عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Launches Int’l Center for Sustainable Travel, Tourism Research

Countries including the US, China, France, Spain and the Netherlands will be involved in the research, in what is viewed as a key step toward worldwide tourism sustainability (Asharq Al-Awsat)
Countries including the US, China, France, Spain and the Netherlands will be involved in the research, in what is viewed as a key step toward worldwide tourism sustainability (Asharq Al-Awsat)
TT
TT

Saudi Arabia Launches Int’l Center for Sustainable Travel, Tourism Research

Countries including the US, China, France, Spain and the Netherlands will be involved in the research, in what is viewed as a key step toward worldwide tourism sustainability (Asharq Al-Awsat)
Countries including the US, China, France, Spain and the Netherlands will be involved in the research, in what is viewed as a key step toward worldwide tourism sustainability (Asharq Al-Awsat)

The Sustainable Tourism Global Center (STGC) has unveiled a new global research hub on the sidelines of the Middle East and North Africa (MENA) Climate Week in Riyadh.

This initiative, spearheaded by the Saudi Ministry of Tourism, aims to serve as a reference for applied research, best practices, and practical tools designed to expedite the travel and tourism sector's transition towards achieving zero carbon neutrality.

The establishment of this center is a response to the fact that the travel and tourism sector has been responsible for over 8% of global greenhouse gas emissions since 2019.

Without measures to curb these emissions, carbon emissions in the sector are expected to increase by 20% by 2030.

The center has stated its intention to address this issue by forming partnerships with 100 universities and international organizations from around the world by 2030.

These collaborations will focus on investing in practical tools and resources that will promote sustainability within the sector.

Notably, prestigious academic institutions in the US, China, France, Spain, and the Netherlands have already joined the research hub to realize this vision on the ground.

Ahmed Al-Khateeb, Saudi Arabia’s tourism minister, hailed the launch of the center.

“Our objective is clear. With the support of the Sustainable Tourism Global Center and the Ministry of Tourism, we aim for the (new) center to be an indispensable hub of solutions and tools, benefiting every stakeholder,” he said.

The Saudi Tourism Ministry’s special adviser, Gloria Guevara, highlighted the importance of trustworthy tourism data in empowering sustainability projects.

The research hub can serve as a “beacon of modern, trustworthy information” targeted to the particular needs of small and medium-sized businesses, tourists and local communities, she added.

As part of its launch, the research hub showcased a variety of sustainable solutions for the industry, including solar thermal water heaters and sustainable food options.

Most Viewed

 
 
Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
TT
TT

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.