FaceOf: Nicholas Naples, CEO of Saudi Public Investment Fund’s Amaala project

Nicholas Naples
Updated 27 September 2018

FaceOf: Nicholas Naples, CEO of Saudi Public Investment Fund’s Amaala project

  • Naples brings three decades of experience in luxury hospitality to The Red Sea Collection’s Duo Project
  • Naples completed 17 new projects and operated a portfolio of more than 30 resort properties for Caesar’s Entertainment

Saudi Arabia’s Public Investment Fund has announced the appointment of Nicholas Naples, a luxury hospitality and development expert, as CEO of the Amaala project, where he will be responsible for developing its strategy and overseeing progress.

Amaala, a newly announced luxury tourist destination on the Kingdom’s Red Sea coast, aims to create a new concept in luxury tourism focusing on recovery, health and treatment.

Naples brings three decades of experience in luxury hospitality to The Red Sea Collection’s Duo Project. He has worked with some of the most successful names in the industry, including hotel chains Ritz Carlton and Four Seasons, and has led a number of multi-billion-dollar integrated resort development projects. 

He also has senior-level experience in the development and operation of a number of five-star hotels and mixed-use integrated resorts, retail malls, sports facilities and residential properties.

Notable positions he has held include chief operating officer and executive vice president of operations and development for leading integrated-resort companies in the US, China and Vietnam. 

He completed 17 new projects and operated a portfolio of more than 30 resort properties for Caesar’s Entertainment, and in 2006 was one of the first senior executives from the US to take a development leadership role in Macau, China. There, his responsibilities included the development of a 6-million-square-foot movie-themed casino resort and a 13.5-million-square-foot integrated resort project, as well as the operation of a 5-million-square-foot luxury integrated resort property, all on the famed Cotai Strip in Macau.

Naples holds a master’s degree in management from Cornell University – Johnson Graduate School, School of Hotel Administration.


Saudi Arabia calls ‘urgent’ meeting of oil producers

Updated 03 April 2020

Saudi Arabia calls ‘urgent’ meeting of oil producers

  • Crude prices jump after move, which Kingdom says is part of efforts ‘to support global economy in these exceptional circumstances’

DUBAI: Saudi Arabia has called an urgent meeting of the Organization of Oil Exporting Countries and other oil exporters, to discuss restoring the “desired balance” in global energy markets.

The move — which prompted a big jump in the price of oil on global markets — is part of the Kingdom’s “constant efforts to support the global economy in these exceptional circumstances, and in appreciation of the request of the President of the USA, Donald Trump, and the request of friends in the USA,” according to a statement published by the official Saudi news agency.

Global oil prices reacted immediately. Brent crude, the Middle East benchmark, increased by 20 percent, taking it back above $30 a barrel.

The price of crude has been under pressure as a result of collapsing demand due to the coronavirus crisis, and Saudi Arabia’s determination to win market share from American and Russian producers.

During an OPEC meeting in Vienna last month, the Kingdom offered to implement further cuts in oil production but Russia refused to participate.

“Saudi Arabia would like to underscore its efforts during the past period to restore balance in the oil market, as it drew support for that from 22 counties of the OPEC+, but it was not possible to reach an agreement or get consensus,” according to the official Saudi statement.

Oil industry expert Daniel Yergin said: “This represents a recognition of how much the world has changed for oil in a single month as demand falls away so dramatically, and the impact of Donald Trump becoming personally engaged.”

The Saudi call for talks came after a hectic round of communications between the US, Russia and the Kingdom.

In a message posted on Twitter after the Saudi announcement, Trump wrote: “I just spoke to my friend Mohammed bin Salman, crown prince of Saudi Arabia, who spoke with President Putin and I expect and hope that they will be cutting back approximately 10m barrels, and maybe substantially more, which will be great for the oil and gas industry.”

However, officials in Riyadh downplayed any suggestion of a commitment to specific reductions in the levels of oil output. There is no indication yet of when the “urgent” meeting of OPEC and others might happen, nor what will be on the agenda, they said.

President Vladimir Putin denied that he had spoken to the crown prince about the price of oil. Novosti, the official Russian news agency, said there was no such conversation, but added that the president had discussed falling oil prices with other OPEC members and with the US.

“The Americans are worried because of their profitability for shale oil production,” said Putin. “This is also a difficult test for the American economy.”

This week, Saudi Arabia produced more oil in a single day than at any time in its history, with 12 million barrels flowing from pumps at Saudi Aramco, the world’s biggest oil company.