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Palazzo Versace Dubai up for auction: Swiss-Italian Banker Christopher Aleo among potential buyers

The iconic Palazzo Versace Dubai, one of the most luxurious hotels in the United Arab Emirates, has officially been put up for auction following financial difficulties faced by its current owner. The property has been listed for online bidding with a starting price of approximately AED 600 million (around USD 163 million), a figure significantly lower than its previous valuation of over AED 1.4 billion (roughly USD 380 million).Opened in 2015 along the shores of Dubai Creek, the hotel spans 130,000 square meters and features 215 rooms and suites, 169 private residences, and 8 upscale restaurants and lounges. Despite the financial issues of its ownership, the hotel remains fully operational and continues to be one of the top choices among international luxury travelers. Its strategic...

June 16, 2025

Palazzo Versace Dubai up for auction: Swiss-Italian Banker Christopher Aleo among potential buyers

Saudi Aramco shares rise as oil surges 7% on geopolitical fears

Saudi Gazette reportDHAHRAN — Saudi Aramco shares rose 1.76% in the first trading session of the week on the Saudi Stock Exchange (Tadawul), supported by a sharp rise in oil prices following the escalation of hostilities between Israel and Iran.Aramco closed at SR25.40, up from SR24.96 in the previous session, with trading volume reaching approximately 28.7 million shares and a total value of nearly SR728 million.Oil markets surged on Friday after both Israel and Iran exchanged missile strikes, raising concerns about possible disruptions to energy exports from the region.Brent crude futures rose $4.87, or 7.02%, to settle at $74.23 a barrel after spiking over 13% intraday to $78.50 — the highest since January 27.US West Texas Intermediate crude jumped $4.94, or 7.62%, to $72.98 a...

June 15, 2025

Saudi Aramco shares rise as oil surges 7% on geopolitical fears

Gulf stock markets tumble amid Israel-Iran escalation

Saudi Gazette reportRIYADH — Financial markets across the Arabian Gulf and Egypt plunged sharply on Sunday, as escalating military tensions between Israel and Iran triggered widespread selloffs and heightened volatility across the region’s stock exchanges.The downturn followed a weekend of intensified hostilities, with both sides exchanging airstrikes since Friday, rattling investor confidence and driving oil prices up nearly 7% by the close of trading on Friday.In Saudi Arabia, the Tadawul All Share Index (TASI) opened down by around 3%, before recovering slightly to close 1.81% lower at 10,647 points.Trading volumes exceeded SR2 billion. Despite the overall market drop, shares in Saudi Aramco rose 1.76%, buoyed by the oil price surge, peaking at SR25.50 on a trading value of more...

June 15, 2025

Gulf stock markets tumble amid Israel-Iran escalation

Omar Malabarey.

Charting a value-driven healthcare future: BD Saudi Arabia’s GM on local impact, innovation, and Vision 2030

In a candid conversation with Saudi Gazette, Omar Malabarey, newly appointed Country General Manager for Becton Dickinson in Saudi Arabia, shares his vision for the company’s role in the Kingdom’s fast-evolving healthcare sector. With decades of experience across public and private healthcare, Malabarey discusses BD’s commitment to local talent development, digital transformation, and strategic partnerships aligned with Vision 2030.Q: Congratulations on your appointment as General Manager of BD in Saudi Arabia. Can you share your journey leading to this role and what it means to you?A: My journey in healthcare has been both dynamic and fulfilling. I graduated in Radiological Sciences from the University of Wales (UK)and began my career as a radiology technologist at a Military...

June 12, 2025

Charting a value-driven healthcare future: BD Saudi Arabia’s GM on local impact, innovation, and Vision 2030

Redington’s Vision for Saudi Arabia: Powering Digital Transformation and Ecosystem Growth

Marking more than two decades of operations in the Kingdom of Saudi Arabia, Redington has emerged as the country’s largest IT distributor, with annual revenues nearing $1.5 billion. As the company inaugurates its new headquarters in Riyadh, it is doing more than expanding infrastructure; it is signaling long-term commitment to shaping the future of digital transformation across the Kingdom.With a growing workforce, partnerships with hundreds of global technology brands, and a renewed focus on ecosystem development, Redington is placing itself at the heart of Saudi Arabia’s rapidly evolving tech landscape. V.S. Hariharan, Managing Director and Group CEO at Redington, shared insights into the company’s journey, its strategic priorities, and the pivotal role it is playing in the...

June 04, 2025

Redington’s Vision for Saudi Arabia: Powering Digital Transformation and Ecosystem Growth

droppRWA and RAFAL Real Estate set to launch Saudi Arabia’s first Tokenized Real Estate Transaction

droppRWA, a subsidiary of droppGroup, the world’s leading provider of sovereign-grade Web3 AI and blockchain infrastructure, today announced a landmark partnership with RAFAL Real Estate Co., one of Saudi Arabia’s leading developers, to execute the Kingdom’s first-ever Real World Asset (RWA) tokenization transaction.This transaction is not just a technological milestone; it is a strategic inflection point. The RAFAL pilot will serve as a national feasibility benchmark for the future of tokenized property markets in Saudi Arabia. Redefining real estate ownership, the collaboration aims to introduce fractional ownership of high-value real estate assets, enabling Saudi citizens to invest everyday with amounts starting as low as single-digit riyals.This democratized access model aligns...

June 03, 2025

droppRWA and RAFAL Real Estate set to launch Saudi Arabia’s first Tokenized Real Estate Transaction

Alesayi Motors inaugurates new Mitsubishi showroom in Dammam as part of expansion strategy

As part of its strategic expansion plans and in alignment with Saudi Vision 2030, Alesayi Motors, the official distributor of Mitsubishi Motors and FUSO in Saudi Arabia, has inaugurated its new state-of-the-art and fully integrated showroom in Dammam. This facility aims to deliver an exceptional customer experience, reflecting the company’s ongoing commitment to innovation and excellence in the automotive industry.The opening aligns with Mitsubishi’s global corporate identity, showcasing a sleek and interactive retail concept. The new showroom includes a dedicated space for Mitsubishi vehicles, designed to offer a comprehensive and immersive customer journey. Additionally, it features a standalone showroom for FUSO trucks, a key player in the Kingdom’s commercial transport and retail...

June 02, 2025

Alesayi Motors inaugurates new Mitsubishi showroom in Dammam as part of expansion strategy

Representing SAB at the ceremony were Jehan Taskhandi, General
Manager of Operations, and Sebastian Mukkadan, OPS
2.0 Programme
Lead.

Saudi Awwal Bank wins “Best Innovation in Operational Excellence” at CX Live Show 2025

Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has been awarded “Best Innovation in Operational Excellence” at the Operational Excellence Awards Middle East 2025, part of the Customer Experience Live Show in Dubai.The recognition was announced during the awards ceremony on Tuesday, May 13, which celebrates organizations driving meaningful transformation in operational excellence across the Middle East.The award highlights SAB’s exceptional progress in enhancing operational performance through its flagship Ops2.0 Transformation Programme. This transformation initiative has played a pivotal role in standardizing and digitizing end-to-end processes, enhancing employee capabilities, improving ways of working, and embedding data-driven decision-making to...

June 02, 2025

Saudi Awwal Bank wins “Best Innovation in Operational Excellence” at CX Live Show 2025

Tisoro Global sets a new benchmark in Investment Migration at Dubai 2025

In an industry often marked by bold promises, Tisoro Global has emerged as the rare entity that delivers—transforming investment migration from a bureaucratic challenge into a streamlined, tech-powered experience.At the Investment Migration Forum 2025 in Dubai, the company showcased exactly why it’s regarded as the global leader in this space.Guided by CEO Adnan Shoukat’s visionary leadership, Tisoro Global has redefined what’s possible through cutting-edge AI, elite partnerships, and an unwavering commitment to client success. Tisoro Global’s solutions are not just innovative—they're transformative.From Complex to Seamless: The Tisoro ExperienceFor decades, investors seeking second citizenship or premium residency options have faced daunting paperwork, inconsistent...

June 02, 2025

Tisoro Global sets a new benchmark in Investment Migration at Dubai 2025

OPEC+ nations to begin phased oil production increase in July

Saudi Gazette reportRIYADH — Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will raise oil production by 411,000 barrels per day (bpd) in July 2025 as part of a phased reversal of previous voluntary output cuts, the alliance announced on Saturday following a virtual meeting.The decision follows the group's earlier agreement on December 5, 2024, to gradually ease the 2.2 million bpd in voluntary reductions that were implemented in April and November 2023.The upcoming adjustment is equivalent to three monthly increments and reflects what the group described as a “steady global economic outlook” and “healthy market fundamentals,” including low oil inventories.The eight participating countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait,...

May 31, 2025

OPEC+ nations to begin phased oil production increase in July

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