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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)
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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.

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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)

China’s ambassador to Saudi Arabia, Chang Hua, expressed Beijing’s hopes to strengthen its partnership with the kingdom, especially in electric vehicle production and other industries.
Speaking to Asharq Al-Awsat, Hua condemned violations of Lebanon’s sovereignty and the targeting of civilians.
He called for immediate action to reduce tensions and prevent further escalation in the region.
“China is deeply shocked by the high civilian casualties from the conflict between Israel and Lebanon,” Hua said, urging the international community to work on calming the situation.
He emphasized that, no matter how things unfold, “China will always stand for justice and remain committed to peace and stability in the Middle East. We are ready to work with all parties to promote peace in the region.”
China’s Economic Growth
Hua highlighted China’s rise from a $30 billion economy to a $17.8 trillion one, making it the world’s second-largest economy and a leader in trade and industry.
He reiterated China’s goal to maintain high-level openness, push for high-quality economic development, and promote a multipolar world with fair global governance and inclusive economic globalization.
Saudi-China Relations
Hua described the partnership between Saudi Arabia and China as entering a new phase of deep development, congratulating Saudi Arabia on its 94th National Day.
He noted that Chinese Premier Li Qiang’s recent visit to Saudi Arabia has boosted bilateral relations and strengthened the comprehensive strategic partnership, driving it towards a more stable and prosperous future.
The ambassador stressed the need to expand trade and investment between the two countries and highlighted the upcoming “Saudi-Chinese Cultural Year 2025” as a key event.
Hua also pointed out that Saudi Crown Prince Mohammed bin Salman values the strong and historic relationship between the two nations.
The Crown Prince looks forward to further aligning Saudi Vision 2030 with China’s Belt and Road Initiative, expanding cooperation in energy, investment, and culture.
Hua noted that China is Saudi Arabia’s largest trading partner, with bilateral trade exceeding $100 billion in the past two years. He also mentioned the recent currency swap agreement between the two countries, which has helped boost trade and investment.
New Developments in Saudi-China Relations
According to Hua, the cooperation between the two nations has grown significantly, particularly in the automotive, renewable energy, and tourism sectors.
In 2023, Saudi imports of Chinese cars reached $4.12 billion, driven by companies like Changan, Geely, MG, Chery, Great Wall, Hongqi, GAC, and BYD, which have opened branches in the kingdom.
Discussions are ongoing about building local manufacturing plants. China exported 4.91 million vehicles in 2023, making it the largest car exporter globally for the first time, including 1.203 million electric vehicles, a 77.6% increase from the previous year.
Hua noted that Saudi Vision 2030 aims for electric vehicles to account for at least 30% of all cars in Riyadh by 2030, and he expressed optimism about enhancing collaboration in automotive manufacturing.
Chinese companies are also increasingly involved in Saudi Arabia’s renewable energy sector. They are working on multiple solar projects, including the Al Shuaibah photovoltaic plant, the largest of its kind in the world, with a capacity of 2.6 gigawatts.
In July 2023, the Renewable Energy Localization Company (RELC), backed by the Saudi Public Investment Fund, signed agreements with three Chinese firms—Envision Technology Group, Jinko Solar, and TCL Zhonghuan—to establish joint ventures for high-efficiency solar cell production in Saudi Arabia.
These projects will focus on producing solar components, helping Saudi Arabia achieve its goal of sourcing 75% of renewable energy project components locally by 2030.
Hua also highlighted the increasing exchange of visits between citizens of both countries. In September 2023, China and Saudi Arabia signed a memorandum of understanding to facilitate group tourism, making the kingdom an official destination for Chinese tour groups.
Several Chinese travel agencies have begun offering packages to Saudi Arabia, and direct flights between the two countries are increasing. Saudi Airlines has expanded its routes, operating numerous weekly flights between Beijing, Shanghai, Shenzhen, Riyadh, and Jeddah.