NEOM’s Trojena names first hotel partner as it gears up to host 2029 Asian Winter Games

Trojena is set to feature a ski village upon completion (Supplied)
Short Url
Updated 17 October 2022
Follow

NEOM’s Trojena names first hotel partner as it gears up to host 2029 Asian Winter Games

RIYADH: NEOM, Saudi Arabia’s smart and sustainable city, has partnered with hospitality developer Ennismore for its Trojena project as the mountain tourism destination gears up to host the Asian Winter Games in 2029. 

Under the deal, the developer will establish its iconic brands — 25hours Hotels and Morgans Originals — in Trojena, which is set to feature a ski village upon completion. 

The deal with Ennismore is touted to be one of the many agreements that will be signed with hospitality developers, as Hotel Development, the NEOM division responsible for building a future-centric hospitality ecosystem, aims to establish global partnerships with leading firms. 

“Our partnership with Ennismore echoes our mission to pioneer in the space of experiential hospitality in a way that shapes the future of hotels in the Kingdom and beyond. With a shared passion for developing differentiated and imaginative hospitality concepts, we look forward to seeing this relationship — and others like it — flourish,” said Chris Newman, executive director, Hotel Development at NEOM. 

Philip Gullett, executive director and region head at Trojena added: “Both 25hours Hotels and Morgans Originals are ideal brands for Trojena as we look to deliver extraordinary experiences for residents and visitors seeking luxury, adventure, entertainment, livability, and escape from the status quo.” 

Trojena is expected to be completed in 2026, and it is an area where winter temperatures drop below zero and year-round temperatures are generally 10 degrees cooler than the rest of the region.

The site spans 60 sq. km, at an elevation of between 1,500 and 2,600 meters.

There will be 47 events at the Trojena Games — 28 on snow and 19 on ice — including competitions for skiing, snowboarding, ice hockey and figure skating.

NEOM CEO Nadhmi Al-Nasr said that Trojena will have all the necessary infrastructure to make the Winter Games an unprecedented global event.

 


Stc Group issues US dollar-denominated sukuk with a total value of $2bn

Updated 09 January 2026
Follow

Stc Group issues US dollar-denominated sukuk with a total value of $2bn

RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.

The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.

It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.

The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy. 

This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.

This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position. 

It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.