World tourism leaders are expected to gather in Riyadh this year for UNWTO World Tourism Day (WTD), to be celebrated on 27-28 September with the theme “Tourism and Green Investment”.
Riyadh hosted the event for the first time in 2019.
WTD 2023, which marks the largest gathering of global tourism leaders in the 43-year history of World Tourism Day, assessed through global ministers, industry leaders and experts in attendance, will read about the role of making an investment in other people and the planet to secure livelihoods. and foster mutual understanding, while exploring opportunities to expand the scope of the industry’s economic and social impact on more people around the world, ensuring prosperity for all.
The organization of this collection aims at Saudi Arabia’s position on the map of foreign events in general, and tourism in particular, as one of the fastest developing destinations among the G20 countries and the second fastest developing country in the world. The Kingdom also chairs the World Tourism Organization Council for 2023 and is based in the Middle East.
Event participants will attend a gala dinner in Diriyah, a UNESCO World Heritage Site in Riyadh, to celebrate World Tourism Day.
Saudi Tourism Minister Ahmed Al-Khateeb said hosting this global collection reinforces Saudi Arabia’s prestige and its pioneering role in restructuring long-term global tourism.
He added that this also confirms Riyadh’s good fortune as the organization’s regional hub, as well as the Kingdom’s projects and achievements over the past four years.
“On this World Tourism Day, we want to invest in building a more sustainable sector for people, planet and prosperity,” said UNWTO Secretary-General Zurab Pololikashvili.
“This day also obviously shows why UNWTO highlights the desire to invest in education and greater innovation as a basis for long-term expansion and transformation. This year’s official birthday party in Saudi Arabia reflects how tourism is being embraced to diversify economies and generate opportunities for everything,” Pololikashvili added.
The global tourism sector’s contribution to GDP is expected to reach $9. 5 trillion by 2023, according to WTTC. This is in line with UNWTO’s forecast that tourism remains on track to achieve success in 80-90% of pre-pandemic degrees this year and is expected to particularly exceed 2019 degrees in 2024.
The global impact of tourism is developing by creating links between cultures and offering trade and employment opportunities.
Egypt’s Oil Ministry on Monday submitted a tender for oil and fuel exploration in 23 new areas, it said in a statement.
The Saudi personal sector is preparing to participate in the GCC-Turkey Economic Forum to be held in Istanbul from 11 to 13 November.
According to published data, the Federation of Saudi Chambers has informed all publicity chambers about the Forum, which aims at economic cooperation between the countries of the Gulf Cooperation Council (GCC) and Turkey and increasing advertising value.
The Gulf Cooperation Council Statistical Center (GCC-Stat) reported that the industry between the GCC countries and Turkey reached $22 billion in 2021.
Trade between Saudi Arabia and Turkey will rise to $6. 5 billion in 2022, up from $3. 7 billion in 2021.
Turkish Trade Minister Omer Bolat announced that the industry between Saudi Arabia and Turkey reached $3. 4 billion in the first part of 2023.
The Gulf of Turkey focuses on trade, investment, energy, infrastructure, industry, transport, logistics services, tourism, agriculture and food.
-Entrepreneurs
Many Gulf officials, businessmen and their Turkish counterparts are expected to attend the Forum.
GCC Secretary-General Jasem Albudaiwi is expected to lead the Forum.
The Turkish government has recently stepped up its efforts to improve its economic relations with the Gulf countries, adding Saudi Arabia.
Turkish President Recep Tayyip Erdogan visited Saudi Arabia in July and described the Kingdom as one of the leading countries in the region, with a special position in trade, investment and contractual services.
More than two hundred businessmen and investors accompanied Erdogan’s visit, highlighting the importance of the Saudi market and economic relations between the two nations.
– Involve the sector
The Saudi-Turkish Business Council met in Jeddah on the sidelines of Erdogan’s visit.
Speaking at the start of the meeting, Saudi Investment Minister Khaled al-Falih highlighted Riyadh’s willingness to engage local and foreign private sectors, mainly Turkish entities.
Falih said Vision 2030 has set a new phase in all facets of life in the Kingdom and fostered an economic environment for promising investments.
“One of the maximum features of the Vision is the willingness to engage the Saudi and foreign personal sectors, adding the Turkish personal sector,” he said, explaining that the domestic investment strategy aims to enable diversified investments with an estimated total volume of $3. 3 trillion. until 2030.
The Turkish Industry Minister pressed on the desire for bilateral investment and industry, highlighting the strong bilateral ties.
He noted that the flexible industrial agreement will serve the interests of both sides: “Turkey and the Kingdom are two countries that have enough power in their relations and paintings for the progress of all cultural, advertising and advertising sectors. “
– Red Sea Project
Bolat said Saudi Arabia’s investments in his country exceeded $2 billion, which he said showed “the confidence of our Saudi brothers in Turkey. “
Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef visited Ankara in August and participated in a Turkish-Saudi roundtable in which he expressed his country’s confidence in Turkish investors.
Khorayef hoped Turkish investors would take advantage of investment opportunities in Saudi Arabia.
Last March, Saudi Arabia agreed to deposit $5 billion in Turkey’s central bank, its Saudi Fund for Development.
The move demonstrates the Kingdom’s commitment to supporting Turkey’s efforts in its economy following the devastating earthquake that struck Turkey and Syria last February.
Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, revealed that his country is stepping up efforts to increase the use of local spare parts in the development of oil refineries.
Petrojet manufactures some of the major parts installed in refinery production units, such as salt separators, he added.
El-Molla highlights the importance of the country’s refineries, especially those in Alexandria, which account for about 40% of the country’s oil refineries.
He made these remarks while chairing, through a video convention, an assembly of several state-owned oil corporations, such as Alexandria Petroleum Company, Amreya Petroleum Refining Company, Egypt Petrochemical Company and Petroleum Pipelines Co.
The Minister of Local Development, Hisham Amna, and the Minister of Trade and Industry, Ahmed Samir, were present.
El-Molla noted that investments continue to be injected to expand the national oil transport network, reinforcing Egypt’s role as a regional hub for energy trade. This role will have to go hand in hand with a modern and physically powerful high-efficiency network. for the transport of petroleum products, he said.
Fathi Mansour, president of Petroleum Pipelines Co. , said the company has begun the implementation of new transmission lines to transport oil and the expansion of two garage terminals with an investment of more than 6 billion Egyptian pounds.
Mansour added that the new lines will stretch for 600 kilometers and the investment price will be more than 11 billion Egyptian pounds.
More than 500 government officials, industry leaders and experts from 120 countries are expected to attend World Tourism Day (WTD), which will be celebrated for the first time in Riyadh.
According to the recent UNWTO Barometer report, the Middle East performed in January 2023, with arrivals 20% above pre-pandemic levels.
The region remains the only one to exceed 2019 levels: Saudi Arabia experiences ordinary expansion of more than 58%.
The WTD organizing committee announced on Sunday that this participation reflects the importance of this occasion.
– Green investment
WTD 2023, on 27 and 28 September, will have as its theme “Tourism and green investments”.
The occasion aims to foster global collaboration to explore investment opportunities and build resilience in the tourism industry, the sector towards an investment and sustainable future.
On the evening of the first day, a gala dinner will be held in Diriyah, a UNESCO World Heritage Site in Saudi Arabia, to celebrate WTD 2023.
A consultation on the handover of WTD 2024 between Saudi Arabia and Georgia will be held before the occasion takes place in Tbilisi last year.
Celebrating this important occasion in the center of Riyadh reinforces the global position of the city and its leadership in sectors, adding the foreign tourism industry.
UN Secretary-General Antonio Guterres said on World Tourism Day: “We recognize the important need for green investments to build a tourism sector that meets the expectations of people and the planet. Governments and businesses want to invest in sustainable and resilient tourism practices. »
– Participating officials
The Kingdom elected President of the Executive Council of the United Nations World Tourism Organization (UNWTO) for 2023 and hosted the World Travel and Tourism Council World Summit in Riyadh last year.
Riyadh is home to the Middle East regional office of the World Tourism Organization.
WTD2023 will feature a lineup of high-level speakers, showcasing the collective movement across the industry to celebrate the sector’s successes while exploring answers to its most pressing challenges.
Keynote speakers will be Saudi Tourism Minister Ahmed al-Khateeb, Investment Minister Khalid al-Falih, WTO Secretary-General Zurab Pololikashvili and South African Tourism Minister Patricia de Lille.
In particular, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz recently discussed the evolution of the Saudi tourism sector in a television interview with Fox News, revealing that the sector’s contribution to GDP has increased from 3 to seven percent.
The Saudi Capital Markets Authority (CMA) is executing its strategic plan for 2024-2026, its chairman Mohammed el-Kuwaiz announced.
At the end of 2022, the money market exceeded the targets of several signals set out in the CMA’s strategic plan.
Speaking on the occasion of Saudi Arabia’s 93rd National Day, Kuwaiz said the number of quotes in the money market reached 49 in 2022, while the number of quotes in the money market reached 24, with a completion rate of 204 percent.
“The market price of the scholarship as a percentage of domestic product has reached 91 percent, with a completion rate of 118 percent, versus the target rate of 77 percent,” he said.
The strategic plan aimed for the length of the market for debt instruments as a percentage of domestic product to reach 18. 7 percent, while what was achieved was 32 percent, with a final rate of 171 percent.
Kuwaiz said those numbers and other achievements have made the market a style among the region’s aspirations.
The MFA’s strategic plan for 2024-2026 aims to achieve sustainable growth of the money sector and new achievements and records that will have a positive impact on the money market and the money sector as a whole.
“As we celebrate this year’s National Day, the Kingdom has moved up seven positions in the Global Competitiveness Yearbook through the International Institute for Management Development (IMD) for 2023,” he said.
Saudi Arabia has achieved 17th position globally among the 64 most competitive countries in the world and 3rd among G20 countries, supported by economic and monetary functionality in 2022 and advanced industrial legislation.
He said the Kingdom’s rating was increased in six of the 12 money market signs, and the rating of two other signs remained, while six signs ranked among the ten most sensible in the world.
In the second quarter of 2023, the number of investment budget jumped to 1,130, marking an all-time high, with an increase of 34. 68%, to 839 budget in the second quarter of last year.
Kuwait noted that the number of subscribers to the public and personnel investment budget increased by 33. 5 percent to 901,900, or 675,500 subscribers by the end of the second quarter of 2022.
The president added that ownership by qualified foreign investors on the major stock market amounted to $79. 5 billion in the second quarter of 2023, up from $75 billion in the second quarter of 2022, an annual increase of 5. 1%.
“All those comments have led foreign institutions to praise the Kingdom’s economy, adding the International Monetary Fund’s praise for the Kingdom’s continued efforts to achieve comprehensive economic and monetary reforms and the goals of Vision 2030. “
Oman’s Ministry of Energy and Mines (MEM) has signed two memoranda with two corporations, one American and one Oman, to assess the prospects for geological hydrogen exploration in the Sultanate.
The memoranda signed with the US “Eden Geopower” and the Oman Earth Science Consulting Centre constitute a really important step towards strengthening cooperation in this field.
These agreements have been designed to foster clinical dialogue, conduct in-depth initial studies, and identify suitable sites for experimental research.
MEM Undersecretary Mohsen Hamad Al Hadrami highlighted the strategic importance of geological hydrogen in Oman’s overall energy transition plan.
He expressed enthusiasm for the development of the hydrogen sector, highlighting its importance only from an economic perspective, but also for its potential contributions to environmental sustainability.
Hydrogen is poised to play a key role in strengthening global energy security. Therefore, robust studies and exploration in this area are of paramount importance for maximum favorable results.
In addition, Al Hadrami is under pressure over the important role of foreign collaboration and coordination with experts and partners to advance the clinical and technical dimensions of geological hydrogen.
These partnerships also serve as magnets to attract the investment needed to complete the future of this blank energy source.
Oman’s goal is clear: to identify itself as a global leader and player in the geological hydrogen sector, Hadrami added.
He further explained that this workshop and geological hydrogen study agreements with the United States have the potential to generate economic opportunities and strategic partnerships similar to geological hydrogen, exploring its usefulness as a blank natural resource through further studies and exploration.
The MoU was signed on the sidelines of a workshop on untapped geological hydrogen organized by the MEM and its US counterpart.
The workshop discussed strategies to stimulate geological hydrogen production and ongoing studies similar to this emerging field.
During the workshop, the Ministry of Energy and Mines announced the acceptance and proposals for experimentation in the field of geological hydrogen exploration in the Sultanate of Oman, welcoming submissions from interested parties.
Participants also identified the importance of positive steps taken across the Sultanate to promote environmental sustainability in a broader context, with a specific focus on advancing the renewable energy sector and blank hydrogen initiatives.
Oman has pursued ambitious plans to become one of the world’s leading manufacturers of raw hydrogen.
Substantial steps have already been taken in this direction, with the publication in February of Royal Decree 10/2023, which allocates land for the progression of renewable energy and blank hydrogen projects.
In collaboration with the Department of Energy, private sector entities and institutes, the United States is actively exploring prospects related to geological hydrogen production.
The U. S. Department of Energy recently announced a $20 million investment for studies and experimentation in the geological exploration and production of hydrogen.
UAE-based conglomerate Alpha Dhabi on Monday announced plans to take a majority stake in Metito Holdings, a UAE-based water and wastewater allocation developer.
Pending regulatory approvals, Alpha Dhabi announced its objective to acquire the ownership shareholder of Metito, Mitsubishi Corporation, Mitsubishi Heavy Industries and Gulf Capital.
The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in a statement on Monday, Reuters reported.
Alpha Dhabi is connected to Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s national security adviser and brother of the country’s president, Sheikh Mohammed bin Zayed Al Nahyan. Cheikh Tahnoun is the owner of Royal Group, which owns a 74% stake in Alpha Dhabi’s parent. company, the International Holding (IHC).
State-owned oil giant Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) announced on Monday that they have secured an investment for a $2. 2 billion allocation to obtain sustainable water for ADNOC’s onshore operations.
South Korea’s LG Chem Ltd has partnered with Youshan, a subsidiary of China’s Huayou Group, said on Sunday to build a joint fabric plant for electric vehicle (EV) batteries in Morocco to diversify its portfolio.
Huayou has joined the growing number of Chinese electric vehicle and battery corporations looking to expand to get closer to their consumers and take advantage of local incentives.
In a separate statement, Huayou’s indexed subsidiary Zhejiang Huayou Cobalt Co said it intends to build factories with LG Chem in Indonesia and Morocco as a strategic partnership to promote overseas growth, Reuters reported.
The Moroccan plant, which is expected to start production in 2026, aims to produce 50,000 tons of lithium iron phosphate (LFP) cathode materials per year, enough to be installed in 500,000 basic electric vehicles, the South Korean chemical maker said. . in a sentence.
LG Chem, known for making more expensive nickel-cobalt-manganese (NCM) cathodes, is moving into the LFP cathode business to meet growing demand for less expensive LFP batteries, as the auto industry looks to produce more electric vehicles. , whose maximum cost parts are batteries.
LG Chem said the LFP cathodes produced at the Moroccan plant will be supplied to the North American market and could take advantage of U. S. Inflation Reduction Act (IRA) subsidies, as Morocco is a flexible industrial partner with the U. S.
The IRA is designed to distance the United States from China’s electric vehicle chain.
At least 40% of the cost of essential minerals used in a car battery will need to come from the United States or an industry-free spouse to qualify for a $3,750 per vehicle tax credit. South Korea has an industrial free agreement with the United States.
LG Chem and Youshan are expected to reinstate their respective shares in line with the U. S. Treasury Department’s directive on a “foreign entity of interest,” a provision aimed at China, LG Chem said in the statement.
The U. S. Treasury Department has yet to provide an exact definition of “foreign entity of interest” or how it would apply.
LG Chem also announced a new investment plan with Huayou Cobalt to build a lithium conversion plant in Morocco, aiming to mass produce by 2025 with an annual capacity of 52,000 tons of lithium.
In addition, LG Chem announced plans to build two more facilities in Indonesia: a precursor plant with an annual output of 50,000 tons and a combined nickel ore hydroxide extraction plant for precursor production.
LG Chem’s scale of investments for its four services with Huayou Group has been completed.
Oil costs rose on Monday as investors focused on tighter supply prospects after Moscow issued a temporary ban on fuel exports, while wary of additional rate hikes that could simply reduce demand.