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.

 


Saudi Arabia approves annual borrowing plan for 2026

Updated 13 sec ago
Follow

Saudi Arabia approves annual borrowing plan for 2026

RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on Saturday approved the Kingdom’s annual borrowing plan for the 2026 fiscal year, following its endorsement by the NDMC’s Board of Directors, the Saudi Press Agency reported.

The plan outlines key developments in public debt during 2025, initiatives aimed at strengthening local debt markets, and the funding strategy and guiding principles for 2026, SPA added. 

It also includes the issuance calendar for the Local Saudi Sukuk Issuance Program in Saudi riyals for the year.

According to the plan, the Kingdom’s projected funding needs for 2026 are estimated at approximately SR217 billion ($57.8 billion).

This is intended to cover an anticipated budget deficit of SR165 billion, as set out in the Ministry of Finance’s official budget statement, as well as principal repayments on debt maturing during the year, estimated at around SR52 billion.

The plan aims to maintain debt sustainability while diversifying funding sources across domestic and international markets through both public and private channels.

Funding will be raised through the issuance of bonds, sukuk and loans at fair cost, according to the SPA report.

It also outlines plans to expand alternative government financing, including project and infrastructure funding and the use of export credit agencies, during fiscal year 2026 and over the medium term, within prudent risk management frameworks.