reiterates commitments toward sustainable tourism at G20 ministers’ meeting

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

reiterates commitments toward sustainable tourism at G20 ministers’ meeting

 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: ’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. 

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 . 

“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 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.

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 ’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, ’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 ’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. 


Oil Updates — prices steady amid economic concerns, US rate decision awaited

Oil Updates — prices steady amid economic concerns, US rate decision awaited
Updated 29 July 2025

Oil Updates — prices steady amid economic concerns, US rate decision awaited

Oil Updates — prices steady amid economic concerns, US rate decision awaited
  • Brent crude had hit highest level since July 18 on Monday
  • US and China officials at Stockholm for trade talks
  • Market looks to U.S. Fed Reserve interest rate decision -analyst

SINGAPORE: Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the US-EU trade deal, and as investors awaited the US Federal Reserve’s interest rate decision.

Brent crude futures were up 1 cent at $70.05 a barrel at 8:10 a.m. Saudi time, while US West Texas Intermediate crude was at $66.69, down 2 cents.

Both contracts settled more than 2 percent higher in the previous session, and Brent touched its highest level since July 18 on Monday.

The trade agreement between the US and the European Union, while imposing a 15 percent import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand.

The agreement also calls for $750 billion of EU purchases of US energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the US over the course of President Donald Trump’s second term.

While the US-EU trade deal finalization came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note.

“We think the 15 percent rate will pose headwinds to the Euro area’s growth outlook but is unlikely to push the economy into recession.”

Meanwhile, top economic officials from the US and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the center of a trade war between the world’s top two economies. The discussions are expected to resume on Tuesday.

Oil market participants are also awaiting the US Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

“Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations,” said Sachdeva.

“The likelihood of an economic slowdown and the Federal Reserve’s potential rate cuts remain uncertain, limiting the upside in oil.”

Meanwhile, Trump set a new deadline on Monday of “10 or 12 days” for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.


Neom port cuts cargo transit time with new trade corridor

Neom port cuts cargo transit time with new trade corridor
Updated 28 July 2025

Neom port cuts cargo transit time with new trade corridor

Neom port cuts cargo transit time with new trade corridor

RIYADH: Neom port has completed a trial of a new multimodal regional trade corridor linking , Egypt, and Iraq, cutting cargo transit times by more than half, according to the Saudi Press Agency.

The pilot, conducted in partnership with the Logistics Partnership Council, demonstrated significantly faster delivery compared to traditional shipping routes.

The trial shipment originated in Cairo, Egypt, and traveled via Safaga Port across the Red Sea to Neom port. From there, it continued overland to Irbil in northern Iraq, covering more than 900 km.

The initiative brought together multiple government and regulatory bodies — including the Transport General Authority and the Zakat, Tax and Customs Authority — alongside private sector stakeholders such as shipowners, exporters, importers, export councils, and logistics firms.

The successful test comes as Neom port accelerates infrastructure upgrades and moves toward full automation. In June, it received ’s first remote-controlled ship-to-shore and electric rubber-tyred Gantry cranes. Operated from ergonomic control rooms, the cranes mark a milestone in the development of Terminal 1.

A 900-meter quay wall has also been completed, and the port’s access channel has been deepened to 18.5 meters, enabling it to accommodate the world’s largest container ships.

As part of Neom’s workforce development strategy, the crane operations program includes training Saudi women in advanced technical roles.

According to SPA, the new trade corridor achieved high levels of operational efficiency across each stage of the journey, offering an integrated logistics solution that enhances competitiveness.

“This pilot project is a pivotal step in implementing a long-term vision to enhance Neom port’s role as a major logistics and maritime hub in the Kingdom of ,” the agency stated.

Strategically located on the Red Sea and near the Arar border crossing — a key entry point into Iraq — Neom port aims to become a regional gateway connecting global trade routes and streamlining movement across Asia, Africa, Europe, and the Middle East.

The corridor project aligns with ’s Vision 2030 objective of building a world-class logistics ecosystem by integrating ports, land crossings, and customs centers. It also presents a scalable model to strengthen domestic logistics connectivity and reinforce the Kingdom’s position as a central player in regional and international trade.


leads GCC IPO market with $1.8bn in Q2 listings: PwC

 leads GCC IPO market with $1.8bn in Q2 listings: PwC
Updated 28 July 2025

leads GCC IPO market with $1.8bn in Q2 listings: PwC

 leads GCC IPO market with $1.8bn in Q2 listings: PwC
  • GCC equity markets raised $2.4 billion from four main market IPOs
  • Kingdom’s leadership underscored by high-profile IPOs such as Flynas and Specialized Medical Co.

RIYADH: dominated Gulf equity markets in the second quarter of 2025, securing 76 percent of total initial public offering proceeds amid strong investor demand for listings on its bourses. 

According to PwC Middle East’s latest IPO Watch report, Gulf Cooperation Council equity markets raised $2.4 billion from four main market IPOs and eight listings on ’s Nomu Parallel Market. The proceeds were broadly in line with the $2.6 billion raised during the same period in 2024, despite a decline in the number of listings. 

The Kingdom’s leadership was underscored by high-profile IPOs such as Flynas, the region’s first airline listing in over 15 years, and Specialized Medical Co., which raised $500 million in June. Three IPOs in the region raised over $500 million each, reflecting strong investor appetite and a shift toward larger deals. 

“The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,” said Muhammad Hassan, capital markets leader, partner at PwC Middle East. 

“Despite slower IPO activity across the GCC, Tadawul and DFM witnessed landmark IPOs such as Flynas and Dubai Residential REIT," he added. "The outlook remains cautiously optimistic for the remainder of the year, subject to macroeconomic and geopolitical factors.”  

Strong IPO performance was further bolstered by rising foreign investor participation across Gulf stock markets, with net inflows jumping 50 percent quarter on quarter to reach $4.2 billion in the second quarter of 2025, according to a report by Kuwait-based asset management company Kamco Invest released earlier in July.  

This marked the sixth consecutive quarter of net foreign inflows into GCC equities.  

Kamco reported that attracted the highest inflows at $1.4 billion, up from $252.3 million the previous quarter, reflecting increased investor confidence amid the Kingdom’s ongoing market liberalization and economic diversification efforts. 

PwC reported that the Nomu market showed continued strength, with eight listings raising $128 million in the second quarter of the year, up from $81 million during the same period last year. 

In the UAE, the Dubai Residential REIT IPO marked the first real estate investment trust listing since 2014, signaling renewed investor interest in alternative assets.  

The Dubai Financial Market and Abu Dhabi Securities Exchange rebounded from early turbulence, with the Dubai Financial Market gaining 15 percent and the Abu Dhabi Securities Exchange rising 7 percent. 

Regional equity indices saw mixed performance, with early-quarter uncertainty followed by recovery later in the period. In , the Tadawul All Share Index declined 6 percent, influenced by a nearly 20 percent drop in Brent crude prices.  

Looking ahead, PwC said that while the third quarter typically experiences reduced IPO activity, the pipeline for late 2025 and early 2026 remains strong and diversified. 


Closing Bell: Saudi main market closes lower at 10,885 

Closing Bell: Saudi main market closes lower at 10,885 
Updated 28 July 2025

Closing Bell: Saudi main market closes lower at 10,885 

Closing Bell: Saudi main market closes lower at 10,885 

RIYADH: ’s Tadawul All Share Index closed lower on Monday, falling 70.90 points, or 0.65 percent, to end the session at 10,885.32.  

The total trading turnover on the main market reached SR4.61 billion ($1.2 billion), with 546.78 million shares traded. A total of 72 stocks advanced while 177 declined. 

The MSCI Tadawul 30 Index also dropped, losing 10.55 points, or 0.75 percent, to close at 1,399.41. 

On the Kingdom’s parallel market Nomu, the index declined by 209.73 points, or 0.78 percent, to finish at 26,781.28. Of the listed companies, 31 gained while 49 fell. 

Sport Clubs Co. led the gainers, rising 9.92 percent to SR11.19. It was followed by SHL Finance Co., which advanced 6.47 percent to SR23.85, and Allied Cooperative Insurance Group, which rose 6.13 percent to SR11.43. 

Riyadh Cables Co. posted a gain of 4.73 percent, while Saudi Co. for Hardware rose 3 percent. 

On the other hand, Tourism Enterprise Co. recorded the sharpest decline of the session, falling 9.84 percent to SR1.10. Banque Saudi Fransi dropped 5.26 percent to SR16.92, while Raydan Food Co. fell 4.07 percent to SR13.66.  

Thob Al Aseel Co. declined by 3.93 percent, while Northern Region Cement Co. fell 3.89 percent. 

On the announcement front, Al Majeed Oud Co. reported a 19.6 percent year-on-year increase in revenue for the first half of 2025, reaching SR618.8 million compared to SR517.2 million in the same period last year.  

The company also posted a 21.5 percent rise in net profit, which grew to SR145.2 million from SR119.5 million over the same timeframe. 

According to the company, the increase in sales was driven by the performance of newly launched products, retail network expansion, growth in its e-commerce platform, and targeted marketing campaigns during the Ramadan and Hajj seasons.  

It attributed the rise in net profit to the same commercial factors, along with improved operational efficiency measures. 

Shares of Al Majeed Oud Co. closed at SR130, down 1.52 percent. 

Raoom Trading Co. reported a 13.7 percent year-on-year decline in revenue for the first half of 2025, with sales falling to SR51.5 million from SR59.7 million in the same period last year.  

Net profit also dropped sharply, falling 91.9 percent to SR2.2 million from SR28.3 million. 

The company attributed the decline in revenue to lower average selling prices driven by market conditions and a reduction in sales volumes. 

The fall in net profit was also linked to a SR3 million loss from the revaluation of financial assets at fair value, compared to a gain of SR14.8 million in the corresponding period of 2024. 

Shares of Raoom Trading Co. closed at SR60.55, down 1.54 percent. 


, Syria sign deal to boost energy ties

, Syria sign deal to boost energy ties
Updated 28 July 2025

, Syria sign deal to boost energy ties

, Syria sign deal to boost energy ties
  • Two sides explored cooperation opportunities across various energy sectors during talks
  • Saudi and Syrian business leaders affirmed readiness to support redevelopment of Syria’s energy infrastructure

RIYADH: and Syria are strengthening their energy cooperation through a new agreement that covers oil and gas, petrochemicals, electricity, regional grid integration, and renewable energy.

The memorandum of understanding was signed by the Kingdom’s Minister of Energy, Prince Abdulaziz bin Salman, and his Syrian counterpart, Mohammed Al-Bashir, following a meeting held in Riyadh, according to a statement.

The move is part of ’s drive to strengthen ties across key investment sectors and support shared goals of economic growth and sustainable development with Syria.

It also aligns with the Kingdom’s recent signing of $6.4 billion in investment deals with Syria, marking a major step toward re-engaging economically and supporting the country’s reconstruction efforts.

“During the meeting, the two sides explored cooperation opportunities between the two countries across various energy sectors and ways to enhance them, including oil and its supplies, electricity, renewable energy, and energy efficiency,” the Kingdom’s Ministry of Energy said.

“They also reviewed investment opportunities, and the exchange of expertise in developing projects, policies, and regulatory frameworks in the Kingdom’s energy sector, as part of broader efforts to support the development journey of the Syrian Arab Republic,” it added.

Following the talks, Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure, as announced during a high-level meeting in Riyadh.

The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration.

Al-Bashir outlined his ministry’s recent achievements and its strategic direction, despite prevailing challenges, reported the Syrian Arab News Agency.

Al-Bashir said economic partnerships and investor engagement are crucial to advancing the energy sector and welcomed collaborative initiatives aimed at enhancing development efforts.

The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus.

Earlier in July, a Saudi delegation visiting Damascus announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.

The agreements span vital and strategic sectors, including real estate, infrastructure, communications, IT, transportation and logistics, industry, tourism, energy, trade, and more, AFP reported at the time, citing a statement from the investment ministry.

According to official data from ’s General Authority for Statistics, Syria was the Kingdom’s 53rd largest export destination in April, with non-oil exports rising by 153.3 percent year on year to reach SR81.9 million.

Syria ranked 60th among countries supplying goods to , with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.