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Saudi Red Sea Authority, NEOM Sign MoU to Improve Visitor Experience

The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
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Saudi Red Sea Authority, NEOM Sign MoU to Improve Visitor Experience

The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA

Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate on developing legislation, regulations, and technology in marine tourism.
The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives. The aim is to enhance research, deliver innovation, and improve the visitor experience for tourists in Saudi Arabia's existing, emerging, and future Red Sea coastal destinations.
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. It also assists small and medium enterprises, including administrative, technical, and advisory support.
Through this partnership, SRSA aims to integrate with relevant entities from the public, private, and third sectors to achieve the goals of Saudi Vision 2030, which is to activate the role of coastal tourism as one of the promising and valuable sectors of the national economy.
The agreement specified several areas of cooperation, such as supporting opportunities available to investors in coastal tourism and water activities, as well as planning and implementing other joint initiatives as agreed upon by the two parties.
The MoU reflects SRSA's efforts to expand its strategic partnerships and explore best practices to regulate navigational and marine tourism activities, all while ensuring sustainability and care for the environment.

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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.