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Red Sea National Academy to Support Saudi Tourism Sector

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
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Red Sea National Academy to Support Saudi Tourism Sector

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA
The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. SPA

The establishment of "the Red Sea National Academy" (TRSNA) was announced during the Human Capability Initiative held in Riyadh to implement joint programs between the Technical and Vocational Training Corporation, Colleges of Excellence and Red Sea Global, to qualify trainees with technical specializations that align with the demands of the labor market in the region.

The announcement of the establishment was made under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom.

TRSNA will be established and operated in Al-Wajh and develop joint training programs that are aligned with the needs of the labor market.

The academy's objective is to train 10,000 participants by 2030, preparing young Saudis for diverse roles within the tourism sector. The signing of the agreement was sponsored by Minister of Education Yousef Al-Benyan.

The agreement involved the Vice Governor of Planning & Business Development at the Technical and Vocational Training Corporation, Reem Al-Muqbel, CEO of Colleges of Excellence, Eng. Ayman Al-Abdullah, and Group CEO of Red Sea Global John Pagano.

Al-Muqbel underscored the Technical and Vocational Training Corporation's commitment to developing national human resources through various training programs and building strategic partnerships with the private sector to address the labor market's needs for qualified human resources.

Al-Abdullah expressed confidence in TRSNA's ability to supply the tourism sector with qualified Saudis. He emphasized that TRSNA will create a stimulating training environment to enhance creative and innovative skills among trainees, becoming a leading center for education and training in the field of tourism, thereby enhancing the Kingdom's position as a global tourist destination.

Highlighting TRSNA as part of the Strategic Partnership Institutes in the Kingdom emphasizes its commitment to providing high-quality training programs tailored to the evolving demands of the labor market.

Pagano commented that, as one of the core projects in making Vision 2030 a reality, RSG is at the forefront of the Kingdom's growing tourism industry.

It has two hotels open, with an additional four resorts scheduled to open by the end of this year and 19 hotels across The Red Sea and Amaala opening next year.

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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)
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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.