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 slips to close at 11,228 

Updated 15 February 2026
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Closing Bell: Saudi main index slips to close at 11,228 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64. 

The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.    

On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.    

The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.     

The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.  

Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.   

Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56. 

Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55. 

Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34. 

On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier. 

The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.  

Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent. 

United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent. 

Tas’heel ended the session at SR146.80, down 0.28 percent.