Rosewood to open wellness resort in Saudi Arabia's Amaala development

Rosewood Hotels & Resorts is the latest hospitality operator to announce it will be opening a property within Saudi Arabia’s Red Sea Global development.

Rosewood Amaala will form part of Amaala, which is envisaged as an integrated wellness destination and will also be home to a Clinique La Prairie Health Resort and the Triple Bay Yacht Club.

Spanning more than 4,000 square kilometres on Saudi Arabia’s west coast, Amaala aims to be a year-round destination. The first phase of the project is set for launch by the middle of next year, with more than 1,300 hotel rooms across eight resorts. When complete in 2027, it will have more than 25 hotels, luxury residences, fine-dining outlets and a host of wellness and recreational facilities.

Set between the world's fourth-largest reef and the Hijaz Mountains, Rosewood Amaala will focus on “regenerative” experiences that combine wellness and sustainability. It will offer 110 rooms and suites, as well as 25 Rosewood Residences, designed by renowned collective ACPV Architects Antonio Citterio Patricia Viel.

Sustainability is a cornerstone of the property’s design, in keeping with the broader Amaala development, which will be powered by 100 per cent renewable energy and aims to have zero-carbon footprint.

Endangered hawksbill and green turtles regularly nest on the beaches surrounding the Rosewood Amaala plot, so construction and design work will focus on ensuring the process is not interrupted. Even lighting strategies have been designed to ensure no bright lights shine in the area. To protect the coral reefs that encircle the resort, the property will provide two rock pools, allowing guests access to the water and sand, while causing minimal disruption.

A family hotel suite. Photo: Rosewood Hotels & Resorts

“We are deeply honoured to partner with Red Sea Global on Rosewood Amaala and work together to offer a more regenerative model of hospitality for future generations,” says Sonia Cheng, chief executive of Rosewood Hotel Group. “Rosewood’s values of prioritising both people and planet through impactful offerings connects seamlessly with the development’s larger vision, and we look forward to embracing our role of providing a wellness oasis nestled within this ambitious project.”

Facilities at the hotels will include fine-dining and casual restaurants, as well as beach-inspired club lounges, all taking advantage of the Red Sea views. The resort’s Rosewood Explorer’s Club will provide child-friendly experiences, with the aim of inspiring the next generation of conscious travellers. The focal point of the resort’s wellness offering is the Asaya Spa, which will offer private treatment rooms set around a green oasis.

The spa will be set within a private oasis. Photo: Rosewood Hotels & Resorts

“We are truly proud to reveal this partnership with Rosewood Hotels & Resorts — an iconic and world-renowned brand that shares our values in protecting people and planet, and belief in the potential of tourism as a force for good,” says John Pagano, group chief executive of Red Sea Global.

“Rosewood Amaala has been meticulously designed to seamlessly integrate indoor and outdoor living, while offering guests a level of privacy and exclusivity often found in an all-villa resort. Together, we want to create a lifestyle oasis for our guests that aims to welcome a regenerative era of travel, while shining a positive light on this diverse corner of the globe.”

Motori Profile

Date started: March 2020

Co-founder/CEO: Ahmed Eissa

Based: UAE, Abu Dhabi

Sector: Insurance Sector

Size: 50 full-time employees (Inside and Outside UAE)

Stage: Seed stage and seeking Series A round of financing

Investors: Safe City Group

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1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”