Saudi Arabia’s NEOM to host Zannier Hotels’ luxury resort in Magna region 

Magna’s destinations will be located in the northwest of Saudi Arabia on the coast of the Gulf of Aqaba. NEOM
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Updated 01 October 2024
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Saudi Arabia’s NEOM to host Zannier Hotels’ luxury resort in Magna region 

  • Zannier Zardun will provide a range of sports and leisure activities, as well as stargazing, meditation, and yoga
  • NEOM introduced Magna in June, a sustainable development featuring 12 locations along 120 km of coastline

RIYADH: Saudi Arabia’s NEOM city is set to welcome a new luxury eco-resort, Zannier Zardun, in the Magna region following a recent agreement with the French hospitality group.  

The 800-room development, located within the 4-sq. km Zardun area, will feature three distinct buildings, each designed to offer a unique experience, according to a press release.  

Situated along the Gulf of Aqaba coastline, Zannier Zardun will provide a range of sports and leisure activities, including trekking, mountain biking, rock climbing, as well as stargazing, meditation, and yoga. 

This development aligns with Saudi Arabia’s broader economic diversification strategy, which aims to reduce the Kingdom’s reliance on oil by boosting tourism.  

The National Tourism Strategy targets attracting over 150 million visitors by the end of the decade and increasing the sector’s contribution to the Kingdom’s gross domestic product from 6 percent to 10 percent. 

Jeremy Lester, executive director at Magna, said: “Zannier Zardun epitomizes NEOM’s dedication to crafting unrivaled experiences that celebrate the precious environment and rich heritage of Magna. Together we will carefully and diligently cultivate and conserve the vibrant ecosystem along the coast for future generations.”   

He added: “This partnership with Zannier Hotels reflects a unified vision where ultra-luxury and sustainability coexist in perfect harmony. Zannier Zardun charters new horizons, merging our grand ambitions and shared values to create lasting memories for our guests and visitors to cherish.” 

NEOM introduced Magna in June, a sustainable development featuring 12 locations along 120 km of coastline. The project will include 15 hotels, 1,600 rooms, and over 2,500 residences. 

The region is projected to create 15,000 jobs, contribute SR2.6 billion ($693 million) to the Kingdom’s gross domestic product by 2030, house 14,500 residents, and attract 300,000 visitors annually. 

Arnaud Zannier, founder and CEO of Zannier Hotels, said that the agreement with NEOM could help solidify its position among top-tier hospitality brands. 

“It highlights our ambitious vision and commitment to excellence, serving as both a cornerstone for our brand’s evolution and a testament to our emergence as a formidable contender in the luxury hospitality market,” said Zannier.


Closing Bell: Saudi main index rises to 10,894

Updated 8 sec ago
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Closing Bell: Saudi main index rises to 10,894

RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday. 

The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining. 

The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29. 

The MSCI Tadawul Index edged up 1.71 percent to 1,460.89. 

The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75. 

Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60. 

Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48. 

On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog. 

In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026. 

Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years. 

The three contracts have durations of 10 years, 10 years, and five years, respectively.

“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement. 

Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70. 

Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk. 

In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC. 

In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025. 

The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.