Saudi tourists spent £78m in London in 2012

Updated 29 August 2013
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Saudi tourists spent £78m in London in 2012

Initial estimates on foreign tourist purchases in London during this summer season are estimated to be worth £4 billion. Official statistics have not yet been disclosed.
The contribution of Arab citizens to this figure is estimated to be worth £1.3 billion, says the British Commercial Association.
The average spending of a Saudi tourist reached about £2,487, followed by that of the UAE at £2,395, then Kuwait at £1965 per head and Russia and Singapore at £1169 and £980 per head.
There has been a 36-percent increase in sales due to the contribution of Arab tourism in London. This is translated to a 13.5-percent increase in employment rates.
The positive effects of Arab tourism in the UK are not confined to the huge revenues reaped by shops and businesses as a result of Arab procurement, but also contributed to the revival of the hospitality sector as well.
Simon Jack, public relations officer at The Leonard Hotel Marble Arch in central London, said that GCC tourists, in particular those coming from Saudi Arabia and UAE, as well as Libya, spend long periods in London during the summer.
Jack said, “Some families spend more than three consecutive months sometimes.”
The phenomenon has prompted many hotels to offer services in the Arabic language and allocate spaces for prayers. London-bound Gulf tourism has raised rates of hotel occupancy.
Jack said: “Last year, estimates indicated that Saudis alone spent £78 million on hotel stays in London. They are expected to spend between £93 and £101 million this year.”
Most GCC tourists prefer to stay in apartments in central London. “This offers them more privacy and allows big and extended families to rationalize in expenditure,” he said.
Amid the huge spending by GCC tourist, the British government stands out as one of the biggest beneficiaries of these financial returns via the many channels available, mainly through taxes.
Peter Dey, tax expert at HM Revenue and Customs Department, said that tax benefits from GCC tourists to the British economy are categorized into several categorizes.
Dey said: “There is always this competition between Gulf and Russian tourists on who spends more during the season.
“But tourists coming from Russia, Hong Kong and Singapore are keen on restoring what they have paid in taxes as soon as they leave London because they are entitled to regain the proportion of taxes they paid while shopping according to the British law, unlike GCC tourists who often don’t bother to keep their invoices.”


Saudi Arabia’s up-and-coming energy park set to transform KSA into a global industrial powerhouse

Situated in the Kingdom’s Eastern Province, between Dammam and Al-Ahsa, the project will be developed in three phases. (Supplied)
Updated 12 December 2018
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Saudi Arabia’s up-and-coming energy park set to transform KSA into a global industrial powerhouse

  • The first phase is scheduled for completion by 2021
  • SPARK will localize more than 300 new industrial services and facilities and will have specialized training centers to cater to the huge influx of manpower

JEDDAH: Saudi Arabia is fast catching up with the world’s ever-growing energy and technology scene ahead of 2030. In fact, the King Salman Energy Park (SPARK) may soon prove a global destination for energy industry investors.

The new energy city mega-project is being developed by Saudi Aramco, which received authoritization to embark on the initiative in the summer, and is operated, managed and maintained in partnership with the Saudi Authority for Industrial Cities and Technology Zones (MODON). 

With projections that the megacity will create more than 100,000 jobs, it is considered one of the most up-and-coming energy parks in the world.

SPARK will localize more than 300 new industrial services and facilities and will have specialized training centers to cater to the huge influx of manpower.

Situated in the Kingdom’s Eastern Province, between Dammam and Al-Ahsa, the project will be developed in three phases. 

The first phase is scheduled for completion by 2021, while the final phase of the project is set for completion in 2035. With all this on track, the 50-square-kilometer project is poised to be a magnet for foreign and domestic investment. 

Crown Prince Mohammed bin Salman inaugurated the King Salman Energy Park at the King Abdulaziz Center for World Culture (Ithra) on Monday. (SPA)

What’s more, Aramco’s espousal of SPARK will also help businesses indulge in technological development, manufacturing and exports channels and build a world-class energy supply chain. Crown Prince Mohammed bin Salman inaugurated the King Salman Energy Park at the King Abdulaziz Center for World Culture (Ithra) on Monday.

During the groundbreaking ceremony, Energy Minister and Aramco Chairman Khalid Al-Falih declared SPARK a special economic zone (SEZ) in which businesses can enjoy exclusive benefits. 

“We are looking forward to collaborating with our first anchor partners at SPARK,” said Saudi Aramco President and CEO, Amin Nasser.

SPARK has already attracted investment from foreign and local companies to produce and manufacture goods and services. The first phase of the project is expected to cost about $1.6 billion. 

The park is set to attract industrial investors in the water, power, petrochemical and wastewater sectors, among others. 

Facilities at SPARK will also help investors bridge gaps in local production back home, increasing competition in the long run. 

“This energy city is exciting because it brings together a multitude of businesses,” Mark McCollum, president and CEO of Weatherford Corp, told SPARK.

“We firmly believe that collaboration and cooperation among service companies and individual providers to the energy sector is vital in breaking new ground.”

The King Salman Energy Park is also set to promote small and medium-sized enterprises. With focus on energy production, it also provides opportunities for investment in residential and commercial real estate projects.

Nasser said that the “King Salman Energy Park will spur a new era of growth for one of the Kingdom’s already thriving sectors. What’s more, it will serve as a central gateway to the region’s economies since Aramco is at the heart of the global oil and gas industry.”