Adnec Group, a company which owns and operates the region's largest expo venue - Adnec Centre Abu Dhabi - has announced that it has delivered the highest economic impact in its history, contributing AED8.5 billion ($2.3 billion) to the UAE economy.

 

This even surpassed the previous year's figure of AED7.4 billion, thus highlighting the group’s growing role in driving economic growth and supporting the UAE’s strategic objective of building a diversified, knowledge-based economy, said Adnec Group in a statement.

 

The year also saw Adnec Group successfully acquire Royal Catering and the Business Design Centre in London, UK, expanding its portfolio of venues to four and strengthening its market presence. 

 

These achievements underscore Adnec Group’s commitment to fostering talent and delivering exceptional results across its key business segments, it stated.

 

Managing Director and Group CEO Humaid Matar Al Dhaheri said: "2024 has been a landmark year for Adnec Group, marked by exceptional achievements across all sectors of our business. These milestones are a direct result of the sustained support of our wise leadership, whose guidance enables us to continue contributing to Abu Dhabi’s economic growth and global prominence."

 

"Sustainability remained a key focus, with Adnec winning the Sheikh Hamdan Environmental Award," he stated. 

 

The Adnec Centre Abu Dhabi also became the first Mice venue in the Middle East to be powered by clean energy from the Emirates Water and Electricity Company (EWEC), setting a new standard for environmental leadership in the region. 

 

The launch of TerraTile, an innovative sustainable flooring product made from exhibition waste, demonstrated the group’s dedication to advancing sustainability in the events industry, it added.

 

Adnec Group's venues including Adnec Centre Abu Dhabi, Adnec Centre Al Ain and ExCeL London hosted more than 1,000 events in 2024, welcoming over 5.4 million visitors, the highest number in its history. 

 

Among the year’s highlights were the completion of the ExCeL London expansion, which saw the venue reach 270,000 sq m. Adnec Centre Abu Dhabi hosted the largest and most successful editions of flagship events such as the Abu Dhabi International Boat Show (ADIBS), Global Food Week, and Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX).

 

Capital Events, the event organising arm of Adnec Group, facilitated more than AED10 billion in deals at eight of its events, further solidifying its reputation as a leader in event management. 

 

Adnec Hotels welcomed a record-breaking 1,531,000 guests, while Capital Catering, the group’s Food & Beverage cluster, delivered 40 million meals across 45 locations and catered for 2,200 weddings and events, including the largest corporate Iftar at Adnec Centre Abu Dhabi for 8,000 guests, said the statement.

 

Capital 360 Event Experiences achieved its most successful year, driven by regional expansion and key project wins, including ventures in Saudi Arabia and Qatar. Tourism 365, the tourism arm of Adnec Group, managed 350,000 travellers, generating 250,000 room nights, the highest performance since its establishment.

 

Twofour54, an Adnec Group company, expanded its offerings with the launch of two TV studios at Yas Creative Hub.

 

"Our 2024 results also reflect Adnec’s unwavering dedication to delivering significant value to our key shareholders and partners in both the government and private sectors, as well as the hard work and commitment of our team to innovation, sustainability and excellence," he stated. 

 

"As we look to the future, we remain focused on driving positive impact locally and globally, in alignment with the UAE’s vision for economic diversification and sustainable development," he added.-TradeArabia News Service

Saudi-based Retal Urban Development Company has announced that one of its key ventures Remal Al Khobar Real Estate Company has awarded a construction contract worth SAR450 million ($120 million) for its Retal Rise and Nobu Hotel projects in Al Khobar City.

 

A major project in the kingdom's Eastern Province, Retal Rise features 129 residential units, while the Nobu Hotel consists of 101 rooms and 62 residential units managed by Nobu, in addition to the Nobu Restaurant and Café. 

 

All these projects are located in a unique location in the city of Al Khobar, overlooking the Corniche.

 

Remal Al Khobar, a joint venture 50% owned by Retal Urban Development Company, has signed up Specialized Construction Company for the project. 

 

Its scope of work includes implementation of MEP works for Retal Rise and Nobu hotel in addition to Nobu restaurant and café in Al Khobar City, said Retal in its filing to Saudi bourse Tadawul.

 

The entire work will be completed within a 15-month period from the effective date of the agreement, it stated.

 

On the financial impact, Retal said the project is expected to have a positive impact on the company's results post the start of the project execution for 2025 & 2026, it added.-TradeArabia News Service

The Saudi Red Sea Authority (SRSA) is driving significant growth in the kingdom’s coastal tourism sector, supported by ongoing government efforts to position KSA as a leading global tourism destination in line with Vision 2030. 

 

With increasing interest in yacht tourism both locally and internationally, SRSA has intensified its regulatory role, issuing comprehensive frameworks such as the Saudi Yacht Regulation, the Visiting Yachts Regulation, the Large Yacht Chartering Regulation, and the Marina Design and Operations Regulation. 

 

These efforts aim to enhance marine infrastructure, ensure environmental sustainability, and encourage investment in coastal tourism.

 

In collaboration with its partners, SRSA has accelerated infrastructure development along the Red Sea, issuing 29 tourism licenses that have strengthened the economic landscape for yacht tourism. 

 

Among these, three were granted to yacht chartering companies, 10 to marina operators, and 5 to technical service providers in leisure and tourism, fostering a thriving marine tourism ecosystem, it stated.

 

The Red Sea region, spanning 1,800 km of coastline, is home to over 1,000 islands, 150 pristine beaches, and 3,200 cultural and tourism assets, including heritage villages, vibrant markets, and active maritime ports. 

 

Such natural and cultural assets provide a strong foundation for Saudi Arabia’s emerging yacht tourism industry.

 

SRSA has been actively engaged in fostering international partnerships to enhance investment opportunities. It participated in major global yacht and maritime exhibitions, including the Monaco Yacht Show 2023 and the Dubai International Boat Show 2024, with the goal of adopting best practices in yacht tourism and strengthening global collaboration. 

 

The authority signed agreements with leading institutions such as the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to advance Saudi Arabia’s coastal tourism sector.

 

By providing technical, administrative, and advisory support to both local and international investors, SRSA is ensuring a streamlined investment experience that aligns with Saudi Arabia’s broader strategy of attracting global investors through regulatory simplifications, tax incentives, and infrastructure development.

 

Through its ongoing efforts, SRSA is transforming Saudi Arabia’s yacht tourism industry by offering exclusive and tailored experiences that cater to both tourists and yachting enthusiasts. 

 

By 2030, the authority aims to attract 250,000 visitors for yacht-related activities, generate approximately $2.9 billion in tourism spending, and create an estimated 28,000 jobs in the sector, contributing to the Kingdom’s economic diversification goals.

 

According to SRSA, the yacht tourism is a crucial element of global coastal economies with the yacht market hitting $7.67 billion in 2023 and projected to growth to $17.33 billion by 2032. 

 

Europe led the market in 2023, accounting for 47.58% of the global sector, it stated. 

 

SRSA pointed out that Italy served as a prime example of the economic significance of yacht tourism, with its marine industry growing 3 times faster than its gross domestic product (GDP) between 2012 and 2022. 

 

In 2022, Italy held over 50% of the world’s yacht manufacturing orders and supported approximately 157,000 jobs, it added.

 

With continuous advancements in regulatory policies, infrastructure expansion, and international collaboration, SRSA said it is committed to positioning Saudi Arabia as a premier global destination for yacht tourism. 

 

These efforts align with Vision 2030’s broader objectives of enhancing the Kingdom’s tourism and economic landscape, ensuring that Saudi Arabia remains a key player in the global yacht tourism industry, it added.-TradeArabia News Service