عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Opens Doors to Int’l Investment on ‘World Tourism Day’

The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
TT
TT

Saudi Arabia Opens Doors to Int’l Investment on ‘World Tourism Day’

The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)

As the world emerges from the shadows of the coronavirus pandemic, Saudi Arabia unveiled its true potential as a global tourist destination.

The Kingdom has brought together more than 500 government officials, leaders from the tourism sector, and experts from 120 countries to celebrate World Tourism Day (WTD).

Held under the theme of “Tourism and Green Investment,” this event is described as the largest of its kind in the 43-year history of WTD’s commemoration, according to international stakeholders in the industry.

In the event’s opening speech, Saudi Minister of Tourism Ahmed al-Khatib announced that the Saudi government had opened the doors to international investment in the tourism sector.

He also emphasized Saudi commitment to assisting the private sector in accessing global capital for the construction of the facilities expected and needed by visitors, a vision that is becoming a reality in the Kingdom.

Khatib stated that hosting the WTD in Riyadh is a significant endeavor for the Kingdom.

According to Khatib, the tourism sector is considered one of the world’s most vital economic activities, employing one out of every 10 individuals worldwide and providing livelihoods for hundreds of millions more.

Furthermore, it can account for over 20% of the Gross Domestic Product (GDP) in some countries.

Khatib explained that the Kingdom needs to create a million job opportunities in the tourism sector over the next decade, pointing out that the government has already generated around 200,000 jobs and still requires 800,000 jobs to align with the capacity of hotel rooms and new products.

The minister revealed the construction of approximately 500,000 new rooms currently underway in several regions as part of massive government projects in NEOM, Diriyah, and others.

Additionally, the private sector will contribute further projects.

Khatib announced a billion-dollar investment to establish the Riyadh School of Tourism and Hospitality, with its main campus in the Qiddiya region (central Saudi Arabia), set to open in 2027.

While discussing the growth of the tourism sector and the increase in tourist numbers, Khatikb highlighted how tourism has become a global industry.

Most Viewed

 
 
Business

South Korea’s Food Exports Rose to $6.2 Billion in 6 Months

A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
TT
TT

South Korea’s Food Exports Rose to $6.2 Billion in 6 Months

A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)
A worker at a supermarket in South Korea puts bags of instant noodles on the shelves (Yonhap news agency)

South Korea's exports of food and related goods rose 5.2% on-year in the first half of 2024, government data showed, led by the popularity of instant noodles and processed rice products.
The Ministry of Agriculture, Food and Rural Affairs said that outbound shipments of the food segment known as “K-Food Plus” reached $6.21 billion, compared with $5.9 billion posted a year earlier, the country’s Yonhap new agency reported on Saturday.
K-Food Plus encompasses a diverse range of food products and related items, from fresh and processed goods to agricultural equipment and solutions.
By product, exports of instant noodles jumped 32.3% to hit $590.2 million, with those of processed rice products gaining 41.4 percent to $136.9 million, the data showed.
The ministry attributed the growth in instant noodle exports to the popularity of social media content featuring spicy product challenges, as well as the release of customized products by exporters.
South Korean rice products also gained popularity, as frozen gimbap, or seaweed rice rolls, attracted significant attention in the US market as a gluten-free and healthy eating option, the ministry said.
By destination, exports to the US surged 17%, reaching $736 million, driven by increased demand due to revitalized consumer spending, a stabilizing labor market and eased inflation.
Exports to China also edged up 3.1% to $702 million, as exporters utilized online platforms and influencers to promote South Korean foodstuffs.
Shipments to Japan, on the other hand, declined by 7% during the period to $671.3 million, due to the reduced spending power of Japanese consumers, the ministry added.