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. 


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

Updated 22 February 2026
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Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.