000 Hotel and Serviced Apartments by 2034 to Host FIFA World Cup - Middle East Business News and Information
MEED's Saudi Giga Project Summit showcases key developments in infrastructure, digitalization, and investment milestones Riyadh, Saudi Arabia – May 2025: Saudi Arabia is planning to build more than 180,000 hotel and serviced apartments by 2034 as part of its ambitious infrastructure drive to host the FIFA World Cup. On the concluding day of MEED's Saudi Giga Projects Summit 2025, the day's agenda focus on the projects transforming the Kingdom's urban landscape, with stadiums, transport networks, and hospitality infrastructure all undergoing rapid expansion. Ed James, MEED, opened the day's agenda with a keynote presentation on the Kingdom's stadium infrastructure programme, which is scaling rapidly to support the FIFA World Cup 2034, AFC Asian Cup 2027, Riyadh Expo 2030, and the 2029 Asian Winter Games. Ed James, Head of Content & Research at MEED, captured the significance of these projects: 'Saudi Arabia's giga projects are not just about breaking ground, they are about redefining how cities, infrastructure, and communities are built for the long term. This is a transformative moment, setting new global benchmarks for sustainability, digitalization, and resilience.' A panel on 'Delivering Priority Event-Driven Projects' explored innovations in modular construction, immersive LED integration, and climate-adaptive designs shaping stadium venues like the Prince Mohammed bin Salman Stadium. Fatemeh Hosseini of Populous revealed that research into climate performance has led to design features capable of reducing surface temperatures by up to 8°C, significantly cutting energy consumption from air conditioning. Terry Fetters, Vice President at Parsons and Project Director of the Riyadh Metro, delivered an in-depth look at one of Saudi Arabia's most ambitious urban mobility undertakings. Since its launch, the Riyadh Metro has transported 18 million passengers in just its first 75 days of operation, with 10 million rides on the Blue Line alone. 'It has become the spine of Riyadh,' said Fetters, noting the system's impact on urban accessibility, congestion reduction, and sustainability. Fetters recognised the project's success in navigating logistical challenges, including managing a workforce that peaked at 63,000 people. Built in just over a decade, the Riyadh Metro is now a global benchmark for mega transport projects. The Saudi Water Partnership Company (SWPC) also presented on its expanding portfolio, highlighting 10.5 million tonnes of carbon emissions saved annually and over $12 billion in private investment attracted since launch. In a significant milestone for the Kingdom's digital transformation, Germany's €14 billion Nemetschek Group officially entered the Saudi Arabian market at the Summit. The expansion was formalized through four MoU signings with Saudi partners NESMA, Building Smart, Wakecap, and Concerted Solutions, bringing Nemetschek's global AEC/O software portfolio closer to one of the world's most ambitious construction markets. This move strengthens Saudi Arabia's push for integrated digital solutions in architecture, engineering, and construction. As MEED's Saudi Giga Project Summit concludes for 2025, the momentum was unmistakable. Saudi Arabia's giga projects are not just breaking ground, they're breaking records. About MEED: MEED is the Middle East's leading business intelligence and events platform. Since 1957, it has delivered essential news, analysis, and data on the region's biggest projects, economies, and business trends. MEED Events convene decision-makers, project leaders, and innovators to shape the future of the region through curated summits, awards, and insight-led
Time of India
13-05-2025
- Business
- Time of India
Trump faces $2 trillion hurdle to win money from Saudi Prince
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads US President Donald Trump 's hopes of securing as much as $1 trillion in investment commitments from Saudi Arabia might clash with another costly ambition - transforming the kingdom's own Crown Prince Mohammed bin Salman's plans to diversify the oil-dependent country are likely to cost close to $2 trillion, according to estimates compiled by Bloomberg News . The sheer scale of domestic commitments — calculated by Bloomberg based on interviews with people familiar with the plans, US government projections, Saudi estimates and data from the researcher MEED — are transforming the kingdom's role in the global of earning more money than it spent at home once left Saudi Arabia with huge surpluses to invest abroad. High domestic spending and falling oil prices have now sent that into reverse. The petrodollar spigot is still churning out vast amounts of cash, but transforming the Saudi economy is a costly investment plans — most notably a futuristic new city called Neom that could cost over $1.5 trillion if completed, according to US State Department estimates and people familiar with the construction — have pushed the country into a widening deficit. Neom had been projected to cost $500 billion when it was unveiled in Gulf nation has also committed to hosting several global events requiring large scale investments, including the World Expo 2030, the FIFA World Cup in 2034 and the AFC Asian Cup in 2027. Meanwhile, its Trojena project — part of Neom — is expected to add 30 kilometers of ski slopes for the 2029 Asian Winter costs for the preparation and hosting of these events could run into hundreds of billions of dollars, although specific numbers aren't available because the government doesn't provide details, two economists surveyed by Bloomberg News these outlays will limit how much MBS can afford to hand to Trump , who arrives in Riyadh on May 13. Already, the kingdom has scaled back ambitions on parts of Neom. The kingdom's $940 billion Public Investment Fund is also cutting budgets on many projects and ramping up borrowing to keep up with spending commitments. While debt levels are currently low, they are at risk of steadily increasing.'Trump is chasing $1 trillion of investments, but Saudi Arabia can't deliver it,' said Ziad Daoud, chief emerging markets economist at Bloomberg Economics, pointing to the kingdom's current account balance turning negative over the past year. 'Saudi Arabia has become an importer of capital even with oil prices at relatively high levels, and it's likely to remain until at least 2030. That's going to reshape its relationship with the global economy.'Even if Saudi Arabia throws out big headline investment numbers during the visit and unveils a string of business partnership, much of the money may not trickle into the US economy any time soon. '$1 trillion of new trade and investment over the next four years is not going to happen,' said Tim Callen, a visiting scholar at the Arab Gulf States Institute in Washington. 'It would represent a huge increase on recent levels and would basically represent all the assets of the PIF and close to a full year of GDP.'MBS — as the kingdom's defacto ruler is called — has already helped Trump secure lower gasoline prices at home by boosting crude production. That's in contrast to when President Joe Biden visited, leaving Saudi Arabia empty-handed after meeting the crown prince to plead for help tackling soaring that alone won't be enough to win favor with a president known for a transactional approach to foreign business community of Saudi Arabia has been fielding calls from government ministries scrambling for information on what trade and investments firms are planning to do with the US over the next few years, according to people familiar with the matter. Large contracts related to the development of MBS's economic transformation plan look likely to be handed to US much of all of this was going to happen anyway will be moot. It will help hand Trump attention-grabbing numbers, just as he's trying to convince Americans that his worldwide tariffs are good for the US economy and will boost their job prospects. Regardless of who is in the White House , Saudi Arabia needs to buy US goods and services to protect its borders and meet its ambitions to become a hub for things like artificial intelligence, global logistics, tourism, and getting that number up to $1 trillion could be tough. The Saudi government could try to stretch out any pledge to a decade or more, said Rachel Ziemba, adjunct senior fellow at the Center for a New American Security.'Overall, I think there will be more announcements and desire to work together - economically, in energy and AI and in terms of investment - rather than real concrete steps,' she said. 'Both Saudi Arabia and the US are probably comfortable being a bit vague on the details and finding a combination of purchase agreements, proposed investment and some areas of reduced trade barriers.'Saudi government representatives didn't respond to request for comment for this far, MBS has promised Trump $600 billion in extra investment and trade with the US over the next four years. Yet, crude prices at around $63 a barrel put fresh pressure on the kingdom. Bloomberg Economics estimates that Saudi Arabia needs a price of $96 a barrel to balance its budget, and $113 if domestic spending by the PIF on MBS's projects is included.'Any external demands will only add pressure to an already stretched position,' Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC, be sure, the Saudi government and the PIF have already started delaying some domestic investment plans and could delay them further or scale back some of its most ambitious plans. That would give them more room to spend in the short the country's stretched finances have started to show up in the rising pace of Saudi debt issuance. The government borrowed the most on record in the first quarter, even more than in the depths of 2020 when oil prices turned briefly Saudi Arabia's total debt stands at $354 billion, only around 30% of gross domestic product and low by the standards of most other governments. It has over $400 billion of foreign reserves parked with the central bank and a large portion of that is US treasuries.'The current account will be in deficit in the coming years, meaning there will be no new money to invest overseas,' Callen said. 'So they will either have to borrow or sell existing investments to finance new investments in the US or elsewhere.'
Mid East Info
13-05-2025
- Business
- Mid East Info
Saudi Giga Projects 2025 Opens with Visionary Leadership and Global Momentum - Middle East Business News and Information
MEED's annual conference kicked off today in Riyadh focusing on national transformation through the Kingdom's most notable projects Saudi Giga Projects Summit is set to host 70+ speakers over the 3-day event Riyadh, Saudi Arabia –May 2025: Saudi Giga Projects Summitt 2025 (12-14 May) kicked off today in Riyadh, bringing together senior leaders from construction to drive forward an agenda focused on the Kingdom's development. With $288,592 billion worth of projects awarded in the last 12 months, the event falls at a particularly crucial time to focus on construction and development throughout the Kingdom. Day One welcomed over 500 leaders from 150 companies, setting the tone for a three-day programme featuring more than 70 speakers, including CEOs, policymakers, and global technology pioneers. The day one agenda focused on progress updates from Saudi Arabia's most renowned projects. Executives from ROSHN Group, NEOM, Diriyah, and Red Sea Global offered rare insight into the challenges of delivering large-scale developments. Projects such as Roshn's Sedra community and Red Sea Global's zero-emission resorts are already welcoming residents and visitors, signalling a shift from planning to reality. The panel discussion highlighted a common thread: the need for integrated collaboration, scalable delivery frameworks, and innovation in everything from workforce development to infrastructure logistics. Philip Gullett, Executive Director and Region Head of Trojena at NEOM, described progress as 'a military operation,' referencing the complexity of managing roads, dams, hotels, and homes within a remote mountain terrain. Key insights also came from Kingdom Holding Company, which confirmed that construction on the Jeddah Tower, poised to become the tallest building in the world at 1,005 metres, is well underway. In a fireside chat with Colin Foreman, Editor at MEED, Talal Almaiman, CEO of Kingdom Holding, described the project as a powerful statement of national pride, remarking: 'Height is pride… and we are very proud of this country. I think Saudi Arabia deserves to have the tallest building in the world.' A panel of C-suite executives, including Charles Trad, CEO at UNIMAC; Ashraf Alameria, CEO at El-Seif Engineering Contracting; Husam Gawish, Partner and Head of Operations at HKA; Edward Surgeon, Regional Director MENA at Procore and Saurabh Shekar, Principal at Kearney Middle East, met to discuss explored the perception of a slowdown in giga projects, with experts asserting it is a recalibration, not a retreat. With $1.3 trillion in construction forecast by 2030, Saudi Arabia remains the world's most dynamic market. Edward Surgeon remarked that 'the ambition here rivals Apollo 11.' The challenge now lies in building an ecosystem that invites greater international participation. A key thread across all sessions today was the emergence of AI as an important factor in development. This was particularly crucial in a session with Howard Wu, Executive Director for International Investments and Manufacturing at Oxagon and Abdulaziz AlMubarak, Head of Business Development KSA at DataVolt, chaired by MEED's Energy and Technologies Editor, Jennifer Aguinaldo. The session included key insights from Oxagon and DataVolt, looking at the importance of AI in today's project, and how this can be used responsibly as part of sustainable development. The first day concluded with a session on Royal Institute of British Architects (RIBA) outlining their Plan of Work, benchmarking this across entities across the globe. Speaker Dale Sinclair, Head of Digital Innovation at WSP, outlined RIBA's process through 7 key stages of work. As the summit continues, Day Two will include key updates and insights from Nemetschek Group, project showcase and updates from ROSHN Group, AlUla and Sports Boulevard and a series of panel discussions including 'Securing the Future Beyond 2030' and 'The Role of Private Sector Investment and PPPs in Delivering Giga Projects'. About MEED: MEED is the Middle East's leading business intelligence and events platform. Since 1957, it has delivered essential news, analysis, and data on the region's biggest projects, economies, and business trends. MEED Events convene decision-makers, project leaders, and innovators to shape the future of the region through curated summits, awards, and insight-led
Daily Tribune
11-05-2025
- Business
- Daily Tribune
NBB Bags MEED Awards
TDT | Manama Bahrain's National Bank of Bahrain (NBB) has secured two top accolades at the MEED MENA Banking Excellence Awards 2025, reinforcing its leadership position in the Kingdom's financial services sector. NBB was named Best Retail Bank – Bahrain and received the award for Best Payment Ecosystem Integration for Corporates for its innovative banking platforms DigiCorp and DigiConnect. Usman Ahmed, Group Chief Executive Officer at NBB, described the double honour as a testament to the bank's commitment to delivering exceptional customer service and pioneering digital experiences across Bahrain's banking industry. Retail banking excellence NBB's recognition as Best Retail Bank – Bahrain highlighted its continuous drive to enhance customer experience through digital innovation. The bank introduced a new youth-oriented product and upgraded its mobile services, allowing users to open accounts instantly, apply for credit cards and access personal finance solutions via the app. In a significant step towards sustainability, NBB also opened Bahrain's first carbon-free banking branch in Madinat Khalifa. The building achieved the US Green Building Council's prestigious LEED Platinum certification, underscoring NBB's dedication to responsible banking and environmental stewardship. The bank's Yalla Family Account has empowered parents to set up accounts for their children and monitor spending, helping younger customers learn savings and budgeting skills in a secure environment. Corporate banking leadership In the corporate sector, NBB was recognised for the success of its digital banking platforms DigiCorp and DigiConnect. These solutions offer streamlined treasury management, real-time rate calculations, and seamless mobile app connectivity, reducing manual processes and improving operational efficiency for large corporations and SMEs. Since launch, the platforms have driven growth in corporate client acquisition and transaction volumes, strengthening NBB's role in supporting Bahrain's business community. Ed James, Head of Content and Analysis at MEED, commended NBB's performance, noting that the bank's innovative approach and customer-first mindset have set a strong example for regional peers. With its dual victory at the MEED MENA Banking Excellence Awards, NBB has underlined its strategic focus on customer-centricity, operational excellence and its ongoing contribution to the Kingdom's financial sector.
