Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa
Tourism Minister Ahmed Al-Khateeb is undertaking a tour of Saudi Arabia. SPA
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Updated 26 November 2024
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Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

Saudi Arabia pledges $932m boost to 17 tourism projects in Al-Ahsa

RIYADH: Saudi Arabia has committed over SR3.5 billion ($932 million) to develop 17 tourism projects in Al-Ahsa, positioning the region as a key destination in the Kingdom’s growing travel sector, according to a senior official.  
 
During a meeting with investors and entrepreneurs as part of his broader tour across Saudi regions, Tourism Minister Ahmed Al-Khateeb outlined plans to enhance the governorate’s tourism infrastructure.  
 
The projects will add more than 1,800 hotel rooms, leveraging Al-Ahsa’s natural and cultural assets to attract domestic and international visitors, the Saudi Press Agency reported.  
 
The initiative aligns with the Kingdom’s National Tourism Strategy, which aims to attract 150 million visitors annually by 2030 and increase the tourism sector’s contribution to Saudi Arabia’s gross domestic product from 6 percent to 10 percent.  
 
Al-Khateeb highlighted investment opportunities in the sector, reaffirming the ministry’s commitment to providing comprehensive services and facilities to encourage further private sector involvement.  
 
As part of the tour, the minister visited the SR200 million Radisson Blu Hotel in Al-Ahsa. Spanning over 10,000 sq. meters and featuring more than 180 rooms, the hotel — supported by the Tourism Development Fund — combines international luxury with local authenticity, serving as a model for future developments in the region. 

Other regions across the Kingdom are also experiencing significant growth in the tourism sector. 

Earlier this month, the Ministry of Tourism announced that Saudi Arabia’s Hail region welcomed over 1.1 million tourists in the first half of 2024, including 170,000 international visitors, reflecting the Kingdom’s growing appeal as a travel hub. 

The ministry also reported that over 907,000 visitors were domestic travelers, showcasing the region’s popularity among residents. Licensed hospitality facilities in Hail now offer around 2,600 rooms, meeting increasing demand. 

The surge aligns with Saudi Arabia’s Vision 2030, which focuses on enhancing tourism infrastructure and attracting global travelers. 

The Kingdom plans to develop Hail as the fifth destination under the Saudi Tourism Investment Co., known as ASFAR, a Public Investment Fund-owned entity. 

According to the latest UN Tourism report, Saudi Arabia climbed 15 places to rank 12th globally in tourist spending for 2023 — the largest jump among the top 50 countries. 

This follows a September report from the UN Tourism, which highlighted the Kingdom’s leadership among G20 nations with a 73 percent increase in international visitor growth and a 207 percent rise in international tourism receipts from January to July, compared to the same period in 2019.  


Mawani, Lloyd’s Register ink deal to streamline maritime operations

Mawani, Lloyd’s Register ink deal to streamline maritime operations
Updated 4 sec ago
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Mawani, Lloyd’s Register ink deal to streamline maritime operations

Mawani, Lloyd’s Register ink deal to streamline maritime operations

RIYADH: The Saudi Ports Authority has signed an agreement with the UK’s Lloyd’s Register to unify and streamline operational and maritime procedures across Saudi ports.

The deal is set to enhance efficiency by developing comprehensive manuals and guidelines, including quality and environmental procedure manuals that align with International Organization for Standardization standards, the Saudi Press Agency reported.

The collaboration aligns with Mawani’s efforts to improve operational excellence at ports and strengthen Saudi Arabia’s connectivity with global markets, thus boosting national exports. As part of the partnership, the Saudi Ports Authority aims to double the container throughput capacity at its ports, from 20 million containers to over 40 million.

This goal is part of Saudi Arabia’s broader vision to modernize its logistics infrastructure under the National Transport and Logistics Strategy, which targets increasing the sector's contribution to gross domestic from 6 percent to 10 percent.

The deal also seeks to define clear responsibilities through a code of good practices, ensuring compliance with updated International Maritime Organization agreements.

Additionally, the partnership will help secure international certifications such as ISO 9001:2015 for quality management and ISO 14001:2015 for environmental management, further enhancing operational efficiency, customer satisfaction, and sustainability practices.

As part of the cooperation, comprehensive training programs will be offered to port employees, including courses on ISO standards, maritime certifications, and the latest inspection and safety protocols. Digital solutions and cutting-edge technologies will also be integrated to support sustainable operations and improve overall port competence.

Lloyd’s Register, a renowned maritime classification society established over 260 years ago, is one of the most prestigious organizations in the global maritime sector. The company operates in 81 offices worldwide and serves over 40,000 clients across the maritime and logistics industries.

 


Aramco launches global innovation award for robotics excellence at WRO 2024

Aramco launches global innovation award for robotics excellence at WRO 2024
Updated 7 min 53 sec ago
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Aramco launches global innovation award for robotics excellence at WRO 2024

Aramco launches global innovation award for robotics excellence at WRO 2024

Aramco has partnered with the Aston Martin Aramco Formula One® Team and World Robot Olympiad to launch the Aramco Innovation Award, a new global honor recognizing excellence in robotics design and technology.

The award aims to inspire and reward young innovators who excel in creativity, problem-solving, critical thinking and technical skills.

The first Aramco Innovation Award will be presented at the 2024 World Robot Olympiad international final, which will take place from Nov. 28-30 in İzmir, Turkiye.

It will be given to the winning team of the future innovators category (senior age group). More than 5,500 teams and 15,000 students from around the world will compete for the award.

At the international final, 48 teams from 45 countries are eligible to win.

The prize includes an exclusive Aston Martin Aramco Formula One® Team Innovation Experience, which features a tour of the AMR Technology Campus in Silverstone, the home of British motorsport.

Khalid A. Al-Zamil, Aramco vice president of public affairs, said: “We’re excited to launch the Aramco Innovation Award as part of our dedication to developing future science, technology, engineering and math innovators. By partnering with Aston Martin Aramco Formula One® Team and World Robot Olympiad, we aim to inspire young minds to explore new possibilities in robotics and encourage the next generation of STEM careers.”

Luca Furbatto, engineering director, Aston Martin Aramco Formula One® Team, said: “We are thrilled to work with our partner Aramco to offer this insightful tour of our technology campus in Silverstone to the winners of the Aramco Innovation Award. It allows students the chance to see how a Formula One® team operates, and we expect it will help to inspire the next generation of designers and engineers through STEM opportunities.”

The Aramco Innovation Award celebrates young innovators who use robotics to address real-world challenges. By recognizing these achievements, Aramco and its partners are investing in future technology leaders who will help to shape the technologies of tomorrow’s world.

Claus Ditlev Christensen, secretary general of WRO, said: “Introducing the Aramco Innovation Award at this year’s WRO international final represents our ongoing mission to inspire young innovators. This collaboration with Aramco and Aston Martin Aramco Formula One® Team gives students an extraordinary chance to experience the latest technology. We believe these future leaders have the potential to drive the next wave of advancements in robotics.”


Saudi Arabia strengthens cybersecurity leadership at Black Hat MENA

Saudi Arabia strengthens cybersecurity leadership at Black Hat MENA
Updated 20 min 53 sec ago
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Saudi Arabia strengthens cybersecurity leadership at Black Hat MENA

Saudi Arabia strengthens cybersecurity leadership at Black Hat MENA

RIYADH: Saudi Arabia reinforced its commitment to cybersecurity by hosting the Black Hat Middle East and Africa conference and exhibition this week. The event, held from Nov. 26-28, highlighted the Kingdom’s efforts to advance digital security and technological innovation as part of its broader Vision 2030 goals.

Organized by the Saudi Federation for Cybersecurity, Programming, and Drones in partnership with Tahaluf, Informa Global, and the Events Investment Fund, Black Hat MENA brought together global experts to discuss critical cybersecurity issues and share insights on protecting digital infrastructures, the Saudi Press Agency reported.

One day before the gathering, Mutab Al-Qunai, CEO of the Saudi Federation for Cybersecurity, told SPA that the event aims to foster innovation and collaboration in digital safety

The conference included a series of technical sessions and workshops centered on the role of cybersecurity in safeguarding emerging technologies. The Kingdom’s efforts to cultivate local talent and align with international cybersecurity standards were key themes. Notably, the event featured a drone challenge zone, aimed at engaging Saudi youth in drone technology and the cybersecurity challenges it presents.

Experts such as Nikhil Shrivastava, an Indian security researcher, and Bianca Lewis, founder of Girls Who Hack, contributed to discussions on the evolving landscape of cybersecurity threats and solutions.

Black Hat MENA also featured five national pavilions, with representatives from the US, Canada, India, Egypt, and Pakistan, alongside 43 exhibitors. The event hosted over 300 speakers, 450 exhibitors, and 350 workshops covering a wide array of cybersecurity topics.

The Activity Zone, sponsored by Haboob, presented cybersecurity challenges with prizes totaling more than SR2 million ($532,000). These included tests on smart home security, medical device hacking, and infrastructure vulnerabilities. The Capture the Flag tournament also took place, awarding SR790,000 in prizes, including SR90,000 for Saudi teams.

Faisal Al-Khamisi, chairman of the Saudi Federation for Cybersecurity, emphasized that hosting Black Hat MENA aligns with Saudi Arabia’s goal to lead in cybersecurity. He said the event demonstrated the Kingdom’s commitment to innovation, collaboration, and developing the cybersecurity skills necessary to protect the digital future.

Saudi Arabia’s efforts to strengthen its cybersecurity infrastructure and cultivate talent position the Kingdom as a growing hub for technological innovation in the region.


FMCG and tech drive UAE spending to $3.7bn in Q3 2024

FMCG and tech drive UAE spending to $3.7bn in Q3 2024
Updated 28 November 2024
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FMCG and tech drive UAE spending to $3.7bn in Q3 2024

FMCG and tech drive UAE spending to $3.7bn in Q3 2024

RIYADH: UAE consumer spending saw robust growth in the third quarter of 2024, with total expenditures reaching $3.7 billion across fast-moving consumer goods, technology, and durable products, new data showed. 

This represents a 4.8 percent year-on-year increase, reflecting the market’s resilience and evolving consumer habits, according to the latest NielsenIQ Retail Spend Barometer, powered by GfK intelligence. The index provides quarterly insights into UAE spending across FMCG and technical consumer goods. 

The FMCG sector spearheaded growth, achieving $2.1 billion in sales during the third quarter, a 6.4 percent rise compared to the same period in 2023. Meanwhile, the technology and durable goods sector contributed $1.5 billion, marking a 2.5 percent year-on-year increase.   

Strong back-to-school sales  

The quarter’s performance was bolstered by back-to-school promotions, the expansion of convenience retail, and the ongoing rise of digital shopping platforms. QuickCommerce services and online grocery delivery gained traction, especially among younger, tech-savvy consumers. 

David Cantatore, retail lead NIQ Middle East, said: “In the third quarter 2024, we’ve witnessed sustained growth in UAE’s retail landscape, with strong consumer spending driven by targeted promotions and increased demand in both FMCG and tech sectors.” 

He added: “The growth of new communities is fueling convenience retail, while online grocery shopping is reshaping the landscape, especially among younger and busy professionals. This digital evolution demonstrates the market’s appetite to adapt and thrive in response to changing consumer preferences.”   

FMCG outpaces tech   

The FMCG sector demonstrated a strong recovery, with year-on-year growth rising from 3.2 percent in the third quarter of 2023 to 6.4 percent a year later. This resurgence followed a notable slowdown earlier in the year, when growth declined from 9.4 percent in the first quarter of 2023 to 3.5 percent in the corresponding period of 2024. 

In contrast, the tech and durable goods sector faced a significant slowdown, as growth dropped from 7.7 percent in the third quarter of 2023 to 2.5 percent in 2024. However, back-to-school promotions and new product launches, such as the Samsung Galaxy S24, helped sustain consumer interest.  

Retail evolution  

The rise of new residential communities across the UAE has driven the expansion of convenience retail, encouraging more frequent but smaller shopping trips. This trend aligns with an increasing preference for sustainable and healthier products, supported by the rapid adoption of digital grocery platforms. 

“The positive growth we’re seeing across both sectors reflects the UAE’s dynamic retail environment and strong consumer confidence,” Cantatore said. 

He added: “As we continue to witness the evolution of shopping behaviors and the rise of digital solutions, the retail sector remains well-positioned for sustained growth and innovation.” 

Digital trade in the UAE is expected to grow at an annual rate of 12.3 percent between 2023 and 2028, fueled by the increasing adoption of “buy now, pay later” models and advanced fintech systems. 

A joint report released in May by the Ministry of Economy and the Abu Dhabi Chamber of Commerce highlighted that over 40 percent of UAE consumers rely on innovative payment solutions, underscoring the nation’s rapid shift toward digital commerce. 


Oil Updates – prices slip on US gasoline stocks buildup

Oil Updates – prices slip on US gasoline stocks buildup
Updated 28 November 2024
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Oil Updates – prices slip on US gasoline stocks buildup

Oil Updates – prices slip on US gasoline stocks buildup

SINGAPORE: Oil prices drifted lower on Thursday after a surprise jump in US gasoline inventories, with investors focusing on this weekend's OPEC+ meeting to discuss oil output policy, according to Reuters. 

However, the OPEC+ oil alliance later announced that the 57th Joint Ministerial Monitoring Committee meeting and the 38th OPEC and non-OPEC Ministerial Meeting have been rescheduled to Dec. 5. The group cited the Gulf Cooperation Council Summit, set to take place in Kuwait on Dec. 1, as the reason for the postponement. 

Brent crude futures fell by 20 cents, or 0.27 percent, to $72.63 per barrel by 10:17 a.m. Saudi time, while US West Texas Intermediate crude futures were down 21 cents, or 0.29 percent, at $68.52 a barrel. 

Trading is expected to be light due to the US Thanksgiving holidays starting on Thursday.

Oil is likely to retain its near-term bearish momentum as the risks of supply disruption fade in the Middle East and US gasoline inventories stood higher than expected, said Yeap Jun Rong, a market strategist at IG. 

US gasoline stocks rose 3.3 million barrels in the week ending on Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations for a small draw in fuel stocks ahead of record holiday travel. 

Slowing fuel demand growth in top consumers China and the US has weighed heavily on oil prices this year, although supply cuts from OPEC+ have limited the losses. 

OPEC+, which pumps about half the world’s oil, will meet on Sunday. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike due to have started in January. 

A further deferment, as expected by many in the market, has mostly been factored into oil prices already, said Suvro Sarkar, energy sector team lead at DBS Bank. 

“The only question is whether it's a one-month pushback, or three-month, or even longer,” he said. 

“That would give the oil market some direction. On the other hand, we would be worried about a dip in oil prices if the deferments don't come.” 

OPEC+ had previously said it would gradually roll back oil production cuts with small increases over many months in 2024 and 2025. 

Brent and WTI have lost more than 3 percent each so far this week, under pressure from Israel’s agreement to a ceasefire deal with Lebanon’s Hezbollah group. The ceasefire started on Wednesday and helped ease concerns that the conflict could disrupt oil supplies from the Middle East region. 

Market participants are uncertain how long the break in fighting will hold, with the broader geopolitical backdrop for oil remaining murky, analysts at ANZ Bank said. 

Oil prices are undervalued due to a market deficit, the heads of commodities research at Goldman Sachs and Morgan Stanley warned in recent days.

They also pointed to a potential risk to Iranian supply from sanctions that might be adopted under US President-elect Donald Trump.