Saudi Arabia reiterates commitments toward sustainable tourism at G20 ministers’ meeting

Saudi Arabia reiterates commitments toward sustainable tourism at G20 ministers’ meeting
Saudi Arabia’s Tourism Minister Ahmed Al-Khateeb addressed the G20 ministers’ meeting in Brazil. X/@AhmedAlKhateeb
Short Url
Updated 23 September 2024
Follow

Saudi Arabia reiterates commitments toward sustainable tourism at G20 ministers’ meeting

Saudi Arabia reiterates commitments toward sustainable tourism at G20 ministers’ meeting
  • Minister said bolstering tourism sector will help countries grow their economies and allow individuals to connect culturally
  • Ahmed Al-Khateeb held talks with several officials on the sidelines of the meeting in Brazil

RIYADH: Saudi Arabia’s tourism minister has reaffirmed the Kingdom’s commitment to creating a sustainable tourism sector and utilizing it to forge closer cultural links between nations globally. 

Ahmed Al-Khateeb addressed the G20 ministers’ meeting in Brazil, confirming that bolstering the tourism sector will help countries grow their economies and allow individuals to connect culturally. 

Saudi Arabia has been making significant strides in the tourism industry since the launch of Vision 2030, with the Kingdom steadily diversifying its economy by reducing its dependence on oil. 

Affirming the nation’s progress in the field, a report released by UN Tourism in September revealed that the Kingdom has emerged as a leader in the sector, experiencing a remarkable 73 percent increase in international visitors in the first seven months of 2024 compared to 2019. 

According to the release, the country welcomed 17.5 million international tourists during the seven-month timeframe, showcasing its growing appeal as a global travel destination. 

“Saudi Arabia shares and celebrates the G20’s dedication to boost tourism growth and to put sustainability at the heart of our work,” said Al-Khateeb. 

He added: “There is more than just an economic benefit from the strides we are making to improve connectivity. They also provide the chance for people from around the world to explore the rich culture of Saudi Arabia and for our people to experience the wonders of other countries and cultures.” 

Al-Khateeb meets global leaders 

During the event in Brazil, Al-Khateeb also met with ministers and senior political figures from India, Italy, Spain, and Japan, where he discussed ways to bolster tourism between these nations and Saudi Arabia. 

“We discussed cooperation between our friendly countries and the importance of international efforts to build a prosperous and sustainable tourism future,” wrote Al-Khateeb on X.

The minister also met with Zurab Pololikashvili, secretary-general of UN Tourism, and Julia Simpson, president and CEO of the World Travel and Tourism Council. 

In addition to meeting with global leaders, Al-Khateeb joined a public-private dialogue session organized by WTTC, which analyzed the impacts of the pandemic on the tourism sector, as well as other areas including employment trends in the industry with a focus on youth and women. 

The G20 meeting in Brazil brought together tourism ministers of the group, of which Saudi Arabia is the only permanent member of the Gulf Cooperation Council, as well as 32 additional guest countries and international organizations. 

The Kingdom had approved the creation of the G20 Tourism Working Group during its presidency in 2020. This year’s meeting in Brazil also worked to finalize a report by the Working Group that details measures taken by its members to promote robust, sustainable, and balanced global tourism growth.

Saudi Arabia progresses in tourism sector

Having already surpassed the initial target of welcoming 100 million visitors, the nation aims to attract 150 million visitors by the end of this decade, aligned with the Kingdom’s National Tourism Strategy. 

The approach also aims to boost tourism’s contribution to the Kingdom’s gross domestic product from 6 percent to 10 percent by 2030. 

The latest UN Tourism report revealed that Saudi Arabia’s international tourism revenues also surged by 207 percent in the first seven months, compared to the same period in 2019. 

The country’s tourism sector is also crucial in reducing unemployment in the Kingdom, with the industry employing 925,000 people last year, of whom 45 percent were women. 

On Sept. 18, Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman, inaugurated the first year of the ninth session of the Shoura Council and highlighted the progress made by the nation in various sectors, including tourism. 

“In the field of tourism, achievements preceded the target date, as the national tourism strategy, which was launched in 2019, set a target of 100 million tourists in 2030, and this target was exceeded and reached 109 million tourists in 2023,” he said. 

Another report released by Moody’s in September also highlighted that Saudi Arabia’s banking division is benefiting from the sector, as industries like tourism and construction provide attractive lending opportunities. 

In August, the Saudi Tourism Authority partnered with digital payment service provider Visa to launch a Tourism Data and Campaigns Management Hub in the Kingdom.

According to a press statement, this hub, touted to be the first of its kind in the Middle East region, is expected to accelerate the Saudi government’s efforts to the Kingdom’s tourism sector and visitor experience. 

The lab will also offer data-driven insights on travel and tourism trends, thus enabling the authority to make informed decisions to conduct campaigns and initiatives to strengthen the country’s sector. 


PIF launches $4bn 2-part bond

PIF launches $4bn 2-part bond
Updated 7 sec ago
Follow

PIF launches $4bn 2-part bond

PIF launches $4bn 2-part bond

RIYADH: Saudi Arabia’s Public Investment Fund has launched a $4 billion two-part bond, Arab News has been told.

The sovereign wealth fund confirmed that it had sold $2.4 billion of five-year debt instruments at 95 basis points over US Treasuries and $1.6 billion of nine-year securities at 110 basis points over the same benchmark.

The move comes just weeks after PIF closed its first Murabaha credit facility, securing $7 billion in funding, in what was a key step in the fund's plan to raise capital over the next several years. 

PIF manages $925 billion in assets, and is set to increase that to $2 trillion by 2030, a report from monitoring organization Global SWF forecast earlier in January.

 


Qatar drafting new laws aimed at boosting foreign investment

Qatar drafting new laws aimed at boosting foreign investment
Updated 2 min 46 sec ago
Follow

Qatar drafting new laws aimed at boosting foreign investment

Qatar drafting new laws aimed at boosting foreign investment
  • Qatar plans new bankruptcy, PPP, and commercial registration laws
  • Qatar aims for $100 billion FDI by 2030

DOHA: Qatar plans to introduce three new laws as part of a sweeping review of legislation designed to make the Gulf Arab state more attractive to foreign investors, the new minister of commerce and economy told Reuters.
Sheikh Faisal bin Thani said in an interview that Qatar plans to introduce new legislation including a bankruptcy law, a public private partnership law and a new commercial registration law.
“We’re looking at 27 laws and regulations across 17 government ministries that affect 500-plus activities,” he said, describing the legislative review.
Sheikh Faisal said he expects the new bankruptcy and public private partnership laws to be drafted before the end of March.
Qatar, one of the world’s top exporters of liquefied natural gas, has set a cumulative target of attracting $100 billion in foreign direct investment (FDI) by 2030, according to the latest version of its national development strategy published last year.
But it has a long way to go to meet that target, and FDI inflows have significantly lagged behind neighboring Saudi Arabia and the U.A.E.
Saudi Arabia, which also has a target to attract $100 billion in FDI by 2030 as part of its national investment strategy, saw FDI inflows of $26 billion in 2023, after a change to how it calculates FDI, while the Emirates, the Gulf region’s commercial and tourism hub, attracted just over $30 billion according to the UN’s trade and development agency.
In contrast, Qatar’s FDI inflows in 2023 were negative $474 million, down from $76.1 million in 2022. Negative FDI inflows indicate that disinvestment was more than new investment.
While Qatar does offer similar incentives to foreign investors as its neighbors, such as a favorable tax environment, free zone facilities and some long term residency schemes, the U.A.E. and Saudi Arabia are considered far ahead in terms of regulatory reforms and business friendly laws.
Qatar’s new laws also come as part of the Gulf Arab state’s efforts to activate its private sector and transition away from government-funded growth.
Sheikh Faisal joined the government in November after serving at Qatar’s $510 billion sovereign wealth fund, the Qatar Investment Authority, most recently as chief investment officer for Asia and Africa.


Saudi Arabia’s non-oil exports surge 19.7%: GASTAT 

Saudi Arabia’s non-oil exports surge 19.7%: GASTAT 
Updated 28 min 22 sec ago
Follow

Saudi Arabia’s non-oil exports surge 19.7%: GASTAT 

Saudi Arabia’s non-oil exports surge 19.7%: GASTAT 

RIYADH: Saudi Arabia’s non-oil exports surged 19.7 percent year on year in November to reach SR26.92 billion ($7.18 billion), bolstering the Kingdom’s efforts to diversify its economy. 

According to the General Authority for Statistics, chemical products led the growth, accounting for 24 percent of total non-oil exports, followed by plastic and rubber products, which made up 21.7 percent of shipments. 

Building a robust non-oil sector is a key goal of Saudi Arabia’s Vision 2030 program, which seeks to transform the Kingdom’s economy and reduce its reliance on oil revenues, with  Minister of Economy and Planning Faisal Al-Ibrahim revealing in November that these activities now constitute 52 percent of the  gross domestic product. 

In its latest report, GASTAT said: “The ratio of non-oil exports (including re-exports) to imports increased to 36.6 percent in November 2024 from 34.8 percent in November 2023. This was due to a 19.7 percent increase in non-oil exports and a 13.9 percent increase in imports over that period.” 

The Kingdom’s total merchandise exports fell 4.7 percent year on year in November, weighed down by a 12 percent drop in oil exports. This decline reduced the share of oil exports in total shipments to 70.3 percent, down from 76.3 percent a year earlier, signaling progress in Saudi Arabia’s economic diversification. 

GASTAT reported that China remained Saudi Arabia’s largest trading partner in November, with exports to the Asian nation totaling SR13.53 billion. 

Other key destinations for exports included Japan with SR8.93 billion, the UAE with SR8.75 billion, and India with SR8.74 billion. 

Saudi Arabia’s imports rose 13.9 percent year on year in November, reaching SR73.65 billion. However, the merchandise trade surplus declined by 44.3 percent during the same period, falling to SR16.89 billion. 

China remained the dominant supplier of goods to the Kingdom, accounting for SR20.11 billion of imports, followed by the US at SR7.52 billion and the UAE at SR3.90 billion. 

King Abdulaziz Sea Port in Dammam emerged as the top entry point for imports, handling goods valued at SR18.19 billion, representing 24.7 percent of total inbound shipments. 


Oil Updates — prices extend losses on uncertainty over Trump tariff impact

Oil Updates — prices extend losses on uncertainty over Trump tariff impact
Updated 44 min 6 sec ago
Follow

Oil Updates — prices extend losses on uncertainty over Trump tariff impact

Oil Updates — prices extend losses on uncertainty over Trump tariff impact

SINGAPORE: Oil prices dipped in Asian trade on Thursday, extending losses amid uncertainty over how US President Donald Trump’s proposed tariffs and energy policies would impact global economic growth and energy demand.

Brent crude futures fell 38 cents, or 0.5 percent, to $78.62 a barrel by 10:16 a.m. Saudi time in a sixth straight day of losses, while US West Texas Intermediate crude fell for a fifth day, easing 39 cents, or 0.5 percent, to $75.05.

“Oil markets have given back some recent gains due to mixed drivers,” said senior market analyst Priyanka Sachdeva at Phillip Nova. “Key factors include expectations of increased US production under President Trump’s pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions.”

The broader economic implications of US tariffs could further dampen global oil demand growth, she added.

Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine. He added these could be applied to “other participating countries” as well.

He also vowed to hit the EU with tariffs, impose 25 percent tariffs against Canada and Mexico, and said his administration was discussing a 10 percent punitive duty on China because fentanyl is being sent to the US from there.

On Monday, he also declared a national energy emergency. That is intended to provide him with the authority to reduce environmental restrictions on energy infrastructure and projects and ease permitting for new transmission and pipeline infrastructure.

There will be “more potential downward choppy movement in the oil market in the near term due to the Trump administration’s lack of clarity on trade tariffs policy and impending higher oil supplies from the US due to the...drive to make the US a major oil exporter,” said OANDA’s senior market analyst Kelvin Wong in an email.

On the US oil inventory front, crude stocks rose by 958,000 barrels in the week ended Jan. 17, according to sources citing American Petroleum Institute figures on Wednesday.
Gasoline inventories rose by 3.23 million barrels, and distillate stocks climbed by 1.88 million barrels, they said. 


Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister
Updated 23 January 2025
Follow

Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister

Qatar’s duty to help Syria, global debt poses economic crisis: Finance minister
  • Syrian leadership’s promises ‘very positive,’ Ali Ahmed Al-Kuwari tells World Economic Forum
  • Fiscal deficit, rising borrowing affecting many countries are ‘problems that few want to discuss’

DAVOS: Qatar considers it a duty to support Syria and its new administration after 14 years of devastating civil war, Qatari Finance Minister Ali Ahmed Al-Kuwari said on Wednesday.

The cost of reconstructing Syria is estimated at $400 billion, as the country needs to rebuild the housing, industrial and energy infrastructure damaged during the conflict.

Since 2011, Qatar supported Syrian opposition factions that captured the seat of power in Damascus in early December 2024.

Doha also avoided reestablishing diplomatic relations during the twilight months of the Assad regime, which rejoined the Arab League in 2023.

Al-Kuwari, who visited Syria last week, said: “The whole world is supposed to help Syria (right now). The words and promises from the leadership there are promising and very positive.”

He added that the new leadership, led by rebel-turned-statesman Ahmed Al-Sharaa, recognizes that the task ahead is transitioning from insurgency to building Syrian institutions.

“This task will need the help of the world. We can’t afford Syria going back to the (years) of bloodshed again,” Al-Kuwari said.

“We’ll invest in education (to help the Syrians) because educated people will work hard, they’ll make money, they’ll prosper and grow.”

The Qatari minister made these comments during the “Navigating the Fiscal Squeeze” panel at the World Economic Forum in Davos, which discussed challenges for financial growth, global debt and rising inflation.

The panel included speakers from the International Monetary Fund, the UCLA School of Law, the London Stock Exchange Group, and Zimbabwe’s Finance Minister Mthuli Ncube.

Syrians watch fireworks as they gather for New Year's Eve celebrations in Damascus after the fall of Assad (AFP)

Qatar has one of the highest per capita incomes in the world, making it one of the wealthiest nations due to its abundant natural gas and oil reserves.

However, the country dealt with several challenges following the COVID-19 pandemic, leading to an inflation rate of 5 percent in 2022.

Doha was not alone in facing these difficulties; the pandemic contributed to a nearly 4.4 percent contraction of the global economy in 2020. 

Al-Kuwari said Qatar is pursuing a policy of fiscal discipline, which has allowed the country to maintain a budget surplus and low debt levels, as well as effectively manage any economic challenges it encounters.

“We’ve developed a medium-term fiscal policy framework for the upcoming 20 years, with different scenarios of revenues based on oil prices, taxation and spending scenarios ... (Based on that) we decide to invest or save,” he said, adding that the fiscal deficit and rising borrowing affecting many countries are “problems that few want to discuss,” which poses the threat of a financial crisis.

An IMF report projected that global debt — including government, business and personal borrowing — will exceed $100 trillion, about 93 percent of global gross domestic product, by the end of 2024. It is expected to reach 100 percent of GDP by 2030.

“There will be a huge impact if we don’t do anything about it today,” Al-Kuwari warned. “So many people focus on economic growth and creating quick wins for their economy while the fiscal issues get forgotten.

“The fiscal balance should complement the economic growth, and we shouldn’t have growth at the expense of the fiscal.”