Saudi tourism strategy bearing fruit as revenue hits $9.8bn in Q1 of 2023, says official

Special Saudi Arabia is prioritizing innovation in its robust initiatives to bolster the tourism ecosystem. Reuters/File
Saudi Arabia is prioritizing innovation in its robust initiatives to bolster the tourism ecosystem. Reuters/File
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Updated 28 September 2023
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Saudi tourism strategy bearing fruit as revenue hits $9.8bn in Q1 of 2023, says official

Saudi tourism strategy bearing fruit as revenue hits $9.8bn in Q1 of 2023, says official

ABU DHABI: As the world emerges from the shadows of the COVID-19 pandemic, Saudi Arabia is unveiling its true potential as a world-class tourist destination.

In just the first quarter of 2023, the Kingdom’s tourism sector revenues more than tripled to a staggering SR37 billion ($9.8 billion), said Abdullah Al-Harbi, the assistant deputy minister for investment enablement at the Tourism Ministry.

Speaking to Arab News on the sidelines of the Future Hospitality Summit in Abu Dhabi on Wednesday, Al-Harbi said the Kingdom will continue to “amaze the world” with strategic reforms focusing on investment, innovation, and human development.

“The impressive numbers and growth have been achieved even before most of the megaprojects and initiatives have come fully live. So just imagine how much more we can achieve once they are fully operational,” the top official said.




Abdullah Al-Harbi, the assistant deputy minister for investment enablement at the Tourism Ministry.

Al-Habri said the impressive growth is a result of the National Tourism Strategy that has set a clear path to boost the sector’s contribution to the gross domestic product.

“We are happy with the progress so far and we will continue to follow the same path to achieve more success and build one of the most attractive tourism sectors in the world,” he added.

Setting its sights on attracting 100 million tourists by 2030, the ministry acts as a regulator, orchestrator, and promoter of investment into the sector, Al-Habri explained.

“As a regulator, we ensure that the right and supportive regulatory environment exists for both visitors and investors alike to make Saudi Arabia visitable, sustainable, and investable,” he added.

“As a result of all of this, we have begun seeing an increase in investor interest and have already seen $5 billion of inward investment so far and we aim to continue building on this momentum,” Al-Harbi added.

Saudi Arabia is prioritizing innovation in its robust initiatives to bolster the tourism ecosystem.

“Innovation is a top priority, and our regulatory by-laws are designed to drive game-changing thinking while the Tourism Development Fund supports innovators and SMEs alike to nurture innovative ideas,” Al-Harbi said.

The government aims to generate up to 1.6 million jobs in the sector by 2030, which Al-Harbi described as a crucial part of the national strategy.“The sector will require 1.6 million jobs and we have been and will continue to train 100,000 tourism professionals annually in cooperation with leading global institutions. We have also been working with the Ministry of Education to integrate tourism education into the national curriculum,” he added.

To further strengthen collaboration between ministries and stakeholders in the Kingdom, a special committee has been formed.

“The Tourism Development Council was created to ensure full alignment and collaboration between all relevant stakeholders. In addition, the ministry works closely with the regional development authorities to align strategies and ensure proper and sustainable development of tourism destinations from visitor experience, investor journey, and human capital perspectives,” Al-Harbi stated.


Oi Updates – crude heads for 7th weekly loss as supply surplus, weak China demand weigh on market

Oi Updates – crude heads for 7th weekly loss as supply surplus, weak China demand weigh on market
Updated 30 sec ago
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Oi Updates – crude heads for 7th weekly loss as supply surplus, weak China demand weigh on market

Oi Updates – crude heads for 7th weekly loss as supply surplus, weak China demand weigh on market

LONDON: Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to join output cuts, according to Reuters.

Brent crude futures rose $1.29, or 1.7 percent, to $75.34 a barrel by 6:59 a.m. Saudi time, while US West Texas Intermediate crude futures gained $1.11, or 1.6 percent, to $70.45 a barrel.

Both benchmarks slid to their lowest since late June in the previous session, a sign that many traders believe the market is oversupplied. Brent and WTI are also in contango, a market structure in which front-month prices trade at a discount to prices further out.

“Some short sellers closed their position as the oil market was seen oversold. Meanwhile, the plunging oil prices forced OPEC+ to improve solidarity to calm the market,” said analysts from Haitong Futures in a note.

Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy, only days after a meeting of the producers’ club.

The organization agreed to a combined 2.2 million barrels per day in output cuts for the first quarter of next year.

“Despite OPEC+ members’ pledges, we see total production from OPEC+ countries dropping by only 350,000 bpd from December 2023 into January 2024 (38.23 million bpd to 37.92 million bpd),” said Viktor Katona, lead crude analyst at Kpler.

Some of the OPEC+ countries may not adhere to their commitments due to muddied quota baselines and dependence on hydrocarbon revenues, Katona said.

Brent and WTI crude futures are on track to fall 4.5 percent and 4.8 percent for the week, respectively, their biggest losses in five weeks.

Concerns about China’s economy and surging US oil output have also fueled the market’s downturn this week.

Chinese customs data showed its crude oil imports in November fell 9 percent from a year earlier as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand.

In India, fuel consumption in November fell after touching a four-month peak the previous month, hit by reduced travel in the world’s third-biggest oil consumer as a festive boost fizzled.

In the US output remained near record highs of more than 13 million bpd, US Energy Information Administration data showed on Wednesday. 


Saudi Arabia, Russia stress need for OPEC+ to commit to deal

Saudi Arabia, Russia stress need for OPEC+ to commit to deal
Updated 08 December 2023
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Saudi Arabia, Russia stress need for OPEC+ to commit to deal

Saudi Arabia, Russia stress need for OPEC+ to commit to deal

RIYADH: Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin stressed in their meeting in Riyadh the need for OPEC+ members to commit to the group’s agreement, Saudi Press Agency said on Thursday, citing a joint statement.
They welcomed the close cooperation between their nations and the successful efforts of OPEC+, of which both are members, to provide stability in global oil markets.
They said it is important that this cooperation continues and stressed the need for all member states to adhere to OPEC+ agreements in a way that serves the interests of producers and consumers and supports the growth of the global economy.
OPEC+ is a group that constitutes the Organization of the Petroleum Exporting Countries and Russia and other allies.
Regarding Sudan, the two leaders stressed the importance of building on the Jeddah Declaration, which was signed on May 11 with the aim of protecting civilians during the conflict in the North African country.
On Iran, Putin welcomed the resumption of diplomatic relations between Riyadh and Tehran and expressed hope that this would lead to enhanced stability and security in the region.
Both sides also stressed their full support for regional and international efforts to reach a comprehensive political solution to the crisis in Yemen.
The two leaders said they were keen to enhance mutual and joint investments in their countries.
They welcomed a 46 percent increase in the volume of bilateral trade in 2022, compared with 2021, and affirmed their intentions to continue to work together to enhance and diversify trade relations.
Turning to the crisis in Ukraine, the Russian side praised the humanitarian and political efforts undertaken by Saudi Arabia.


Saudi crown prince reveals urban plan and branding for Qiddiya City megaproject

Saudi crown prince reveals urban plan and branding for Qiddiya City megaproject
Updated 07 December 2023
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Saudi crown prince reveals urban plan and branding for Qiddiya City megaproject

Saudi crown prince reveals urban plan and branding for Qiddiya City megaproject
  • He says the city aims to be the foremost global destination for entertainment, sports and culture, and to boost the Kingdom’s economic growth, international standing and strategic position
  • Qiddiya’s branding adopts ‘play’ as its main concept, based on research showing this to be vital for cognitive development, emotional expression, social skills, creativity and health

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Thursday revealed the urban plan and global branding for Qiddiya City, a massive entertainment project under construction on the outskirts of Riyadh.

The crown prince, who chairs the board of directors of the Qiddiya Investment Company, said the city aims to quickly establish itself as the foremost global destination for entertainment, sports and culture, which will benefit the Kingdom by helping to boost its economic growth, international standing and strategic position, the Saudi Press Agency reported.

It is also designed to improve quality of life, the prince added, and to position Riyadh as one of the top 10 economies in the world.

The investment in Qiddiya is a cornerstone of Saudi Vision 2030, he said, which aims to develop and diversify the Kingdom’s economy, reducing the country’s reliance on oil revenues and creating thousands of job opportunities for Saudi youth.

Qiddiya, which is one of the major projects overseen by the Public Investment Fund, is envisioned as an essential source of support for the Kingdom’s ambitious tourism and economic goals, in addition to improving the quality of life for residents and visitors. It is expected to help attract local, regional and international investors, which will in turn provide support to Riyadh.

Work on the Qiddiya project, in the form of about SR10 billion ($2.7 billion) invested in construction projects, began in 2019.

It was revealed that the branding for Qiddiya will adopt as its main motif the concept of “play,” based on decades of research showing this to be vital for cognitive development, emotional expression, social skills, creativity and physical health.

Studies have also shown the positive effects of recreational activities on society, including their ability to help overcome differences and bridge divisions between individuals, and enhance empathy and social cohesion.

Qiddiya City, described as a one-of-a-kind destination that promises to provide endless fun and excitement for residents and visitors through unrivaled entertainment, sports events and activities, culture and exceptional urban living, will eventually include 600,000 residents and 60,000 buildings in an area covering 360 square kilometers.

It is expected to create more than 325,000 jobs, generate a nominal gross domestic product of SR135 billion a year, and attract 48 million visitors annually.

Located about 40 minutes from the center of Riyadh, overlooking the stunning scenery of the Tuwaiq mountains, Qiddiya City’s attractions will include a gaming and esports district, a motorsports racetrack, golf courses, a massive water park, and the Six Flags Qiddiya theme park. It will also be home to a sports stadium that includes the world’s largest Olympic museum. Its first facilities are expected to open within two years.


Closing Bell: TASI ends green at 11,225 points with $1.62bn trading volume 

Closing Bell: TASI ends green at 11,225 points with $1.62bn trading volume 
Updated 07 December 2023
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Closing Bell: TASI ends green at 11,225 points with $1.62bn trading volume 

Closing Bell: TASI ends green at 11,225 points with $1.62bn trading volume 

RIYADH: Saudi Arabia’s Tadawul All Share Index experienced a slight rise on Thursday, gaining 51.33 points, or 0.46 percent, to close at 11,225.35.   

The benchmark index saw a total trading turnover of SR6.1 billion ($1.62 billion), with 107 listed stocks advancing and 107 retreating.  

Moreover, the parallel market Nomu witnessed an increase of 399.17 points, or 1.70 percent, to end the day at 23,949. The market had 24 listed stocks advancing and 31 retreating.  

The MSCI Tadawul Index also saw an increase, inching up by 4.56 points, or 0.32 percent, to close at 1,439.56.  

TASI’s top performer was Development Works Food Co., which saw its share price surge by 9.92 percent to SR135.20.   

Other significant gainers included Al-Omran Industrial Trading Co. and National Agricultural Development Co., with their share prices rising by 7.99 percent and 5.66 percent to SR37.85 and SR28, respectively. Leejam Sports Co. and ACWA Power Co. also reported strong performances.  

Conversely, Al-Baha Investment and Development Co. experienced a decline, with its share price dropping by 6.67 percent to SR0.14.   

Taiba Investments Co. and Savola Group also faced downturns, with their share prices decreasing by 5.35 percent and 3.38 percent to SR25.65 and SR38.55, respectively. Arabian Pipes Co. and Saudi Reinsurance Co. were among the day’s worst performers.  

On the announcement front, Riyadh Cables Group Co. has completed the second phase of its share buyback program, designed to support its long-term employee stock incentive program.   

The buyback, which occurred between Oct. 31 and Nov. 30, 2023, saw the repurchase of 252,500 shares, amounting to SR18.89 million, at an average price of SR74.82 per share, as per the company’s announcement to Tadawul.  

This step is part of a 12-month plan that commenced following approval at the company’s extraordinary general meeting.

Following this phase, Riyadh Cables’ treasury now holds 282,500 shares, acquired at an average price of SR74.68 each.  

The company has indicated that this buyback process is not expected to have a significant impact on its financial results. This move aligns with Riyadh Cables’ strategy to invest in its workforce while ensuring the company’s continued financial stability and growth.  


Saudi-Vietnamese Joint Committee explores ways to boost trade

Saudi-Vietnamese Joint Committee explores ways to boost trade
Updated 07 December 2023
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Saudi-Vietnamese Joint Committee explores ways to boost trade

Saudi-Vietnamese Joint Committee explores ways to boost trade

RIYADH: Trade exchange between Saudi Arabia and Vietnam is on course to prosper following discussions in a ministerial meeting.  

The fifth Saudi-Vietnamese Joint Committee, taking place in the Asian country’s capital of Hanoi, saw the participation of the Kingdom’s Assistant Deputy Minister for Mining Enablement Abdulaziz Al-Ahmadi, Vietnam’s Deputy Minister of Industry and Trade Phan Thi Thang, as well as joint representatives from several government agencies.  

During the meeting, the two nations reviewed the trade volume between them and expressed their intent to enhance it, broadening the range of exchanged products.  

This aligns with both countries’ efforts in recent years to bolster economic and trade relations.  

During the talk, the officials also discussed implementing support initiatives to facilitate trade exchange by encouraging the exchange of trade missions and participating in the economic activities held in the two countries.

The meeting also shed light on ways to enhance relations and common interests in accordance with the economic, scientific, and technical cooperation agreement concluded in Hanoi on May 25, 2006.

Additionally, both sides discussed increasing the volume of investments in priority sectors between them and elevating partnerships in trade, exports, and investments.

As the assembly concluded, both nations pledged to continue working to develop bilateral cooperation in key areas, including foreign relations, trade, energy, and industry.

Additional sectors included investment, finance, development support, health, as well as education, training, human resources development, media, and justice.

Other areas of interest entailed culture and tourism, security and defense, science, technology and innovation, among others.

The Kingdom is a significant market for Vietnam and a vital partner in the Middle East and Africa.

The region’s exports to the Asian country during 2022 included plastic products, mineral products, and organic chemicals. They also entailed animal food and fish meat preparations.  

Meanwhile, Saudi Arabia’s imports from Vietnam included electrical appliances, equipment and their parts, and metal products. They also included copper and its products, shoes, machinery and tools.    

The Saudi-Vietnamese Joint Committee was established in 2006 to promote cooperation across various sectors for mutual development.