Key Speakers to take Part in Saudi Arabia's First World Tourism Day

An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
TT

Key Speakers to take Part in Saudi Arabia's First World Tourism Day

An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)

More than 500 government officials, industry leaders, and experts from 120 countries are set to attend the World Tourism Day (WTD), which will be held in Riyadh for the first time.

According to the recent UNWTO Barometer Report, the Middle East reported the best results in January 2023, with arrivals 20 percent above pre-pandemic levels.

The region continues to be the only one to exceed 2019 levels, with Saudi witnessing extraordinary growth exceeding 58 percent.

The organizing committee for the WTD announced on Sunday that the exceptional participation reflects the significance of this occasion.

- Green investment

WTD 2023, on September 27 and 28, will be held under the theme "Tourism and Green Investments."

The event aims to foster global collaboration to examine investment opportunities and strengthen the resilience of the tourism industry, steering the sector towards an investment-led and sustainably focused future.

On the evening of the first day, a gala dinner will be hosted in Saudi Arabia's UNESCO heritage site, Diriyah, to celebrate WTD 2023.

A WTD 2024 handover session will be conducted between Saudi Arabia and Georgia ahead of Tbilisi's hosting of the event next year.

Hosting this significant event in the heart of Riyadh bolsters the city's global standing and leadership across various sectors, including the international tourism industry.

The UN Secretary-General, Antonio Guterres, stated on World Tourism Day: "We recognize the vital need for green investments to build a tourism sector that delivers for people and planet. Governments and businesses must invest in sustainable and resilient tourism practices."

- Participating officials

The Kingdom was elected Chair of the Executive Council of the United Nations World Tourism Organization (UNWTO) for 2023 and hosted the World Travel and Tourism Council's Global Summit in Riyadh last year.

Riyadh also houses the regional office of the World Tourism Organization in the Middle East.

WTD2023 will have a high-level speaker line-up, showcasing the collective movement across the industry to celebrate the sector's successes while exploring solutions to its most pressing challenges.

Key speakers include, among others, Saudi Tourism Minister Ahmed al-Khateeb, Investment Minister Khalid al-Falih, WTO Sec-Gen Zurab Pololikashvili, and South Africa's Tourism Minister Patricia de Lille.

Notably, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz recently discussed developments in the Saudi tourism sector during a TV interview with Fox News, revealing that the sector's contribution to the GDP has increased from three to seven percent.



Kuwait Finance Minister Forecasts $85 Bn Deficit Over Next Four Years

Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
TT

Kuwait Finance Minister Forecasts $85 Bn Deficit Over Next Four Years

Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)

Kuwait’s Finance and Investment Minister, Dr. Anwar Al-Mudhaf, anticipates a budget deficit of 26 billion dinars ($85 billion) over the next four years. Speaking to Kuwait TV, he revealed that in the past decade alone, Kuwait accumulated a deficit of 33 billion dinars ($107.7 billion), financed from state reserves.

Looking ahead to the 2024-2025 fiscal year, Kuwait expects revenues of 18.9 billion dinars ($61.7 billion) against expenditures of 24.5 billion dinars ($80 billion), resulting in a projected deficit of 5.6 billion dinars ($18.2 billion).

Al-Mudhaf emphasized the need for economic reforms, focusing on fiscal sustainability and diversifying non-oil revenues to strengthen Kuwait’s economy.

He outlined nine initiatives aimed at restructuring the budget and increasing non-oil income, stressing that these reforms are essential and supported by the country's leadership.

Regarding social support, Al-Mudhaf assured that citizens’ salaries will be unaffected, with subsidies directed more equitably to those in genuine need. He highlighted the importance of fair distribution of support, addressing disparities between individual and corporate beneficiaries.

Al-Mudhaf reaffirmed Kuwait’s commitment to economic reform through initiatives aimed at enhancing trade, tourism, and financial sectors while preserving reserves for future generations.

Moreover, the minister emphasized that the country’s ruler has directed clear efforts to boost new investment opportunities, refuting claims of impending salary or bonus cuts as untrue. He urged people not to trust social media rumors about the Ministry of Finance or any other ministry.

Regarding foreign investments, the Al-Mudhaf said: “We have multiple agreements with Chinese firms and are working on developing free trade zones.”

“The Chinese government has assigned a company to handle and represent its interests in Kuwait, particularly at Mubarak Port. Additionally, there are agreements concerning the Shaqaya project, housing developments, and the northern region,” he clarified.

Al-Mudhaf also stressed the importance of supporting the private sector, expanding trade, and diversifying financial tools.