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 crown prince signs raft of cooperation agreements with China

Crown Prince Mohammed bin Salman signs an agreement between the Kingdom and China in Beijing on Friday. (SPA)
Updated 23 February 2019
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Saudi crown prince signs raft of cooperation agreements with China

  • the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee

BEIJING: Crown Prince Mohammed bin Salman on Friday met with Chinese Vice Premier Han Zheng to discuss ways of further developing relations between the Kingdom and China.

The meeting took place in the grand surroundings of the Great Hall of the People in the Chinese capital Beijing. After their talks, the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee which he co-chaired with Zheng.

Delegates at the meeting discussed moves to strengthen cooperation between the two countries on trade, investment, energy, culture and technology, as well as the coordination of political and security matters. The committee also reviewed plans for greater integration between China’s Belt and Road development strategy and the Saudi Vision 2030 reform program.

After agreeing on the minutes of the meeting, the Saudi royal and Zheng took part in the signing of a range of agreements, memorandums of understanding (MoU), investment projects and bilateral cooperation accords between the Kingdom and China:

The cooperation agreement in maritime transport between the Chinese and Saudi governments, signed by Saudi Minister of Commerce and Investment Majid Al-Qassabi and Chinese Minister of Transport Li Xiaopeng.

MoU between the Kingdom’s Ministry of Energy, Industry and Mineral Resources and the National Development and Reform Commission in China, signed by Saudi Energy Minister Khalid Al-Falih and Ning Jizhe, vice chairman of the National Development and Reform Commission.

MoU between the Chinese Ministry of Commerce and Saudi Ministry of Commerce and Investment to form a working group to facilitate trade, signed by Abdul Rahman Al-Harbi, the Kingdom’s deputy minister of commerce and investment, and Qian Keming, Chinese vice minister of commerce.

Loan agreement between the Saudi Fund for Development (SFD) and the Chinese Ministry of Finance to build and equip three hospitals in Yanbian city in Jilin Province, signed by Saudi Minister of State for Foreign Affairs Adel Al-Jubeir and the Chinese deputy finance minister.

Rehabilitation

Loan agreement between the SFD and Chinese Ministry of Finance to reconstruct and rehabilitate areas affected by earthquakes in Sichuan Province, signed by Al-Jubeir and the Chinese deputy finance minister.

Agreement between the Saudi Ministry of Interior and the Chinese Ministry of Public Security to cooperate in fighting cybercrime, signed Nasser Al-Dawood, undersecretary of the Saudi Ministry of Interior, and China’s deputy minister for public security.

MoU between the Public Investment Fund (PIF) of Saudi Arabia and China’s National Committee for energy to invest in renewable energy, signed by PIF head Yasir Al-Rumayyan, and the committee’s vice chairman.

Minutes of the meeting about cooperating in combating terrorism between the Saudi Presidency of State Security and Chinese Ministry of Public Security, signed by Lt. Gen. Abdullah Al-Qarni, deputy director-general of General Investigation for the Kingdom, and the Chinese minister.

MoU between the Saudi Authority for Intellectual Property and the Chinese National Committee for Intellectual Property Rights, signed by Dr. Abdul Aziz Al-Swailem, the authority’s executive chairman, and committee chairman Xin Xiangyu.

MoU to participate in investing in renewable energy projects, signed by the chairman of ACWA Power, Mohammed Abunayyan, and president of the Silk Road Fund, Wang Yanzhi.

Cooperation agreement for Saudi Aramco to acquire 9 percent of Chinese project Zhejiang Petrochemical, signed by Saudi Aramco CEO Amin Nasser and Xung Wi, mayor of Zhushan.

Agreement between Saudi Aramco with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in China’s Liaoning province, signed by Nasser and Tang Yijun, governor of Liaoning province and chairman of NORINCO.