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Samer Al-Kharashi to Asharq Al-Awsat: Saudi Arabia Making Progress in Green Investments

Samer Al-Kharashi, Director of the United Nations World Tourism Organization (UNWTO) Regional Office for the Middle East.
Samer Al-Kharashi, Director of the United Nations World Tourism Organization (UNWTO) Regional Office for the Middle East.
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Samer Al-Kharashi to Asharq Al-Awsat: Saudi Arabia Making Progress in Green Investments

Samer Al-Kharashi, Director of the United Nations World Tourism Organization (UNWTO) Regional Office for the Middle East.
Samer Al-Kharashi, Director of the United Nations World Tourism Organization (UNWTO) Regional Office for the Middle East.

Samer Al-Kharashi, Director of the United Nations World Tourism Organization (UNWTO) Regional Office for the Middle East, highlighted Saudi Arabia’s role in advancing the tourism ecosystem in the region and promoting sustainable development in the sector.

In an interview with Asharq Al-Awsat, he stressed that the Kingdom’s hosting of the regional office reflects its commitment to making tourism a key driver of economic growth in the Middle East.

Al-Kharashi noted that the Arab Gulf and the Middle East saw the largest relative increase in international tourist arrivals, surpassing pre-pandemic levels by 36% during the first quarter of 2024. This includes a 4% increase compared to the same period in 2023, making the region the global leader in tourism recovery.

In the interview, the official emphasized that Saudi Arabia’s mega-projects are pivotal to Vision 2030, which aims to diversify the economy and position the Kingdom as a premier global tourist destination. He added that these projects align closely with the UN’s Sustainable Development Goals 2030, focusing on sustainable tourism, economic growth, and preserving cultural heritage.

Al-Kharashi acknowledged Saudi Arabia’s substantial progress in sustainable tourism development, citing the UNWTO’s report on tourism and the Sustainable Development Goals. He commended Riyadh’s efforts in promoting viable initiatives that benefit both people and the environment.

Since its launch in Riyadh in May 2021, the UNWTO’s Middle East office has become a key contributor to the region’s tourism growth, he noted. Its primary focus has been on capacity building, enhancing competitiveness, and fostering public-private partnerships to support tourism-driven regional development. The office also works to integrate tourism into public policy and promote rural destinations, he underlined.

On a technical level, the office supports advanced capacity-building initiatives, skill development, and the promotion of sustainable tourism practices, Al-Kharashi said, adding that it aims to create a more robust and competitive tourism sector in the Middle East, ensuring long-term, sustainable growth.

Asked about the tourism sector’s performance in the Middle East in terms of numbers, the official replied that the Middle East has made significant progress in tourism development.

According to the UNWTO Tourism Barometer, the region recorded a 36% increase in international arrivals compared to pre-pandemic levels during the first quarter of 2024, he stated. This follows a strong performance in 2023, when the region was the first globally to recover fully, with a 22% increase in tourist arrivals compared to pre-pandemic levels.

Al-Kharashi emphasized that tourism is a vital part of the global labor market, providing jobs for 1 in 10 people worldwide.

“As an international organization with 160 member countries, the UNWTO is dedicated to promoting sustainable development in the tourism sector. Our strategic priorities include fostering high-quality employment, nurturing talent, driving technological innovation, and advancing sustainability and climate action,” he told Asharq Al-Awsat.

Al-Kharashi further explained that the UNWTO promotes sustainable tourism and green investments in the region through a variety of initiatives.

The Organization focuses on three key investment areas: human capital development through education and skills training, environmental sustainability through green infrastructure investments, and economic growth through innovation and entrepreneurship, he stressed.

These initiatives align with Saudi Arabia’s Green Saudi and Green Middle East programs, he remarked.

Additionally, the UNWTO has launched a Sustainable Development Goals (SDGs) Tourism Platform, which offers resources and expert knowledge on sustainable tourism practices, Al-Kharashi said, adding that the Organization is also committed to promoting green investments through events such as World Tourism Day 2023, which showcased opportunities for sustainable tourism development.

Discussing the current state of green investments in the Middle East’s tourism sector, particularly in Saudi Arabia, Al-Kharashi stressed that green investments are increasingly central to tourism development in the region. The UNWTO has developed investment guidelines that encourage sustainable tourism investments, including in Jordan, where foreign direct investment rose by 83% in 2022, reaching $1.1 billion.

Furthermore, he added that Saudi Arabia has made significant strides in sustainable tourism, citing the UNWTO’s report, which highlights the Kingdom’s efforts under SDG 15 (Life on Land), such as reforestation projects to combat desertification and drought.

Al-Kharashi went on to say that the UNWTO’s regional office in Saudi Arabia plays a crucial role in shaping the future of tourism in the Middle East.

“By fostering close collaboration between public and private sectors, the office is helping to build a dynamic and competitive tourism environment. With over 13 affiliated members from Saudi Arabia, including representatives from hospitality, education, and travel, the office is boosting tourism capacity and development across the region,” he stated.

He continued that the office also supports initiatives such as the Tourism Tech Mentorship Program in Al-Ula, aimed at cultivating a new generation of tourism leaders. This strategy ensures that the region remains competitive, while also contributing to long-term economic and social development.

According to Al-Kharashi, Saudi Arabia’s decision to host the UNWTO’s first regional office demonstrates the Kingdom’s commitment to diversifying its economy and positioning the Middle East as a leading global tourism destination. The office supports the 13 member countries of the region and strengthens collaboration with 45 affiliated members from the region.

“By promoting tourism education, skill development, and rural tourism, the regional office plays a vital role in advancing the tourism sector across the Middle East,” he remarked.

Asked about the UNWTO’s view of Saudi Arabia’s recent tourism developments, he UN official said that the Organization regards Saudi Arabia’s tourism development as highly promising, especially with the Kingdom’s ambitious goal of attracting 150 million visitors annually by 2030.

To meet this target, it will be essential to bolster the sector’s capabilities through education, training, and skill development, he stated, adding that the recent agreement between the UNWTO and Saudi Arabia includes the establishment of a “Jobs Factory” and a “Tourism Labor Market Observatory,” both designed to boost capacity and assess workforce skills.

Additionally, the UNWTO has recognized two Saudi destinations - Rijal Alma and AlUla - in its “Best Tourism Villages” competition, underscoring the Kingdom’s commitment to preserving cultural and natural heritage, he told Asharq Al-Awsat.

Al-Kharashi noted that Saudi Arabia’s mega-projects, such as NEOM, the Red Sea Project, Qiddiya, and AlUla, represent a major transformation for both the region and the global tourism landscape. He explained that these projects, part of Vision 2030, are designed to diversify the Kingdom’s economy and establish it as a world-class tourist destination.

With successful bids for the 2034 FIFA World Cup and Expo 2030, alongside ambitious projects that include futuristic cities, entertainment hubs, and heritage sites, Saudi Arabia is on track to become a major player in the global tourism industry, the official said. These projects will set new benchmarks for sustainable and innovative tourism practices, enhancing the Middle East’s reputation as a leading destination for visitors worldwide.

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Business

China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
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China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO

China's finance ministry on Sunday said fiscal policies will be more proactive next year, reiterating its focus on domestic demand, technological innovation and a social safety net.

The statement comes as trading partners urge the world's second-biggest economy to reduce its reliance on exports, underscoring the urgency to revive confidence at home where a prolonged property crisis has rippled ⁠through the economy, weighing on sentiment.

China will boost consumption and actively expand investment in new productive forces and people's overall development, the ministry said in a statement after a two-day meeting at which it set ⁠2026 goals.

In addition, Reuters quoted the ministry as saying that it will support innovation to foster new growth engines, and improve the social security system by providing better healthcare and education services.

Other tasks for next year include promoting integration between urban and rural areas, and propelling China's transformation into a greener society.

China is likely to stick to ⁠its annual economic growth target of around 5% in 2026, government advisers and analysts told Reuters, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.

Leaders this month promised to maintain a "proactive" fiscal policy next year that would stimulate both consumption and investment to maintain high economic growth.

Business

Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
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Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)

Bulgaria will become the 21st country to adopt the euro on Thursday, but some believe the move could bring higher prices and add to instability in the European Union's poorest country.

A protest campaign emerged this year to "keep the Bulgarian lev", playing on public fears of price rises and a generally negative view of the euro among much of the population.

But successive governments have pushed to join the eurozone and supporters insist it will boost the economy, reinforce ties to the West and protect against Russia's influence.

The single currency first rolled out in 12 countries on January 1, 2002, and has since regularly extended its influence, with Croatia the last country to join in 2023.

But Bulgaria faces unique challenges, including anti-corruption protests that recently swept a conservative-led government from office, leaving the country on the verge of its eighth election in five years.

Boryana Dimitrova of the Alpha Research polling institute, which has tracked public opinion on the euro for a year, told AFP any problems with euro adoption would be seized on by anti-EU politicians.

Any issues will become "part of the political campaign, which creates a basis for rhetoric directed against the EU", she said.

While far-right and pro-Russia parties have been behind several anti-euro protests, many people, especially in poor rural areas, worry about the new currency.

"Prices will go up. That's what friends of mine who live in Western Europe told me," Bilyana Nikolova, 53, who runs a grocery store in the village of Chuprene in northwestern Bulgaria, told AFP.

The latest survey by the EU's polling agency Eurobarometer suggested 49 percent of Bulgarians were against the single currency.

After hyperinflation in the 1990s, Bulgaria pegged its currency to the German mark and then to the euro, making the country dependent on the European Central Bank (ECB).

"It will now finally be able to take part in decision making within this monetary union," Georgi Angelov, senior economist at the Open Society Institute in Sofia, told AFP.

An EU member since 2007, Bulgaria joined the so-called "waiting room" to the single currency in 2020, at the same time as Croatia.

The gains of joining the euro are "substantial", ECB president Christine Lagarde said last month in Sofia, citing "smoother trade, lower financing costs and more stable prices".

Small and medium-sized enterprises stand to save an equivalent of some 500 million euros ($580 million) in exchange fees, she added.

One sector expected to benefit in the Black Sea nation is tourism, which this year generated around eight percent of the country's GDP.

Lagarde predicted the impact on consumer prices would be "modest and short-lived", saying in earlier euro changeovers, the impact was between 0.2 and 0.4 percentage points.

But consumers -- already struggling with inflation -- fear they will not be able to make ends meet, according to Dimitrova.

Food prices in November were up five percent year-on-year, according to the National Statistical Institute, more than double the eurozone average.

Parliament this year adopted empowered oversight bodies to investigate sharp price hikes and curb "unjustified" surges linked to the euro changeover.

But analysts fear wider political uncertainty risks delaying much needed anti-corruption reforms, which could have a knock-on effect on the wider economy.

"The challenge will be to have a stable government for at least one to two years, so we can fully reap the benefits of joining the euro area," Angelov said.

Business

Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)
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Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)

Syria’s central bank governor, Abdulkader Husrieh, said the new Syrian pound is not merely a means of exchange but a symbol of the success of the Syrian revolution, national belonging, and confidence in the country’s ability to recover.

In a Facebook post, Husrieh said that with the launch of the new currency, Syrians were not just celebrating a banknote, but also celebrating their sovereignty and national identity, noting that many international experiences show that national currencies become strong when people rally around them, according to the Syrian Arab News Agency.

He pointed to Germany’s experience, where the introduction of the mark after the war marked the starting point of economic recovery, and to France, where the new French franc became the financial symbol of the new republic, known as the Fifth Republic.

Husrieh said the central bank would carry out its role with a clear understanding of the challenges and opportunities, while committing to responsibility, transparency, and the protection of the national currency. He added that the cornerstone remains public solidarity and trust, because a strong currency begins with the people's belief in it.

He called for turning the launch into a dignified national occasion through which Syrians express awareness, confidence, and adherence to the pound as a symbol of sovereignty and a national choice.

Husrieh added that supporting the pound is supporting the nation, and taking pride in it is a matter of pride in the future for Syrians and their children. He described the move as an opportunity for a new success following the success of the revolution in liberation and the lifting of economic sanctions that had shackled Syria’s economy for nearly fifty years.

Husrieh had recently announced that Jan. 1, 2026, would mark the launch of the new Syrian currency and the start of the exchange process for the old notes, with the exchange to be carried out through 66 companies and 1,000 designated outlets.

Restoring confidence

Political and economic researcher Bassel Kouwefi said the exchange plans, if well implemented, could serve as an entry point for rebuilding confidence in the national economy, encouraging domestic investment, and paving the way for broader reforms in the financial sector. However, he warned against failing to address the root causes of inflation and economic collapse during the previous regime's rule.

Speaking to Asharq Al-Awsat, Kouwefi described currency exchange and the removal of zeros as complex economic measures.

He said their main benefits include simplifying daily transactions, reducing the volume of banknotes in circulation, boosting confidence in stability, lowering printing and transportation costs, simplifying accounting records and financial software, and reducing currency speculation driven by corruption networks seeking to undermine stability in Syria.

Kouwefi said the exchange plans, if well-executed, could help restore confidence in the macroeconomy, but stressed the challenges posed by failing to tackle the fundamental causes of past inflation and collapse, including fiscal deficits, instability, and weak production. He said a comprehensive economic and financial program was therefore essential.

He added that the process also requires strong banking infrastructure, an organized transition period, and sufficient liquidity in the new denominations.

He said these remain major challenges under current Syrian conditions, alongside the need to mitigate social impacts that could lead to public confusion, market exploitation, and difficulties for less informed segments of society.