عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Tourism Forum Launches its Second Edition

The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)
The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)
TT
TT

Saudi Tourism Forum Launches its Second Edition

The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)
The opening session of the Saudi Tourism Forum (Asharq Al-Awsat)

The second edition of the Saudi Tourism Forum (STF) began Monday under the auspices of Visit Saudi at the Riyadh International Convention and Exhibition between Jan. 22 and 24.

The Saudi Tourism Ministry hosts the Forum with the Saudi Tourism Authority, Tourism Development Fund, and the Red Sea Authority. It brings together STA representatives with more than 100 other representatives of top destinations, airlines, hotels, travel and tourism companies, and tour operators.

The Forum, organized by 4M Events, aims to enrich the tourism sector, exchange experiences and ideas, and strengthen the partnership between the government and private sectors.

It seeks to provide investment opportunities for companies and investors in the sector and consolidate Saudi Arabia's position as a global tourist destination.

It also presents key projects in the field and discusses events and the industry's future.

CEO and member of STA Board of Directors Fahd Hamidaddin revealed the achievements of the tourism sector by the end of September 2023.

Hamidaddin said that by the end of September 2023, spending from domestic tourism increased to $23 billion, and about $27 billion was spent on inbound tourism.

He added that the new airline seats in 2023 reached 10 million after Wizz Air launched 21 new routes, contributing to 253,000 visits annually and spending $506 million.

Tourism products increased from 200 to 1,500 in 2023 in response to the target groups' increasing demand and diverse requirements.

The official also indicated that 17 travel agencies were added in 2023, adding approximately two million trips annually.

Regarding developing the tourist experience, Hamidaddin explained that more than 70 improvements have been made in the visitor experience through coordination with public and private partners of Visit Saudi.

The new improvements include providing information signs in the Chinese language at airports, meeting some special requirements for travelers from India and China, and ensuring that hotels are prepared for some special requirements for the winter and summer seasons.

The Authority now provides services in 12 languages through more than 18 channels, such as WeChat and applications used in China.

It also allocated 45 phone numbers to help visitors and a special contact number for partners, which has processed more than 57,000 calls since its launch.

Last summer, the service satisfaction rate reached 95 percent.

By Q2, Hamidaddin explained that a dedicated dashboard will be provided to businessmen through business intelligence to highlight visits and expected spending from major markets over the next three years.

He stated that Visit Saudi launched the loyalty Saudi Rewards program, which allows visitors to earn points. It focuses on events and experiences and ensures that partners receive information in a personalized manner.

The program includes 168 partnerships, more than 100,000 registered customers, and strategic partnerships, including Riyadh season.

Also, at the Forum's opening session, the chairman of the Organizing Committee, Hamza Nasser, indicated that the second edition is the result of the partnership with the Visit Saudi platform.

Nasser announced that the number of tourists increased in the Kingdom during 2023.

According to the World Tourism Organization (WTO), the number of tourists rose by 156 percent compared to 2019, and domestic tourism has achieved unprecedented numbers in recent years.

Most Viewed

 
 
Business

PIF Anchors State Street’s Newly Launched Saudi Equity ETF

Officials from PIF and State Street IM (Saudi PIF)
Officials from PIF and State Street IM (Saudi PIF)
TT
TT

PIF Anchors State Street’s Newly Launched Saudi Equity ETF

Officials from PIF and State Street IM (Saudi PIF)
Officials from PIF and State Street IM (Saudi PIF)

The Saudi Public Investment Fund (PIF) and State Street Investment Management (State Street IM), one of the world’s largest asset managers, launched on Thursday the State Street Saudi Arabia Enhanced Active Equity (SAQL) with PIF as anchor investor.

The fund actively invests in equities of companies in Saudi Arabia using a quantitative multi-factor stock selection model, PIF said in a statement.

SAQL has its primary listing on the Xetra exchange in Germany and is cross listed on the LSE in the United Kingdom, where a bell ringing ceremony was held. The fund will be available to investors in both markets as well as investors across other key markets in Europe, the statement said.

The investment marks another step in PIF’s strategy to further deepen and diversify the Saudi capital market by attracting international capital flows, empowering financial institutions, broadening financing options for the private sector and introducing new products.

The newly launched fund is the second State Street IM ETF in which PIF has made an anchor investment, and the fifth ETF investment for PIF across nine global markets with leading international asset managers. New and innovative Saudi-focused products were listed in Hong Kong, London, Shanghai, Shenzhen, Tokyo, Frankfurt, Italy and Singapore.

“PIF is further strengthening Saudi Arabia’s capital market ecosystem, working with our partners to open gateways for international investors, enable access and drive global capital inflow into the country,” said Deputy Governor and Head of MENA Investments at PIF Yazeed Al-Humied.

“Our continued partnership with State Street IM reinforces a shared commitment to enhance and diversify the product range, to present new opportunities for international investors into the Saudi market and unlock capital pools,” he said.

“The launch of this ETF further deepens the Saudi market and builds on a series of PIF-anchored ETF listings across international markets, cementing PIF’s role in driving increased product diversification to enhance liquidity and fulfill market needs,” Al-Humied added.

Chief Executive Officer of State Street Investment Management Yie-Hsin Hung praised Saudi Arabia’s "success story," adding: “At State Street, as with PIF, innovation is in our DNA and we’re pleased to offer a new product in this same vein, drawing on our decades of experience and commitment to quality to underpin an exciting new offering, anchored by PIF.”

Quantitative funds, such as SAQL, use mathematical modeling, algorithmic, and data-driven methods to manage portfolios. The Saudi capital market has evolved beyond legacy sectors, with maturation of market structure and data quality – enabling SAQL to use a systematic active approach when investing in Saudi equity securities.

SAQL provides an opportunity for international investors to obtain investment exposure to this rapidly evolving economy.

The fund is registered for sale in Austria, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden and the UK.

Business

Morocco’s Inflation Rises to 0.9% in March

People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)
People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)
TT
TT

Morocco’s Inflation Rises to 0.9% in March

People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)
People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)

Morocco's annual inflation, measured by the consumer price index, rose to 0.9% in March from -0.6% a month earlier, the statistics agency said on Wednesday.

Food prices, ‌the main ‌driver of ‌inflation, ⁠rose 0.6% from a year ⁠earlier, while non-food inflation increased 1.1%.

Core inflation, which excludes more volatile goods, rose 0.6% year-on-year ⁠and 0.1% month-on-month.

The ‌rise ‌in fuel prices following ‌the Iran conflict ‌led the Moroccan government to reintroduce subsidies for professional transporters, including taxis, buses ‌and trucks, to keep prices stable.

Fuel subsidies, ⁠along ⁠with aid to keep electricity and cooking gas prices stable, would cost the government 1.6 billion dirhams ($170 million) monthly, the minister in charge of the budget, Fouzi Lekjaa, said.

Business

Strait of Hormuz Blockade Drives up Costs at Panama Canal

Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)
Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)
TT
TT

Strait of Hormuz Blockade Drives up Costs at Panama Canal

Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)
Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)

The war in the Middle East has boosted demand to move vital cargo through the Panama Canal to such an extent that one vessel carrying liquefied natural gas (LNG) paid $4 million to skip the line and avoid a wait that can take up to five days, according to an official report.

A surge in such payments has been recorded since the US-Israeli attacks on Iran began February 28, which led to the blockade of the Strait of Hormuz, a critical waterway for one-fifth of the world's oil and natural gas exports from Gulf countries.

To meet fuel demand, Asia's refineries are choosing to buy oil or gas from the United States and ship it through the transoceanic waterway instead of purchasing from Gulf countries who rely on the Strait of Hormuz, according to reports from the Panama Canal Authority.

The average number of ships passing through the canal on a daily basis has "remained strong," the authority told AFP in a statement Tuesday, with 34 ships in January and 37 ships in March. Some days exceeded 40 transits.

"The increase reflects changes in global trade patterns and market conditions, including geopolitical factors affecting key routes," the authority said.

Ships transiting the canal book their passage well in advance, and ships without bookings wait an average of five days to get through, but there is an auction where last-minute transits can be purchased.

The most recent auction included a $4 million bid for an LNG vessel, and in recent weeks two oil tankers exceeded bids of $3 million, the authority said.

Past average auction prices between October and February stood at around $130,000, and rose to $385,000 in March and April.

Five percent of global maritime trade passes through the Panama Canal, and its main users are the US and China. The route primarily connects the US East Coast with China, South Korea and Japan.

In the first half of the 2026 fiscal year, which runs October to September, the Panamanian waterway recorded passage of 6,288 ships, a year-on-year increase of 3.7 percent, according to official figures.