Saudi Arabia’s Neom announces three new Marriott hotels opening at Sindalah Island

Saudi Arabia’s Neom continues to develop with three new Marriott hotels opening at Sindalah Island.

The luxury island in the Red Sea will be the first destination to open at Neom, with travellers expected to check in early next year.

Marriott’s three properties — which include the first Autograph Collection Hotels property in the kingdom — will be the inaugural resorts on the island.

For its Saudi Arabian debut, Autograph Collection Hotels will open a unique resort with a futuristic design. The boutique-sized property will have 66 room and suites, including one and two-bedroom villas, as well as several dining options, a children's club and a luxury spa.

Two Luxury Collection hotels will also open in Sindalah, both of which will promise to offer guests “transformational experiences and destination-rooted authenticity”.

Marriott's Luxury Collection beach resort will have 70 luxury rooms and suites, including one, two, three and four-bedroom villas, all with private pools.

An all-suite property with 115 luxury abodes will open in the central marina district of Sindalah. Both properties will have several dining options, guest experiences and leisure facilities.

A Luxury Collection beach resort will be one of three Marriott hotels to open at Neom next yer. Photo: Marriott / Neom

“Neom is one of the most highly anticipated developments in the world and we look forward to working with its team to develop these three exciting properties,” said Jerome Briet, chief development officer for Europe, Middle East & Africa at Marriott International.

“The Luxury Collection and Autograph Collection Hotels properties will express their own unique personality inspired by the exceptional natural landscapes of Neom. We continue to see growth opportunities for our brand portfolio within the destination and Saudi Arabia overall.”

What is Sindalah at Neom?

Sindalah island in Saudi Arabia. photo: NEOM

Part of a group of islands opening in Neom, Sindalah is a luxury destination that will be the first to open to the public in Neom, the $500 billion megacity project and one of the world's most ambitious sustainable urban developments, planned by Saudi Arabia's Crown Prince Mohammed bin Salman.

Reachable via a 17-hour sail from the Mediterranean, the island will give visitors unrivalled access to the region's 2,000 marine species, 600 of which are endemic to the Red Sea.

Spanning more than 84 hectares, the resort will be home to luxurious properties with more than 400 rooms and 300 suites, a beach club, large marina, wellness centre and dozens of restaurants.

“Marriott International offers one of the most compelling portfolios in the entire industry and enjoys a stellar reputation in the region. We are thrilled by the prospect of working together and look forward to building a hospitality experience that captures the spirit of Sindalah’s year-long appeal, while creating unforgettable memories for our guests,” said Chris Newman, executive director of hotel development at Neom.

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

Saudi Arabia’s Neom announces three new Marriott hotels opening at Sindalah Island

Autograph Collection Hotels will debut in the kingdom's upscale yachting and golfing destination

What is Sindalah at Neom?

Four reasons global stock markets are falling right now