RIYADH: HQ, the new hospitality brand launched by Wyndham Hotels & Resorts and renowned hotelier Sam Nazarian, is set to arrive in Saudi Arabia by the end of 2025, Arab News has been told.

Dimitris Manikis, president of Europe, the Middle East, Eurasia and Africa, at the hospitality group, unveiled the company’s ambitious plans for the Kingdom – including the launch of HQ – at the Future Hospitality Summit in Riyadh.

Speaking to Arab News, Manikis shared insights into Wyndham’s steadfast commitment to Saudi Arabia’s flourishing hospitality landscape, saying: “We are very serious and very bullish about our presence in the Kingdom.”

He added: “We’re really excited to bring this new brand into Saudi Arabia as well, because it’s about smart luxury. It’s about F&B (food and beverage), entertainment, music, and it’s about smart hospitality as well.”

Manikis went on to say: “In the next 18 months, you’re going to have the first HQ brand in Saudi Arabia.”

Citing Nazarian’s track record of success with brands like Mondrian, Delano, and SLS, Manikis said: “Sam is notoriously famous for bringing up new concepts and ideas. So when I asked him:  ‘What exactly is HQ and why would you call it brand HQ?’, he said: ‘I want the brand to be the headquarters of your life.’”

The President added: “I have no doubt whatsoever that HQ will be an amazing brand to grow in the GCC (Gulf Cooperation Council), and the Kingdom of Saudi Arabia in particular.”

Manikis reflected on Wyndham's impressive footprint across the Kingdom, which includes a robust pipeline of 20 upcoming projects. Notable among these ventures are the imminent openings of the Ramada hotels.

Additionally, the introduction of Wyndham Garden last year marked a significant milestone in the company’s strategic expansion efforts.

The optimism surrounding Saudi Arabia’s tourism prospects was palpable in Manikis’ remarks, citing the Kingdom’s remarkable achievement of surpassing the Vision 2030 tourism target of 100 million visitors in 2023.

“The bar has gone to 150 million tourists,” he remarked, highlighting Saudi Arabia’s accelerated progress towards becoming a global tourism destination. 

However, he cautioned against neglecting the crucial role of infrastructure development in sustaining this growth momentum.

“Infrastructure, planes, airports, railways, roads, highways,” Manikis said, stressing the necessity of robust infrastructure to accommodate the influx of tourists. 

Commending the government’s proactive measures, including the launch of a new airline and airport expansions, he expressed confidence in Saudi Arabia’s readiness to meet escalating demand.

“I do believe that the Kingdom of Saudi Arabia is actually going to fulfill the promise. And they're going to have an amazing Expo (2030). I don't think there's going to be any doubt about that,” he said.

As anticipation mounts for marquee events like the Expo and the FIFA World Cup in 2034, Manikis underscored the importance of post-event planning. 

“It's not just about the event, it’s about what you do after,” he cautioned, advocating for sustainable strategies to leverage event infrastructure effectively beyond the festivities.

In addition to the HQ brand, Wyndham is poised to capitalize on the burgeoning extended stay segment. 

“We are very bullish on extended stay,” Manikis stated, recognizing its potential to cater to diverse clientele, including families, business travelers, and digital nomads.

He added: “We added 11 beautiful luxury, extended stay products. And hopefully we’re going to extend the extended stay concept here in the Kingdom as well.”

RIYADH: Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,369.46 points, witnessing an increase of 137.92 points, or 1.13 percent.     

The parallel market, Nomu, ended the day at 26,227.72 points, shedding 3.11 points or 0.01 percent.    

Conversely, the MSCI Tadawul Index grew by 24.35 points to close at 1,569.81, a 1.58 percent increase.     

TASI reported a trading volume of SR8.2 billion ($2.19 billion), with 165 stocks making gains and 63 witnessing declines.    

Nomu, on the other hand, saw a trading volume of SR52 million.     

On the announcement front, Al Rajhi Bank reported an increase in profits to SR4.4 billion for the first quarter of 2024, reflecting a 6 percent rise from SR4.1 billion recorded during the corresponding period in 2023. 

The bank primarily attributed this growth to a 10.2 percent increase in net income from financing and investment activities, driven by a rise in total income on financing and investment.  

This was further supported by an increase in total returns on these investments, according to a bourse filing.  

Its operational income also saw a healthy increase, rising by 6.6 percent due to gains in net financing and investment income alongside income from other operations.   

However, these gains were partially offset by a decrease in income from banking service fees and foreign currency exchange activities.  

On the expenditure side, total operating expenses, including provisions for credit losses, rose by 7.2 percent. This increase was largely due to higher depreciation costs and employee salaries and benefits.  

Despite these rising costs, the bank managed to mitigate some financial pressures with a reduction in other general and administrative expenses. Notably, provisions for credit losses escalated significantly, from SR359 million in the previous year to SR421 million in 2024, reflecting a 17.3 percent increase.  

Furthermore, Bank Albilad also saw an increase in profits as it released its first quarter results.   

The bank reported a 15 percent increase in profits, reaching SR643.1 million up from SR559.9 million in the same quarter of the previous year, according to a bourse filing.  

The increase in profits was primarily attributed to a robust performance in its investment and financing assets, which saw a 21 percent increase in income.   

This significant growth in asset income helped offset the 54 percent rise in the return on deposits and financial liabilities, underlining the bank’s effective management of its asset portfolio against rising costs.  

Additionally, Saudi National Bank also managed to secure an increase in profits in the first quarter. The bank reported a marginal rise in its profits to SR5.04 billion from SR5.02 billion during the same period last year.  

This modest increase in profits was underpinned by a significant 21.9 percent rise in special commission income, driven largely by growth in the bank’s financing and investment portfolios, coupled with rising interest rates.   

The bank also experienced a slight 0.4 percent increase in net income attributable to shareholders, buoyed by a 2.4 percent improvement in total operating income and gains from other non-operational financial activities.  

However, petrochemical company Saudi Kayan reported a loss in its first quarter results. Despite the ongoing challenges, the company managed to reduce its losses to SR571.9 million from SR673.3 million in the same quarter the previous year.  

Saudi Kayan attributed the narrowed losses primarily to an increase in revenues, spurred by higher sales volumes, which helped counterbalance the impact of lower average product selling prices.   

In a Tadawul filing, the company noted that while the average selling prices had decreased, the overall financial performance improved compared to the previous year.