Collective Retreats inks deal with NEOM to develop sustainable tourism hub in Trojena

Trojena lakes (Supplied)
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Updated 23 February 2023
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Collective Retreats inks deal with NEOM to develop sustainable tourism hub in Trojena

RIYADH: US-based hospitality firm Collective Retreats has partnered with Saudi Arabia’s $500-billion giga-project NEOM to open a sustainable retreat in Trojena, the mountain destination located in the north-western part of the Kingdom. 

The project has been named Collective Trojena, and it is expected to be operational at the beginning of 2026, according to a press release. 

The retreat will feature approximately 60 open-air guest rooms and meeting spaces, along with water features, communal campfires and culinary experiences. 

It is also expected to offer direct access to various activities in Trojena which include, skiing and snowboarding, high-altitude training, paragliding, mountain biking, hiking, and water sports. 

“Trojena provides the ultimate backdrop to achieve this mission in ways we never imagined.  In addition to giving a global audience a new perspective on this spectacular mountain setting, we are committed to demonstrating that luxury travel should not be extractive and it’s possible to both preserve the environment and deliver extraordinary guest experiences,” said Collective Retreats CEO and Founder Peter Mack. 

Philip Gullett, executive director and region head at Trojena, said that Collective Retreats’ innovative thinking and passionate commitment to sustainability make the American firm the ideal partner for the NEOM project. 

Gullett added: “Collective Retreats will be outstanding stewards of this new outdoor retreat experience in Trojena and will perfectly complement the environmental and sustainability principles and practices that are at the core of the NEOM project.” 

Saudi Arabia will be hosting the 2029 Asian Winter Games at Trojena and in December 2022, during an exclusive interview with Arab News, Peter Fitzhardinge, head of Tourism Marketing at NEOM, said the event will showcase NEOM’s  innovation.

“NEOM is all about innovation. I think now, not only we have to launch Trojena to show the vision, but we have to also showcase how we can bring Asian winter games into reality for people to come and participate in winter sports in NEOM,” said Fitzhardinge.


Closing Bell: Saudi benchmark index edged up to close at 10,549

Updated 01 January 2026
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Closing Bell: Saudi benchmark index edged up to close at 10,549

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.

Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.

The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.

Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.

On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.

Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.

The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.

Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.

The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.