Lanka shares rise to six-month high

Updated 19 April 2013
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Lanka shares rise to six-month high

COLOMBO: Sri Lankan shares hit a six-month high yesterday, as investors bought diversified shares and retail investors came back after the central bank said there would be room for further monetary policy easing.
The central bank on Tuesday kept key monetary policy rates unchanged for a fourth straight month, as expected, but left the door open for easing later as inflation is expected to slow further.
The main stock index gained 0.4 percent, or 23.30 points, to 5,891.83, its highest close since Oct. 2, 2012.
“Retail investors and margin traders are active as they see at least stabilization of interest rates as a positive sign and (the central bank) will not increase the rates in the short term,” said a stockbroker.
Expectations of falling interest rates have boosted sentiment, after Treasury Secretary P. B. Jayasundera recently said Sri Lanka’s interest rates should fall in May-June as the borrowing needs of loss-making state energy companies recede. The index has risen for the last six straight sessions since the treasury secretary’s comments.
The turnover was at 800.8 million rupees ($ 6.38 million) yesterday, less than this year’s daily average of about 965.1 million rupees.
Foreign investors were net buyers of 159.9 million rupees worth of shares, extending the year-to-date net foreign inflow to 7.31 billion rupees. Last year, the bourse saw a net inflow of $ 303 million.
The rupee edged down for a third straight session to 125.72/78 to the dollar, from Wednesday’s close of 125.60/62, due to demand from importers for the greenback, said currency dealers.
The rupee has been on the rise since mid-March on inflows from remittances and exporter dollar sales ahead of the traditional new year, which most Sri Lankans celebrated on April 13 and April 14.


Saudi tourism sector in the spotlight at Arabian Travel Market

Updated 21 April 2018
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Saudi tourism sector in the spotlight at Arabian Travel Market

  • Kingdom developing tourism sector as part of economic diversification strategy
  • Vision 2030 foresees 1.2 million new tourist jobs by 2030

It is the leading global event for Middle Eastern tourism and it opens on Sunday in Dubai. The Arabian Travel Market attracts the big players of the industry and the wannabes. It showcases 2,800 products to more than 28,000 potential buyers and generates deals worth more than $2.5 billion.

No wonder the world wants to be there, from spas to safaris, from Armenia to Zanzibar and all points between in both the globe and the alphabet.

But this year, one destination is set to attract more attention than any other: Saudi Arabia.

The Kingdom’s tourism industry has hitherto centered primarily on the holy cities of Makkah and Madinah; last year’s Hajj attracted around 2.35 million pilgrims, with about 1.75 million of those coming from abroad.

When it comes to non-religious tourism however, it is in the unique position of creating that industry more or less from scratch, which is an enviable place to be.

“It means we are able to learn from the mistakes of others and we can take the best from everywhere,” said Amr Al-Madani, CEO of the Royal Commission for Al-Ula, Saudi Arabia’s archaeological treasure house and home to the Unesco-listed Madain Saleh.

“And we are determined to offer the best in every way,” he added.

Al-Madani recently returned from presenting the plans for Al-Ula at a high-profile gala at the Museum of Decorative Arts in Paris, an occasion that coincided with the visit of Crown Prince, Mohammed bin Salman, the driving force behind Vision2030, the ambitious program designed to revamp not only the national economy but Saudi society as a whole.

Once regarded as practically off-limits to visitors and particularly Westerners (although that was never true), Saudi Arabia is throwing open the gates, as part of plans to diversify its economy and create jobs for its citizens.

The Kingdom’s Vision 2030 economic development plan, designed to create new revenue streams to lower its reliance on oil, envisages the creation of 1.2 million new jobs in the tourism sector by 2030.

Saudi Arabia’s General Entertainment Authority in February said it planned to invest $64 billion in its entertainment sector in the coming 10 years. This investment will include the development of a countrywide network of cinemas, following the lifting of a ban last year.

As well as opening up the 5,000-year-old wonders of Al-Ula, there are plans to develop 34,000 square kilometers of Red Sea coastline and 50 outlying islands into luxury beach resorts.

The scheme has already attracted Sir Richard Branson, founder and boss of the Virgin Group, as its first international investor. He is involved in developing the islands — which he described as “breathtakingly beautiful” — as luxury destinations, and has also visited Madain Saleh.

“This is an incredibly exciting time in the country’s history and I’ve always felt that there is inothing like getting a first-hand impression,” he said after his visit.

He praised the Crown Prince for his vision, telling Arab News, “If you want to succeed you should have an idea and a plan to implement it and just do it. He is doing that and his heart is in the right place.”

Though he is overseeing the development of the Al-Ula sites, Amr Al-Madani said one plan was to offer two-center holidays: “Some days exploring the archaeology and the nature in Al-Ula and then a few days relaxing at the beach,” he said.

As well as unspoilt beaches, the Red Sea coast also enjoys the best climate in Saudi Arabia with pleasant sea breezes offsetting the heat.

The Red Sea project is expected to generate 35,000 jobs.

The Royal Commission has already recruited the first 200 future employees who will work in Al-Ula. The group — half boys, half girls — are all high school-leavers or university students from the region. They have already begun three months of training in Riyadh, learning languages and undergoing assessment by psychologists and careers advisers and will later be dispatched to several locations in Britain and the US to continue learning.

Al-Madani said Al-Ula should be ready to receive its first tourists in three to five years, eventually accommodating a million to 1.5 million a year.