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Saudi Arabia Launches Program to Attract Local, Int’l Investments, Boost Role as Global Tourism Hub

The initiative aims to attract investments in the hospitality sector, with a value of approximately SAR 42 billion, projecting estimated revenues of about SAR 16 billion to the Kingdom's GDP by 2030. (SPA)
The initiative aims to attract investments in the hospitality sector, with a value of approximately SAR 42 billion, projecting estimated revenues of about SAR 16 billion to the Kingdom's GDP by 2030. (SPA)
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Saudi Arabia Launches Program to Attract Local, Int’l Investments, Boost Role as Global Tourism Hub

The initiative aims to attract investments in the hospitality sector, with a value of approximately SAR 42 billion, projecting estimated revenues of about SAR 16 billion to the Kingdom's GDP by 2030. (SPA)
The initiative aims to attract investments in the hospitality sector, with a value of approximately SAR 42 billion, projecting estimated revenues of about SAR 16 billion to the Kingdom's GDP by 2030. (SPA)

Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb unveiled on Monday the Tourism Investment Enablers Program, designed to facilitate business practices and enhance investment attractiveness for both local and international investors.

As part of its ambitious program, the Ministry of Tourism, in collaboration with the Ministry of Investment, announced the Hospitality Sector Investment Enablers Initiative. This initiative aims to increase and diversify tourism offerings, bolstering the capacity of hospitality facilities in targeted tourist destinations across the Kingdom.

The initiative aims to attract investments in the hospitality sector, with a value of approximately SAR 42 billion, projecting estimated revenues of about SAR 16 billion to the Kingdom's GDP by 2030.

Al-Khateeb stated: "The Kingdom of Saudi Arabia boasts rich and diverse tourism wealth, making its tourism industry globally attractive. Saudi Vision 2030 outlines our roadmap to becoming a sought-after global destination, recognizing the tourism sector as a key driver of the national economy."

"We witnessed a 390% increase in demand for tourism activity licenses last year, marking the beginning of the Kingdom's significant investment in the tourism sector over the next decade, providing opportunities and a conducive investment environment for both local and international investors," he added.

The initiative encompasses strategically prepared enablers to improve the cost and ease of doing business. These include facilitating access to government lands under favorable conditions, streamlining project development processes, finding solutions to investor challenges, and developing laws to reduce operational costs, fostering tourism industry growth.

The initiative is anticipated to yield numerous social and economic benefits, including an increase in the number of hotel rooms by approximately 42,000, creating around 120,000 job opportunities in targeted destinations by 2030. This will positively impact talent development and support nationalization efforts in the local job market.

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UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
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UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM

Mubadala Investment Company has acquired an 80% stake in Global Medical Supply Chain (GMSC) and Al Ittihad Drug Store (IDS) from GlobalOne Healthcare Holding (GHH), with GHH retaining a 20% stake, Emirates News Agency (WAM) reported on Tuesday.

This strategic acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors, aligning with the UAE's vision to establish a robust life sciences infrastructure, WAM said.

Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement, logistics, inventory management, warehousing, and maintenance.

GMSC serves over 200 medical facilities, including hospitals and clinics across the UAE. With a dedicated team of medical supply chain specialists, GMSC sources a broad array of products from almost 400 suppliers, ensuring a reliable supply chain for all medical needs.

IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE. Distributing over 1,000 products from over 40 leading suppliers, IDS services every hospital, and all, or at least most pharmacies and supermarkets within the UAE. It boasts a vast portfolio that spans multiple therapeutic categories including anti-infectives, asthma, diabetes, and oncology.

"The expanding pharmaceutical market drives an increasing demand for specialized and efficient drug logistics solutions. By integrating GMSC and IDS into our portfolio, we are poised to create a vertically integrated life sciences sector in the UAE and enable its potential to encompass the entire value chain from logistics and distribution to specialized manufacturing,” said Executive Director of UAE Clusters at Mubadala's UAE Investments Platform Ismail Ali Abdulla.

As for Low Ping, Group CEO Yas Holding, she said that the transaction “continues Mubadala's strategic growth, following another significant acquisition by its new speciality pharmaceutical business, KELIX bio, which recently acquired a 100% stake in four pharma assets from GlobalOne Healthcare Holding's, the healthcare division of Yas Holding.”

“These concerted efforts underline Mubadala's commitment to strengthening the UAE's healthcare and pharmaceutical sectors as part of broader national ambitions for drug security and economic diversification."

GlobalOne Healthcare Holding LLC serves as the dedicated Healthcare Division of Yas Holding LLC, focusing on enhancing healthcare outcomes by investing in innovative solutions across various healthcare verticals.