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Ƶ reiterates commitments toward sustainable tourism at G20 ministers’ meeting

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

Ƶ reiterates commitments toward sustainable tourism at G20 ministers’ meeting

Ƶ 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: Ƶ’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. 

Ƶ 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 Ƶ. 

“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 Ƶ 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.

Ƶ 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 Ƶ’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, Ƶ’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 Ƶ’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. 


Closing Bell: Saudi main index closes in green at 12,212

Closing Bell: Saudi main index closes in green at 12,212
Updated 18 sec ago

Closing Bell: Saudi main index closes in green at 12,212

Closing Bell: Saudi main index closes in green at 12,212

RIYADH: Ƶ’s Tadawul All Share Index rose on Wednesday, gaining 39.49 points, or 0.32 percent, to close at 12,212.24.

The total trading turnover of the benchmark index was SR7.17 billion ($1.91 billion), as 116 of the listed stocks advanced, while 114 retreated.  

The MSCI Tadawul Index increased by 9.44 points, or 0.62 percent, to close at 1,526.65.

The Kingdom’s parallel market Nomu dipped, losing 17.28 points, or 0.06 percent, to close at 31,299.81.

This comes as 47 of the listed stocks advanced, while 34 retreated.

The best-performing stock was Nice One Beauty Digital Marketing Co., with its share price surging by 9.94 percent to SR59.70.

Other top performers included the Power and Water Utility Co. for Jubail and Yanbu, which saw its share price rise by 5.77 percent to SR55, and United International Transportation Co., which saw a 4.86 percent increase to SR84.10.

The worst performer of the day was Astra Industrial Group, whose share price fell by 5.46 percent to SR190.60.

Saudi Reinsurance Co. and Riyadh Cables Group Co. also saw declines, with their shares dropping by 3.53 percent and 3.05 percent to SR57.40 and SR146, respectively.

On the announcements front, Al Rajhi Bank has successfully completed its offer of US dollar-denominated additional Tier 1 capital sustainable sukuk, raising $1.5 billion. 

The issuance, with a par value of $200,000 per sukuk and totaling 7,500 sukuk units, will be settled on Jan. 21, according to a Tadawul statement.

Offering an annual return of 6.25 percent, the perpetual sukuk includes a callable feature after five years. It will be listed on the London Stock Exchange’s International Securities Market, adhering to Regulation S under the US Securities Act of 1933. 

The sukuk is aimed at eligible investors within Ƶ and internationally, contributing to the bank’s sustainable financing initiatives.

Al Rajhi ended today’s trading session surging by 0.21 percent to SR96.20.


WEF: War, disinformation, and climate dominate global threats in 2025

WEF: War, disinformation, and climate dominate global threats in 2025
Updated 33 min 5 sec ago

WEF: War, disinformation, and climate dominate global threats in 2025

WEF: War, disinformation, and climate dominate global threats in 2025
  • More than 900 global leaders highlight escalating geopolitical tensions, environmental crises and misinformation as critical issues shaping the year ahead
  • Davos to begin Jan. 20 amid fragmented global order marked by growing power rivalries, weakened multilateralism

LONDON: Escalating wars, rising disinformation, and intensifying climate challenges rank as the most pressing global threats for 2025, according to the World Economic Forum’s Global Risk Report, released Wednesday ahead of the Davos annual meeting.

Based on insights from 900 global leaders in business, politics and academia, the report highlights escalating geopolitical tensions, environmental crises and misinformation as critical issues shaping the year ahead.

“Rising geopolitical tensions, a fracturing of global trust and the climate crisis are straining the global system like never before,” said Mirek Dusek, WEF managing director.

“In a world marked by deepening divides and cascading risks, global leaders have a choice: To foster collaboration and resilience, or face compounding instability. The stakes have never been higher.”

State-based armed conflicts are flagged as the most immediate concern for 23 percent of respondents, with wars in the Middle East, Sudan and Ukraine driving global instability.

The forum will host a historic gathering of Middle Eastern leaders, including representatives from Iran, Syria, Yemen and Gulf countries, to discuss prospects for peace amid hopes of a ceasefire between Hamas and Israel after 15 months of devastating war that has killed tens of thousands of Palestinians.

Donald Trump, set to be sworn in as the 47th US president on Jan. 20, has vowed to end the war in Ukraine. He will deliver a virtual address to the forum on Jan. 23. Ukrainian President Volodymyr Zelensky will also attend and deliver a speech on Jan. 21.

“From conflicts to climate change, we are facing interconnected crises that demand coordinated, collective action,” said Mark Elsner, WEF’s head of the Global Risks Initiative, who urged world leaders to make “renewed efforts to rebuild trust and foster cooperation.” 

While conflicts rank as the most immediate threat, the survey highlights the climate crisis as the dominant risk of the next decade. Environmental risks — including extreme weather, biodiversity loss and critical changes to Earth’s systems — account for three of the top four long-term global concerns.

In 2024, global warming hit a record 1.54 degrees Celsius above pre-industrial levels, triggering catastrophic weather events, such as the Los Angeles wildfires, devastating floods in Spain caused by the DANA weather phenomenon and unprecedented rainfall across the Middle East, which triggered floods in the Arabian Peninsula and Sahara Desert for the first time in half a century.

“The climate and nature crisis requires urgent attention and action,” said Gim Huay Neo, the WEF’s managing director for the Center for Nature and Climate.

Two technology-related concerns ranked next on the list of global threats: “Misinformation and disinformation” and the “adverse outcomes of AI technologies.”

The survey, conducted between September and October, noted rising anxieties about misinformation. These concerns have intensified following Donald Trump’s election victory and his alignment with tech leaders like Elon Musk and Mark Zuckerberg, who are reportedly advocating for deregulation policies expected to benefit the tech industry.

It coincides with Zuckerberg’s recent decision to scale back fact-checking and content moderation across Meta’s platforms, a move widely criticized by experts as an appeasement of Trump, whose return to the White House will overlap with the forum’s opening.

Organizers are expecting 60 heads of state and government to attend, alongside chief executives and campaigners. Several ministers and business leaders from Ƶ are also expected to take part.

The WEF’s report found that 64 percent of experts foresee a fragmented global order dominated by competition among middle and great powers, with multilateralism under significant strain.

Against this backdrop, the forum’s theme, “A Call for Collaboration in the Intelligent Age,” highlights the need for renewed cooperation, even as Trump’s anticipated policy shifts could undermine collective efforts on critical global issues, including the climate crisis.


Private sector partnerships key to mining sector growth, says Al-Jadaan

Private sector partnerships key to mining sector growth, says Al-Jadaan
Updated 40 min 34 sec ago

Private sector partnerships key to mining sector growth, says Al-Jadaan

Private sector partnerships key to mining sector growth, says Al-Jadaan

RIYADH: The mining sector’s success in Ƶ hinges on strong private sector partnerships, according to Finance Minister Mohammed Al-Jadaan. Given the significant investments and expertise required, the government alone cannot drive the sector’s growth, he said.

Speaking on the second day of the Future Minerals Forum in Riyadh, Al-Jadaan emphasized the need for collaboration between public and private sectors to unlock the full potential of the mining industry. The forum, which runs from Jan. 14-16, aligns with Ƶ’s ambitious goal to increase the mining sector’s contribution to the nation’s gross domestic product from $17 billion to $75 billion by 2035.

It also supports the country’s Vision 2030 objective of establishing mining as a critical pillar of the industrial economy.

“This is a very complex industry that requires significant investments that, you know, the government alone cannot do. It requires significant know-how that the government alone cannot do, and you need to make sure that you actually partner with the private sector to enable this sector,” Al-Jadaan said.

Al-Jadaan outlined three key enablers for the mining sector's development: cross-sectoral alignment, the strategic use of data, and a competitive regulatory framework.

“If you want to do the right thing within mining, it is not the mining alone that will make it. You will need to make sure that you are aligning multiple sectors together — energy, mining, logistics, and possibly even a few others,” he explained.

He pointed to the National Industrial Development and Logistics Program as a successful example of how integrated sectors can collectively drive progress.

On the importance of data, Al-Jadaan emphasized its foundational role in shaping the sector's future. “There was real focus on making sure that we make an investment early on in data relating to mining, including specific technicalities and budgeting for supporting surveys throughout the mining sectors, and actually providing even support to companies who are coming for exploration,” he said.

The minister also highlighted the necessity of a stable and investor-friendly regulatory environment. “These are long-term investments investors would need to make. You know, we need to have predictability, confidence in the regulatory framework, and we need to ensure it is investor-friendly. They must be able to obtain their licenses on time and with certainty,” he added.

Al-Jadaan further acknowledged the challenges faced by emerging economies, particularly those in the Global South, which possess abundant mineral resources but often lack the capital, expertise, and infrastructure to exploit them fully. He suggested that with the right support, these nations could leverage their mineral wealth not only for industrial growth but as a key driver of broader economic development.

“With the right setup, they can utilize these resources not only for the mineral and metal industries but as part of a package for economic development,” he said, stressing that targeted support such as subsidized logistics and services could unlock the mining potential of these nations.

In a related panel discussion, Ƶ’s Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Africa’s critical role in the global energy transition. He pointed out the disparity between the continent’s vast resource potential and its actual contribution to the market.

“Today, investment needs to happen not only in extraction but also in infrastructure. We have seen great assets today in Africa are falling behind because of infrastructure challenges, not mining challenges,” Alkhorayef noted.

As the Future Minerals Forum continues, the collaboration between the private sector and government remains central to advancing the sector, not only in Ƶ but across the global mining landscape.


Ƶ unveils major gold, copper discoveries in Arabian Shield

Ƶ unveils major gold, copper discoveries in Arabian Shield
Updated 30 min 27 sec ago

Ƶ unveils major gold, copper discoveries in Arabian Shield

Ƶ unveils major gold, copper discoveries in Arabian Shield
  • Finds include extensive gold deposits at Wadi Al-Jaww for gold and copper deposits at Jabal Shayban

JEDDAH: Ƶ has announced significant gold and copper discoveries in the Arabian Shield region, a move set to bolster its global mining ambitions and strengthen the country’s economic diversification efforts. 

The Ƶn Mining Co., or Ѳ’a, revealed the discoveries during the Future Minerals Forum 2025, held from Jan. 14-16 in Riyadh. 

The finds include extensive gold deposits at Wadi Al-Jaww for gold and copper deposits at Jabal Shayban, with mineralization extending deeper and in multiple directions from shallow depths of 20 to 200 meters. 

Bob Wilt, CEO of Ѳ’a, highlighted the company’s aggressive exploration efforts, calling them part of “the world’s largest single-jurisdiction mineral exploration programs.” 

“Through the work we have undertaken in recent years, the raw prospectivity of the Kingdom has been proven. The results announced today provide a further boost as we continue to accelerate drilling activities across our exploration program in 2025,” he said. 

Wilt said the Kingdom’s focus on mining aligns with its broader economic transformation goals, creating opportunities for growth and development in the sector. 

The company said that Jabal Shayban has long been recognized as a key exploration site, with programs dating back to the 1940s. In contrast, Wadi Al-Jaww represents a new frontier, as no prior exploration has been conducted there. 

While Ѳ’a didn’t provide specific estimates on the size and quality of the mineralization, the company said that ongoing analysis and drilling efforts would refine its understanding of the deposits throughout 2025. 

Ѳ’a announced new findings from its Mansourah-Massarah gold mine. Drilling has revealed high-grade gold mineralization below the current pit design and significant underground potential. Recent results include intercepts such as 61 meters grading at 10.4 g/t gold and 20-meter grading at 20.6 g/t gold within 400 meters of the mine. 

The results build on earlier success at the mine, with Ѳ’a noting strong growth opportunities from both open-pit and underground operations.  

In a statement to the Saudi Stock Exchange, Ѳ’a clarified that the financial impact of these discoveries remains undetermined. The company reaffirmed its commitment to transparency, promising to update shareholders on any significant developments. 


Saudi energy minister calls for global efforts to address critical minerals shortage

Saudi energy minister calls for global efforts to address critical minerals shortage
Updated 15 January 2025

Saudi energy minister calls for global efforts to address critical minerals shortage

Saudi energy minister calls for global efforts to address critical minerals shortage

RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman emphasized on Wednesday that achieving energy security and sustainability hinges on addressing the challenges related to the supply and extraction of critical minerals.

Speaking at the Future Minerals Forum in Riyadh, Prince Abdulaziz highlighted that the primary energy security challenges of the modern world no longer revolve around oil, but are now focused on gas, electricity, and mining.

“I believe that energy security, affordability, and sustainability depend on urgent, collective, and inclusive efforts to address critical minerals’ challenges,” the minister stated.

He went on to say, “Today, oil no longer poses an energy security challenge due to the availability of storage, developed infrastructure, and a mature supply chain, and the production of oil has become more perfected. Instead, energy security is now about gas, electricity, and predominantly mining.”

According to Prince Abdulaziz, one of the most significant obstacles in the global energy transition is meeting the rising demand for critical minerals and ensuring a reliable supply. The energy minister cautioned that the energy transition is inherently material-intensive, and the demand for these minerals could soon outpace their available supply.

“I believe that meeting the increased demand for critical minerals presents substantial challenges to ensuring a reliable supply. In oil, we have always said that we are the most stable and reliable supplier. In this one (critical minerals), there is no Saudi Arabi. There has to be many ‘Ƶs,’” he added.

During his speech, Prince Abdulaziz also discussed the importance of sustainability as the world accelerates mining activities.

He pointed out that mining and processing currently contribute to 5 gigatonnes of carbon dioxide emissions, which accounts for 12 percent of annual global greenhouse gas emissions. He stressed that any significant growth in mining and processing would inevitably result in higher emissions unless innovative solutions are found.

“Mining and processing currently contribute to 5 gigatonnes of carbon dioxide emissions, corresponding to 12 percent of the annual global greenhouse gas emissions. Significant growth in mining and processing activities will result in higher emissions unless we figure out a way to address this challenging issue,” he said.

The minister also noted the challenges posed by the geographical concentration of critical minerals and the long time required for their discovery and extraction. Drawing on sources such as the US Geological Survey and McKinsey, Prince Abdulaziz highlighted that the extraction and processing of critical minerals required for the energy transition are concentrated in just a few countries, creating significant dependency risks.

As countries race to secure access to these critical minerals, Prince Abdulaziz warned that such competition could drive up metal prices and increase energy costs, further complicating the global energy landscape.

The minister also underscored Ƶ’s efforts to strengthen its mining sector, valued at an estimated $2.5 trillion, through localization and strategic partnerships with both regional and international companies.

“We will extract and utilize every ounce, gram, molecule, atom, and electron of our resources, and you are welcome to join,” Prince Abdulaziz concluded.