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Saudi Tourism Development Fund Partnerships Exceed $1.1 Billion  

The view of the Saudi capital, Riyadh. (Asharq Al-Awsat)
The view of the Saudi capital, Riyadh. (Asharq Al-Awsat)
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Saudi Tourism Development Fund Partnerships Exceed $1.1 Billion  

The view of the Saudi capital, Riyadh. (Asharq Al-Awsat)
The view of the Saudi capital, Riyadh. (Asharq Al-Awsat)

The Saudi Tourism Development Fund (TDF) has signed new partnerships with government and private entities with a financial impact exceeding SAR 4 billion ($1.1 billion), as part of its role in expanding financing for small and medium-sized tourism enterprises across the Kingdom.

Speaking to Asharq Al-Awsat, Fahad Al-Ashgar, General Manager of Business Development at TDF, said the fund offers tailored empowerment programs for micro, small, and medium enterprises (MSMEs).

“We have a clear success story,” he said, noting that the fund has financed 2,500 enterprises with the support of its partners in recent years. This financing has helped create and sustain 74,000 jobs in Saudi Arabia’s tourism sector.

Al-Ashgar made these remarks during the Development Finance Conference held last week under the patronage of Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the National Development Fund, as part of the Momentum 2025 platform themed “Leading Development Transformation,” in the Saudi capital.

Empowering tourism

Al-Ashgar added that TDF acts as an enabler of the tourism sector and has signed six agreements under its Tourism Enablement Programs, targeting MSMEs across all regions of the Kingdom.

These initiatives complement the fund’s direct financing, which supports both foreign and domestic investment, in addition to a memorandum of understanding signed with the Small and Medium Enterprises Bank.

Established in 2020, the Tourism Development Fund aims to enable and attract tourism investment and stimulate sectoral development by creating more profitable projects that contribute to developing tourism destinations.

The fund is one of six newly established funds created to support Saudi Vision 2030 goals, according to National Development Fund Governor Stephen Paul Groff in earlier remarks.

TDF CEO Qusai Al-Fakhri said the average annual number of beneficiaries has increased tenfold, while the volume of financing has more than doubled compared to previous years.

The fund goes beyond financing to build an integrated enablement ecosystem that creates new investment opportunities, strengthens development finance, empowers the private sector, and ensures inclusive growth across all regions, enabling MSMEs to contribute to national development, he added.

Partnership details

Recent partnerships include the launch of a new financing program with the Kafalah Program, with a market value estimated at SAR 700 million ($190 million), in cooperation with more than 45 financing entities. Previous collaboration enabled over 2,000 enterprises to obtain financing guarantees exceeding SAR 2 billion ($530 million).

The fund also signed a new SAR 300 million ($80 million) financing agreement with the Arab National Bank, adding to a similar agreement signed last year that benefited 249 enterprises within one year.

TDF confirmed that more than 10,000 enterprises have benefited to date from the Tourism Enablement Programs, as part of broader efforts to increase MSME participation in tourism and diversify projects across the Kingdom, in line with Vision 2030 growth objectives.

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Business

Gold Gains 1% on Safe-haven Demand, Softer Dollar ahead of US Jobs Data

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
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Gold Gains 1% on Safe-haven Demand, Softer Dollar ahead of US Jobs Data

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola

Gold climbed 1% on Monday to hover near a seven-week high, supported by a weaker dollar. Expectations of interest rate cuts and safe-haven buying due to geopolitical tensions, while silver gained but held below Friday’s record high.

Spot gold rose 1% to $4,343.96 an ounce by 0949 GMT. Bullion hit its highest since October 21 on Friday.

US gold futures gained 1.2% to $4,377.80 an ounce.

The dollar hovered near a two-month low reached last week, making greenback-priced gold more affordable for overseas buyers, while benchmark 10-year US Treasury yields edged lower.

"Stronger demand from investors and three months of solid central bank demand, (as well as) investors starting to anticipate even lower rates in 2026," are all supporting gold, said UBS analyst Giovanni Staunovo.

The US Federal Reserve last week delivered a 25-basis-point rate cut in a divided vote, with further easing dependent on the labor market and inflation levels.

Markets are currently pricing in two US rate cuts next year, with investors eyeing this week's US non-farm payrolls report for further clues on monetary policy.

Non-yielding assets, such as gold, typically benefit in a lower interest rate environment.

On the geopolitical front, Russia's central bank said on Friday that plans by the European Union to use Russian assets to extend a loan to Ukraine were illegal and that it reserved the right to employ all available means to protect its interests.

Spot silver rose 2.8% to $63.76 per ounce. It hit a record high of $64.65 on Friday before closing sharply lower.

The metal has gained 120% this year, buoyed by tightening supplies and its inclusion in the US critical minerals list.

"Silver benefits from the same factors supporting investment demand for gold (i.e. lower rates), but also should benefit from stronger industrial demand, due to the monetary and fiscal stimulus measures," Staunovo said.

Spot platinum rose 1.1% to $1,763.67, while palladium gained 2.4% to $1,523.11 per ounce.

Business

Egypt Proposes Five Initiatives to Boost Arab Energy Security

Energy ministers of the OAPEC member states during their meeting in Kuwait. (Egyptian Ministry of Petroleum)
Energy ministers of the OAPEC member states during their meeting in Kuwait. (Egyptian Ministry of Petroleum)
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Egypt Proposes Five Initiatives to Boost Arab Energy Security

Energy ministers of the OAPEC member states during their meeting in Kuwait. (Egyptian Ministry of Petroleum)
Energy ministers of the OAPEC member states during their meeting in Kuwait. (Egyptian Ministry of Petroleum)

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi unveiled on Sunday five Egyptian initiatives aimed at strengthening Arab energy security during the annual ministerial meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Kuwait.

The proposals include drafting an Arab Energy Interconnection Map for 2030 to identify priority projects in pipelines, reception terminals, crude oil transport and liquefied natural gas (LNG), he said.

He also called for establishing an Arab mechanism to coordinate emergency purchases of crude oil and LNG, including the exchange of cargoes when needed.

The minister stressed the importance of expanding cross-border energy storage to capitalize on the Arab world’s strategic depth amid geopolitical disruptions, supply-chain challenges, and rising shipping and insurance costs.

He further proposed launching a digital platform for member states to showcase investment opportunities across exploration and production, refining, petrochemicals, storage, trading, transportation, and new and renewable energy.

In addition, he suggested developing a unified Arab program for technical exchange and capacity building in operations, maintenance and environmental governance.

Badawi noted that Egypt has succeeded this year in stabilizing its domestic energy market by resuming exploration, development and production activities, following a package of investment incentives.

These measures have boosted investment inflows, particularly Arab capital. Egypt, he said, is targeting an ambitious program to increase discoveries and output, including drilling around 480 new wells over the next five years.

“The future of Arab energy can only be built through integrated efforts, unified visions and turning challenges into opportunities,” Badawi said, reaffirming Egypt’s commitment to joint Arab action.

Badawi headed Egypt’s delegation to the meeting, chaired by Dr. Tariq Sulaiman Al-Rumi, Kuwait’s Minister of Oil, and attended by Jamal Issa Al-Loughani, OAPEC Secretary General, along with ministers from member states.

The council’s final communique praised steps to restructure the organization and approve amendments paving the way for its new identity as the Arab Energy Organization, and commended members’ efforts on the Middle East Green Initiative and the circular carbon economy.

On the sidelines, Badawi held talks with Saad bin Sherida Al Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, focusing on expanding cooperation, increasing opportunities for Egyptian firms in Qatari energy and petrochemical projects, reviewing QatarEnergy’s investments in Egypt, and exploring partnerships in gas, LNG, energy transition and environmental sustainability.

Business

Gulf Development Boom Redefines the Consulting Industry

The consulting market in the Gulf is undergoing rapid transformation, driven by rising expectations, intensifying competition, and the pursuit of long-term value (Asharq Al-Awsat). 
The consulting market in the Gulf is undergoing rapid transformation, driven by rising expectations, intensifying competition, and the pursuit of long-term value (Asharq Al-Awsat). 
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Gulf Development Boom Redefines the Consulting Industry

The consulting market in the Gulf is undergoing rapid transformation, driven by rising expectations, intensifying competition, and the pursuit of long-term value (Asharq Al-Awsat). 
The consulting market in the Gulf is undergoing rapid transformation, driven by rising expectations, intensifying competition, and the pursuit of long-term value (Asharq Al-Awsat). 

The rapid acceleration of development programs across the Gulf, powered by national visions and landmark mega-projects, is transforming not only the region’s economies but also the consulting industry that supports them.

As governments and companies pursue unprecedented scale and ambition, they are increasingly seeking advisory partners capable of delivering measurable impact, practical execution, and long-term capability building, rather than strategies that remain confined to paper.

Recent studies indicate that as investment levels rise and expectations intensify, the central challenge is no longer the formulation of bold strategies, but their translation into tangible economic and institutional outcomes.

This shift has reshaped the consulting landscape, raising the bar for performance at a time when traditional advisory models are no longer sufficient. Clients now demand integrated solutions that generate real change, embed knowledge, and create value that extends well beyond theoretical recommendations.

According to a study by Strategy&, obtained by Asharq Al-Awsat, governments and companies across the region are increasingly prioritizing multidisciplinary expertise that combines global perspective with deep local understanding. In this new environment, a consulting firm’s credibility is defined by its ability to convert recommendations into measurable, on-the-ground results.

Jad Hajj, Managing Director and Regional Leader of Strategy& Middle East, part of the PricewaterhouseCoopers network, said ambitious transformation agendas will remain central to the region’s future.

“What distinguishes the current phase is the growing emphasis on sustainable value,” he said. “Governments and private-sector companies are looking for partners who can deliver outcomes, integrate knowledge transfer across the value chain, and bring a deep understanding of local priorities.”

The sector’s growth has attracted a broader range of players, from specialized local firms and in-house advisory teams within government entities and corporations, to technology companies offering innovative consulting services. This diversification is reshaping the market and intensifying competition. “This environment compels all participants to clearly demonstrate the value they bring,” Hajj added.

Mega-Projects and Integrated Ecosystems

Mega-projects and economic diversification initiatives across the Gulf underscore the importance of value creation in this phase, as they reshape regional economies at scale. The central challenge lies in execution, ensuring that investments translate into lasting economic impact by building integrated ecosystems, strengthening institutional and industrial capabilities, and embedding technology and artificial intelligence to support long-term growth.

These dynamics are most evident in Saudi Arabia, the largest and fastest-growing consulting market in the Gulf. Flagship developments such as the Red Sea destination and Qiddiya continue to advance the Kingdom’s diversification agenda and drive transformation across multiple sectors.

This fast-evolving environment requires consulting firms to strengthen coordination during execution, apply rigorous performance measurement, and deliver targeted insights aligned with national priorities to maximize impact.

“We are experiencing a fundamental transformation across all sectors, and consulting is no exception,” Hajj stated, adding: “Clients now expect a seamless link between strategy and execution, which requires close collaboration with local partners and sustained capability building. At the same time, innovations such as artificial intelligence are reshaping delivery models and governance to ensure lasting results.”

Technology and Gulf Talent

Artificial intelligence sits at the center of the consulting sector’s evolution, offering both efficiency gains and structural change. Hajj noted that AI enables faster and deeper analysis, allowing consultants to devote more time to stakeholder engagement and long-term strategic design.

AI is also narrowing the gap between strategy and execution by overcoming scale and capability constraints and enabling firms to provide practical tools that help clients implement strategies and track outcomes. While AI enhances speed and quality, Hajj emphasized that critical judgment, accountability, and sector insight remain core human responsibilities.

Alongside technological change, firms are investing in local talent development to ensure sustainable impact. Strategy& has launched initiatives such as the 10-month “Qadat Program for Gulf Nationals,” aimed at equipping high-potential graduates with hands-on experience and leadership skills to support national visions.

A Rapidly Evolving Market

The Gulf consulting market is undergoing rapid change, driven by higher expectations, intensifying competition, and a growing focus on long-term value. Success is no longer measured by advice alone, but by the tangible outcomes delivered and the capabilities embedded within organizations after projects conclude.

Hajj underlined: “This region is redefining what it means to be a trusted advisor... Clients expect measurable results, capability building, and sustained engagement. While the journey continues, this is a pivotal moment to contribute meaningfully to the region’s long-term ambitions.”