Saudi Arabia has approved a new law to boost the development of the tourism sector in the Arab world’s largest economy, attract more investment in the sector and increase visitor numbers.
This is part of efforts by the Saudi government to diversify the country's economy away from oil.
The new tourism law, approved by a resolution passed by the Council of Ministers this week, will establish a new regulatory environment to “attract tourism innovators and improve ease of doing business” in the kingdom, the Saudi Press Agency reported on Wednesday.
It will also streamline the licensing processes and procedures by creating a one-stop-shop platform for all tourism stakeholders as well as allow “new or experimental tourism businesses to receive special licences” to operate in the country.
The new tourism law will “drive business and investment, support innovation and attract tourists, in line with international best practices”, Saudi Arabia’s Tourism Minister Ahmed Al Khateeb, said.
“This law follows the kingdom’s recent announcement of the Regional Tourism Development Councils Regulation, a major milestone in advancing Saudi Arabia’s National Tourism Strategy,” Mr Al Khateeb said.
“The regulation will accelerate the development of tourist destinations in the various regions, including Neom, Al Soudah, the Red Sea and Diriyah Gate.”
Saudi Arabia is developing a number of tourism projects as it seeks to raise the economic contribution of the tourism sector from 3 per cent of gross domestic product to 10 per cent by 2030.
These include Neom, a $500 billion futuristic city comprising a nature reserve, coral reefs and heritage sites on a number of islands along the Red Sea, and Diriyah Gate, a seven-square-kilometre site with the At-Turaif Unesco World Heritage Site at its core.
The Red Sea Development Company — which is owned by the kingdom’s Public Investment Fund — is also building a mega-tourism project along the Red Sea coast, with 16 hotels across five islands and two inland sites as part of the first phase.
The Council of Ministers also approved a resolution that “empowers the ministry of tourism to enable sector growth”, SPA reported.
It allows the ministry to give tax and custom exceptions or reductions with related government entities, creating incentives for businesses to invest in the tourism sector.
“This new framework for collaboration with the private sector and relevant government entities will improve the quality of services in the tourism sector and promote Saudi Arabia as a top five global destination,” the report said.
“It will accelerate achieving the goals set by the kingdom’s National Tourism Strategy and Vision 2030, including 100 million new visits, tourism’s 10 per cent GDP contribution and 1 million new tourism jobs.”
Saudi Arabia's economy recovered in 2021 from the coronavirus-induced slowdown, with economic activity picking up momentum this year as oil prices rose.
Output grew 11.8 per cent in the second quarter of this year, on the back of higher oil prices and rising oil-related activities, according to flash estimates released by the General Authority for Statistics.
Saudi Arabia's travel and tourism sector will grow an average of 11 per cent annually over the next decade, making it the Middle East's fastest-growing market, the World Travel and Tourism Council said in a recent report.
By 2032, the sector’s contribution to Saudi Arabia's GDP could reach nearly 635bn Saudi riyals ($169bn), representing 17.1 per cent of the kingdom's total economy, it said.
_____________________
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Read more about the coronavirus
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Traces%20of%20Enayat
%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Iman%20Mersal%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20And%20Other%20Stories%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
