Dubai crown prince opens $540m road improvement project

Update The Dubai-Al Ain Road Improvement Project is a part of Dubai’s master transport plan, and spans 17 km, according to an official press release.
The Dubai-Al Ain Road Improvement Project is a part of Dubai’s master transport plan, and spans 17 km, according to an official press release.
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Updated 30 May 2022

Dubai crown prince opens $540m road improvement project

Dubai crown prince opens $540m road improvement project

DUBAI: Sheikh Hamdan bin Mohammed, the crown prince of Dubai, officially opened the Dubai-Al Ain Road Improvement Project built at a cost of 2 billion dirhams ($540 million), as the emirate aims to accelerate its economic development.

The Dubai-Al Ain Road Improvement Project is a part of Dubai’s master transport plan, and spans 17 km, according to an official press release.

“The Dubai-Al Ain Road Improvement Project reflects Vice President and Prime Minister of the UAE and ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al-Maktoum’s vision for creating the world’s best infrastructure in the emirate,” said Sheikh Hamdan.

He added: “It is also part of our broader strategy to transform Dubai into the world’s best place to live, work and visit as well as strengthen our readiness to meet future needs in one of the fastest-growing cities worldwide.”

The Dubai crown prince further added that the Dubai government has always tried to improve the road infrastructure as it plays an important role in raising the emirate’s competitiveness in creating an attractive business and investment environment, along with providing a high quality of life for the community.


Despite global challenges, Abu Dhabi’s GDP expands 11.2% in first half of 2022: SCAD

Despite global challenges, Abu Dhabi’s GDP expands 11.2% in first half of 2022: SCAD
Updated 29 sec ago

Despite global challenges, Abu Dhabi’s GDP expands 11.2% in first half of 2022: SCAD

Despite global challenges, Abu Dhabi’s GDP expands 11.2% in first half of 2022: SCAD

RIYADH: Reflecting Abu Dhabi’s robust performance and the ability of the economy to sustain growth despite global economic challenges, data released by the Statistics Centre – Abu Dhabi, shows expansion of the emirate’s gross domestic product in the first half of 2022 to 11.2 percent compared to the same period last year. 

The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 when it hit 11.7 percent compared to the same quarter last year, according to estimates reported by SCAD. 

At the end of the first half of 2022, the real GDP value (at constant prices) exceeded 543 billion dirhams ($149 billion), and the value of the non-oil sectors’ GDP increased 28.4 billion dirhams compared to the same period last year to reach 273 billion dirhams in total. 

Furthermore, the statistical estimates reveal that all non-oil economic activities and sectors showed positive growth rates at constant prices during the first half of 2022, most notably, the health and social work activity rising at a rate of 29.9 percent, followed by accommodation and food services at a rate of 29.3 percent, and professional, scientific and support services at a rate of 27.2 percent, wholesale and retail trade activity at a rate of 23.7 percent, real estate activities at a rate of 19.1 percent, and electricity, gas, water, and waste management at 18.0 percent, followed by 13.8 percent for transportation and storage. 

The leading economic activities that contributed to the GDP of Abu Dhabi at constant prices during the first half of 2022 included manufacturing activities with the contribution of 8.1 percent, while showing a growth rate of 10.2 percent, according to the results.

In addition, the construction and building activity contributed to the real GDP with 7.7 percent, and achieved a growth rate of 6.9 percent, followed by the wholesale and retail trade activity that contributed 5.9 percent to the GDP.
The financial and insurance activities contributed 5.5 percent to the GDP, with a growth rate of 9.1 percent during the first half of 2022 compared to the same period last year. 

Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said, “Economy’s positive growth rates in Abu Dhabi reflect the profound strength and success of the economic diversification policy, which contributed to the economy’s resilience and ability to address global changes posed by geopolitical and economic factors that directly affected strategic sectors such as energy and international trade.” 

He added: “The Abu Dhabi economy continues to reap the benefits of the effective policies guided by the wise leadership to strengthen the pillars and foundations of the economy, maintaining a competitive performance while attracting investments with more initiatives to achieve the strategic objectives of Abu Dhabi.” 

According to data released by SCAD, the mining and quarrying activities (including crude oil and natural gas) contributed 49.7 percent to the real GDP of Abu Dhabi during the first half of 2022, which means non-oil activities contributed 50.3 percent at constant prices defying the noticeable increases of global oil prices during the same period.

The increase in the non-oil sector’s contribution to the real GDP bears testimony to the success of the ambitious strategic plans for diversifying the economic base in Abu Dhabi. 


TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector

TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector
Updated 16 min 39 sec ago

TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector

TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector

RIYADH: More than 6,000 Saudis are currently being trained up for technical roles in the Kingdom’s growing tourism industry, according to the government agency leading the charge.

Saudi Arabia's Technical and Vocational Training Corp. has announced it is currently training 6,189 people in preparation for jobs in the tourism and hotel industries.

The Kingdom’s tourism sector continues to grow, with the Kingdom expecting to attract 100 million annual visitors and creating one million jobs by 2030.

TVTC spokesperson Fahad Alotaibi said the entity focuses on designing and providing specialized training programs to train citizens to work in this sector and lead its facilities through diversified training programs in the tourism and hospitality fields.

TVTC's aims align with Saudi Vision 2030, under which efforts are exerted to cut the unemployment rate in the Kingdom from 11.6 percent to 7 percent by 2030.

In August this year, TVTC announced that it had received more than 230,000 trainees — new starters and returnees — in over 260 training facilities and partnership institutes distributed throughout the Kingdom.

To achieve its Vision 2030 goals, Saudi Arabia is not only encouraging the recruitment of nationals to private sector jobs, but is also encouraging adequate investment in their future to ensure their retention by employers as well as their contribution to a vibrant and diverse economy.

Saudization, officially known as the Saudi nationalization scheme, or Nitaqat, is considered a crucial step towards economic success.

Saudi Arabia launched the ‘Saudization’ labor market strategy to enhance the economic participation of its citizens, with the aim of reaching 60 percent by 2030.

Although the process of Saudization has been going on since 1985, major regulatory and economic reforms have accelerated in recent years under the Vision 2030 agenda, with the aim of increasing the participation of young Saudis in the economy, promoting non-oil sectors and improving the overall quality of life.

According to Saudi Arabia's Central Department of Statistics and Information, the unemployment rate in the Kingdom decreased to 5.80 percent in the second quarter of 2022 from 6 percent in the first quarter of 2022.

Vision 2030 promotes Saudi women as an important part of the Kingdom’s strength. It aims to develop their talents, invest their energies, and provide them with the right opportunities to build their futures, contributing to the development of society.

Saudi women now comprise 33.6 percent of the Saudi workforce as of March 2022, according to the General Authority for Statistics. That figure is up from 17.4 percent just five years ago.

The unemployment rate of women was the lowest in 20 years as of the first quarter of 2022, falling to 20.2 percent from 22.5 percent during the fourth quarter of 2021.


WTTC to invest $10.5 billion in Saudi Arabia’s tourism sector over next 5 years

WTTC to invest $10.5 billion in Saudi Arabia’s tourism sector over next 5 years
Updated 18 min ago

WTTC to invest $10.5 billion in Saudi Arabia’s tourism sector over next 5 years

WTTC to invest $10.5 billion in Saudi Arabia’s tourism sector over next 5 years

RIYADH: The World Travel and Tourism Council will invest $10.5 billion in Saudi Arabia’s tourism sector, as the Kingdom steadily evolves as a global tourist destination in line with the goals outlined in Vision 2030, according to Julia Simpson, president and CEO of WTTC. 

Speaking at a press conference ahead of the WTTC Global Summit in Riyadh on Nov. 28, Simpson noted that Saudi Arabia is showing incredible commitment to developing the tourism sector, and is planning to attract 100 million visitors globally by 2030. 

Saudi Arabia’s Minister of Tourism Ahmad Al-Khateeb said the sector is still recovering from the pandemic, but the number of international arrivals in the Kingdom has already climbed to 70 percent of pre-COVID-19 levels. 

“I am proud of the progress we made in building resilience in this sector. We believe in the power of partnership, and we want to bring the global community together. Saudi Arabia is the fastest growing destination in the world,” said Al-Khateeb. 

WTTC also announced that American actor, environmentalist and entrepreneur Edward Norton will be a keynote seeker at its global summit in Riyadh on Nov. 30.

Norton, who has been a long-time advocate for sustainable business practices, will speak about the vitality of maintaining healthy environmental operational standards in the tourism sector as he will be in a conversation with Saudi Tourism Authority CEO Fahd Hamidaddin during the event, according to a press release.

“It is clear that people who have such a global platform as Edward Norton help to transcend borders and reinforce the work that we do in promoting sustainable development strategies and we are delighted he is with us at the WTTC Summit in Riyadh,” said Hamidaddin.

This year’s WTTC Global Summit is being organized at the King Abdul Aziz International Conference Center under the theme “Travel for a Better Future.”

Some other prominent personalities who will speak at the summit include former UK Prime Minister Theresa May, Jerry Inzerillo — Group CEO of Diriyah Gate Development Authority, and Paul Griffiths, CEO of Dubai International Airports. 

Former UN Secretary-General Ban Ki-Moon will also address delegates in person during the event. In October, Al-Khateeb said that Riyadh is set to become the capital of the global tourism industry, and the tourist destinations in the Kingdom are being built and will operate in a sustainable manner. 

“We have the vision, we put the plan, and we put all the resources, especially the financial resources to deliver the plan,” said Al-Khateeb.


King Salman International Airport masterplan announced by Crown Prince

King Salman International Airport masterplan announced by Crown Prince
Updated 22 min 33 sec ago

King Salman International Airport masterplan announced by Crown Prince

King Salman International Airport masterplan announced by Crown Prince

RIYADH: Saudi Arabia is set to build one of the world’s largest airports in what will be a huge boost in the Kingdom’s ambition to become a global hub for trade and tourism, according to Crown Prince Mohammed bin Salman bin Abdulaziz.

The King Salman International Airport, located in Riyadh, will have six parallel runways, and is expected to contribute SR27 billion ($7.18 billion) annually to Saudi Arabia’s non-oil gross domestic product.

The airport will help drive annual passenger traffic in Saudi Arabia from the current 29 million to 120 million travelers by 2030 and 185 million by 2050, with aircraft traffic in the Kingdom increasing from 211,000 to more than 1 million flights per year.

With sustainability at its core, the new airport will achieve LEED Platinum certification by incorporating cutting edge green initiatives into its design and will be powered by renewable energy, according to the Saudi Press Agency.

The development will include the existing terminals named after King Khalid, with the capacity to process 3.5 million tons of cargo by 2050.

The SPA report added it will become an aerotropolis centered around a seamless customer journey, world-class efficient operations, and innovation. Riyadh’s identity and the Saudi culture will be taken into consideration in the airport’s design to ensure a unique travel experience for visitors and transit travelers.


Saudi Arabia, Uzbekistan review bilateral trade cooperation in high level meeting 

Saudi Arabia, Uzbekistan review bilateral trade cooperation in high level meeting 
Updated 26 min 43 sec ago

Saudi Arabia, Uzbekistan review bilateral trade cooperation in high level meeting 

Saudi Arabia, Uzbekistan review bilateral trade cooperation in high level meeting 

RIYADH: Saudi Arabia and Uzbekistan reiterated their commitment to strengthening bilateral relations in a meeting between Ismatilla Ergashev, the special envoy of Uzbek President Shavkat Mirziyoyev, and Saudi Fund for Development CEO Sultan Abdulrahman Al-Marshad in Riyadh. 

The visit focused on reviewing the development projects and programs funded by SFD in the central Asian country.

According to the Saudi Press Agency, the two sides reviewed development topics of common interest and discussed possible opportunities for development projects in Uzbekistan. 

The SFD has supported the government of Uzbekistan with several development loans. It has contributed to financing the implementation of 11 projects across several sectors, including health, education, roads, irrigation, drinking water and housing, with a total amount of $276 million.  

Five projects have been completed, and six are underway. In 2011, Uzbekistan and the SDF inked a deal to finance the work on the reconstruction of the Guzar-Chim-Kukdala highway. The fund allocated $30 million for this project.  

Bilateral relations between the two nations received a considerable boost when Crown Prince Mohammed bin Salman received President Shavkat Mirziyoyev in Jeddah in August. 

During the meeting, the two nations inked several deals worth over SR45 billion ($12 billion), including a wind project in Uzbekistan by ACWA Power.  

The agreements also covered a range of investment sectors, including air transport services, livestock, agriculture, sports, education, science, media, energy and technology. 

“There has also been a significant emphasis on economic ties between the two countries. An excellent example of this affiliation is between the Saudi company ACWA Power and the Ministry of Investments and Foreign Trade of Uzbekistan, which envisaged designing, financing, building, and operating a thermal power plant for 25 years,” Komil Rashidov, a professor of international law at the University of World Economy and Diplomacy said in an article written for Arab News to mark the meeting.

As part of the project, ACWA Power will attract $1.2 billion in direct investment and create more than 1,000 jobs during the construction and operation phases. Additionally, the power plant will produce 12 billion kilowatt-hours of additional electricity annually. This facility will be commissioned in the fourth quarter of 2023.