Sindalah to transform into global yachting destination  

Sindalah is situated along the coast of NEOM in northwest Saudi Arabia. Sindalah
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Updated 14 November 2023
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Sindalah to transform into global yachting destination  

 

RIYADH: Prior to Sindalah’s expected opening in 2024, the Saudi dream island is set to transform into a global yachting destination following the signing of an agreement with a leading luxury yacht provider.  

NEOM, the $500 billion giga-project in the Kingdom, announced a collaboration with Burgess to provide a comprehensive range of services to the yachting clientele of Sindalah.  

Situated along the coast of NEOM in northwest Saudi Arabia, Sindalah is set to be the inaugural asset of the giga-project presenting guests with an idyllic and luxurious lifestyle.  

In a statement, the flagship of Saudi Vision 2030 said that as part of the agreement, Burgess will provide a broad range of luxury services to elevate Sindalah’s global yachting offering.  

It added that services will include yacht management, charter and charter management, sales and purchase as well as yacht insurance, new build and refit projects, yacht marketing and procurement.   

Commenting on the partnership, Antoni Vives, chief urban development, and islands officer at NEOM, said they are committed to becoming a distinctive yachting destination, and deliver world-class services to guests and yachts visiting the Red Sea.  

“We recognize chartering as a critical aspect of the yachting experience. Many of our guests visiting Sindalah will be looking forward to experiencing a nautical lifestyle through chartering a yacht. Also, yacht owners and managers will be happy to offer their prized possessions for chartering in the Red Sea,” he explained.  

Vives added that their partnership with Burgess will help them to ensure that this critical activity is enabled at Sindalah from the time of launch.  

The statement further added that the demand for superyacht services in the region has grown exponentially over the past decade, triggering the decision for Burgess to establish its presence in the Middle East.   

“The company is now perfectly positioned to provide Sindalah guests with the very best in class when it comes to all their yachting needs. From arranging bespoke superyacht charters to managing the logistics of chartering your yacht out in the Red Sea, Burgess has the expertise to ensure a smooth experience for all involved,” the statement explained.  

For his part, Jonathan Hind, managing director, Burgess Middle East, said they are excited to be part of the new development at NEOM.  

He added: “Sindalah will offer superyacht clientele everything they want and need for a fantastic experience, and we will be on hand to make this happen.”  

It is noteworthy that the Sindalah’s location has made it a key stopping point for many regional and European boat and yacht owners. The island resort is in close proximity to the Mediterranean Sea, giving easy access to many yachting destinations in under a day through the Suez Canal. 


Closing Bell: Saudi benchmark index closes lower at 10,540 

Updated 24 December 2025
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Closing Bell: Saudi benchmark index closes lower at 10,540 

RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72. 

The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.  

Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market. 

Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million). 

On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.  

Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively. 

Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.  

Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.  

Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent. 

On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.   

The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.  

BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.  

Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.   

The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer. 

In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.  

The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.  

Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.