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Saudi Tourism Minister: Riyadh City Aims to Become Global Hub for Exhibitions, Conferences

Saudi Minister of Tourism Ahmed Al Khateeb spoke at at the inaugural International MICE Summit (IMS24), organized by the Saudi Conventions & Exhibitions General Authority (SCEGA) in Riyadh. SPA
Saudi Minister of Tourism Ahmed Al Khateeb spoke at at the inaugural International MICE Summit (IMS24), organized by the Saudi Conventions & Exhibitions General Authority (SCEGA) in Riyadh. SPA
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Saudi Tourism Minister: Riyadh City Aims to Become Global Hub for Exhibitions, Conferences

Saudi Minister of Tourism Ahmed Al Khateeb spoke at at the inaugural International MICE Summit (IMS24), organized by the Saudi Conventions & Exhibitions General Authority (SCEGA) in Riyadh. SPA
Saudi Minister of Tourism Ahmed Al Khateeb spoke at at the inaugural International MICE Summit (IMS24), organized by the Saudi Conventions & Exhibitions General Authority (SCEGA) in Riyadh. SPA

Minister of Tourism Ahmed Al Khateeb said Sunday that Saudi Vision 2030 has introduced transformative sectors such as tourism, culture, sports, and entertainment, which are poised to significantly impact the exhibitions and conferences industry.

In remarks at the inaugural International MICE Summit (IMS24), organized by the Saudi Conventions & Exhibitions General Authority (SCEGA) in Riyadh from December 15 to 17, Al Khateeb highlighted the importance of strategic investments, tourism growth, and public-private partnerships in elevating the Kingdom’s position as a global hub for exhibitions and conferences.

He emphasized that these efforts will drive innovation and shape the future of the global event industry.

With over 1,000 leaders from the global exhibitions and conferences sector representing 73 countries in attendance, the minister underscored the critical role of leading events in shaping the Kingdom’s future. He pointed out that Riyadh is rapidly advancing toward becoming a global center for exhibitions and conferences, supported by projects such as new airports, hotels, resorts, and advanced infrastructure designed to realize this vision.

Al Khateeb also emphasized the pivotal role of tourism in supporting Saudi Arabia's economy, with an ambitious goal to attract 150 million tourists by 2030, further solidifying the Kingdom’s status as a premier global destination.

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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.