Saudi Tourism Development Fund Signs MoU with Spain's IE University

The agreement aims to improve employee knowledge, awareness, and competencies in the tourism field. SPA
The agreement aims to improve employee knowledge, awareness, and competencies in the tourism field. SPA
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Saudi Tourism Development Fund Signs MoU with Spain's IE University

The agreement aims to improve employee knowledge, awareness, and competencies in the tourism field. SPA
The agreement aims to improve employee knowledge, awareness, and competencies in the tourism field. SPA

The Saudi Tourism Development Fund (TDF) has signed a Memorandum of Understanding (MoU) with IE University in Spain, a higher education institution focused on training influential leaders. The objective is to implement tailored educational programs and training courses for TDF employees, aligning with the National Tourism Strategy and Saudi Vision 2030.

The agreement, inked by TDF CEO Qusai bin Abdullah Al-Fakhri and IE University President Santiago Iñiguez, aims to elevate employee knowledge, awareness, and competencies in the tourism field.

Al-Fakhri stated that the MoU signifies a significant step toward fostering positive interaction between the tourism sector and educational institutions. The goal is to enhance human capabilities, equip individuals with necessary skills and knowledge, and align development with quality and excellence standards. This, in turn, contributes to professional growth, active participation in Saudi Arabia's tourism boom, and a role in driving growth and prosperity.

Furthermore, Al-Fakhri emphasized TDF's commitment to developing skills and competencies, providing professional development opportunities, and ensuring a qualified workforce to meet the demands of the growing tourism sector. The collaboration with IE University reflects the commitment to creating a supportive educational environment in crucial tourism regions.

IE University's President highlighted the importance of cooperation between higher education and tourism, emphasizing the need to develop specialized professionals in the field.

The agreement aims to achieve integration between education and tourism, working towards producing qualified individuals.

The MoU is part of the TDF's broader initiative, collaborating with top universities, training centers, and international expertise houses. The Graduate Development Program (Tourism Olou) is among the launched educational programs designed to develop Saudi talents, enhance competitiveness, and provide essential skills for the tourism sector.



Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.