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ASFAR to Asharq Al-Awsat: Tourist Destinations in Western Saudi Arabia Ready to Receive Visitors in 2025

ASFAR pavilion at the Saudi Tourism Forum (Asharq Al-Awsat)
ASFAR pavilion at the Saudi Tourism Forum (Asharq Al-Awsat)
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ASFAR to Asharq Al-Awsat: Tourist Destinations in Western Saudi Arabia Ready to Receive Visitors in 2025

ASFAR pavilion at the Saudi Tourism Forum (Asharq Al-Awsat)
ASFAR pavilion at the Saudi Tourism Forum (Asharq Al-Awsat)

ASFAR, the Saudi Tourism Investment Company, wholly owned by the Public Investment Fund, said that a number of tourism facilities in the Al-Baha and Yanbu regions (west of the Kingdom) will be ready to receive visitors at the beginning of 2025.
ASFAR was established in July, with the aim to invest in tourism projects in various cities of the Kingdom. The company seeks to develop the hospitality, entertainment, retail and food sectors, in addition to investing in the local tourism system. It also aims to empower the private sector through joint investments, and create opportunities for local contractors and suppliers, as well as small and medium-sized companies.
The CEO of ASFAR, Fahad bin Mushayt, told Asharq Al-Awsat that in light of the increase in the number of tourists in Saudi Arabia, the company is working according to an integrated strategy in cooperation with the Ministry of Tourism and a number of other parties, to develop tourist destinations in the Kingdom.
Minister of Tourism Ahmed Al-Khatib had announced on Monday that the tourism sector’s contribution in 2023 rose to 4.5 percent of the gross domestic product and 7 percent of the total oil output.
According to recent World Tourism Organization figures, the Kingdom achieved a 156 percent recovery in the number of tourist arrivals during 2023 compared to 2019, exceeding the global rate of recovery from the effects of the Covid-19 pandemic by 88 percent.
Bin Mushayt stated that the company has begun construction work on resorts in the Al-Baha and Yanbu regions, which are expected to be ready for visitors by the beginning of 2025.
He added that the year 2023 witnessed the signing of many agreements with the regional secretariats and private sector companies in the regions of Hail, Al-Ahsa and Taif, noting that the construction of resorts and tourist facilities in the three regions will begin at the end of 2024.
In a dialogue session at the Real Estate Future Forum, the CEO of ASFAR said that the Kingdom was preparing for a major expansion in the hospitality sector, by establishing 315,000 hotel units by 2030, as the luxury hotel category will constitute 77 percent of upcoming projects.
He noted the number of tourists witnessed a growth of up to 58 percent during the year 2023, which places the Kingdom in second place in the world.

 

 

 

 

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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo

Taiwan only expects a small impact from any tariffs imposed by the incoming government of US President-elect Donald Trump on semiconductor exports given their technological superiority, Economy Minister Kuo Jyh-huei said on Friday.
Home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., the island is a key link in the global technology supply chain for companies such as Apple and Nvidia, according to Reuters.
But Taiwanese policymakers have warned new US tariffs against all countries from the Trump administration could curb economic growth this year for the export-dependent economy.
Trump has pledged a blanket tariff of 10% on global imports into the United States and a far higher 60% tariff on Chinese goods.
In late November, he specifically pledged a 25% tariff on imports from Canada and Mexico when he takes office on Jan. 20.
Asked at a news conference about the impact on Taiwan's export orders of Trump's tariffs, Kuo said it would not much affect the chip sector.
“For our semiconductors and advanced processes, there is an advantage of technological leadership and that cannot be replaced, and so the impact will be small,” he added.
Taiwan will also help companies relocate supply chains to the United States as needed, away from where there might be high import tariffs, Kuo said.
“Now we see that we should be able to develop the aerospace supply chain industry in the United States, and do some joining up with the US aerospace companies, so that some of Taiwan's aerospace research and development centres can be moved there,” he added.