Browsing: GCC

UAE and Saudi Arabia are leading the way in the Middle East, with expectations of 33 million leisure travelers in 2023, as revealed by the WTM Global Travel Report. This impressive growth marks a significant recovery from the pandemic for the Middle East’s tourism industry, surpassing the 2019 figure of 29 million leisure travelers by 13%.

The Helicopter Company, a wholly-owned subsidiary of the Saudi Public Investment Fund, has recently concluded an SAR 800M Murabaha facility agreement with Gulf International Bank – Saudi Arabia (GIB-Saudi Arabia).

Explore the dynamic world of construction and building at CTW Saudi Arabia 2023. Discover key sectors like construction materials, interior design, machinery, and HVAC solutions. Engage in seminars, networking, and business matchmaking. Mark your calendars for November 26-29, 2023, at Dhahran International Exhibitions Center (DIEC) in Dammam, Saudi Arabia. Unleash your potential in the industry. Register now!

The Ministries of Investment in the UAE and Jordan have inked a Memorandum of Understanding (MoU), establishing a framework for investment collaboration, particularly in critical sectors such as infrastructure and development projects. This agreement further bolsters the enduring strategic partnership between the two nations.

Riyadh is emerging as a major global player in real estate, challenging Dubai’s long-held dominance. This transformation is powered by Riyadh’s cost advantage over Dubai and the Saudi government’s initiatives to entice international investors with financial incentives, as revealed in a recent industry report. Additionally, a significant pool of potential domestic investors, estimated at 37 million, and the growing number of international investors are further fuelling Riyadh’s rise in the real estate sector.

Oil-exporting nations across the Middle East and North Africa (MENA) are resolutely pursuing diversification strategies to confront economic uncertainties. The World Bank, in its assessment, highlights the ongoing commitment to diversification within the Gulf Cooperation Council (GCC) countries. These nations, with varying progress in diversification, are actively steering their economies away from dependency on hydrocarbon revenues. The GCC, comprising six key members, including major oil exporters like Saudi Arabia and the UAE, is dedicated to a transformation agenda.

Tourism Minister Ahmed bin Aqeel Al Khateeb revealed that Saudi Arabia is investing $800B in the tourism sector, with the goal of attracting 100 million tourists, both local and international, by 2030. He highlighted the Kingdom’s rapid growth in tourism within the G20 nations, having already hosted over 30 million tourists, achieving 40% of the target. This sector plays a vital role in driving economic growth.

UAE’s Minister of Economy, Abdullah bin Touq Al Marri, announced the introduction of a unified Gulf tourist visa for all GCC countries, permitting travel across the six Gulf nations. This proposal gained unanimous approval during the seventh meeting of GCC tourism ministers in Oman and will be presented at the upcoming GCC summit.

Core42, a subsidiary of G42, and Amazon Web Services (AWS) have taken the first steps in their collaborative journey, signifying a significant move in their shared commitment to explore opportunities for public sector and corporate clients. Their focus is on harnessing the full potential of cloud services and industry-specific digital solutions.

Get ready for InFlavour 2023, a groundbreaking B2B food event in Saudi Arabia set to showcase the country’s culinary richness and boost the food and beverage industry. With support from the Saudi Ministry of Environment, Water, and Agriculture, InFlavour brings together prominent figures, global industry leaders, and innovative exhibitors. Explore the future of food and beverage, tackle industry challenges, and network with key players. Don’t miss this landmark event from October 29-31 in Riyadh, where food innovation meets business opportunity.