Riyadh Governor: Saudi Arabia Ranked among World’s Top Economies

A panel discussion at the Riyadh Economic Forum. (SPA)
A panel discussion at the Riyadh Economic Forum. (SPA)
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Riyadh Governor: Saudi Arabia Ranked among World’s Top Economies

A panel discussion at the Riyadh Economic Forum. (SPA)
A panel discussion at the Riyadh Economic Forum. (SPA)

The progressive policies of Custodian of the Two Holy Mosques King Salman bin Abdulaziz have paved the way for Saudi Arabia to become among the world’s top economies, said to Riyadh Governor Prince Faisal bin Bandar.

Under the patronage of King Salman, Prince Faisal inaugurated on Monday the eighth edition of the "Riyadh Economic Forum" at the King Faisal Hall, where he addressed over 300 delegates.

The event is held under the theme “Plan Today for Tomorrow’s Economy” and is sponsored by the Riyadh Chamber of Commerce and Industry.

Prince Faisal stated that the government’s support to the private sector reflects its trust in its vital role in the economic development of the Kingdom and activating its role in facilitating economic reforms and development goals embodied in Vision 2030.

The Riyadh governor said the recent economic reforms introduced in the Kingdom under the "wise leadership of King Salman” created a conducive climate for the growth of the Kingdom’s economy and enhancement of investments.

The importance of the eighth edition of the forum can be noticed in the changes in Saudi Arabia’s national economy, such as in restructuring, building an economic base on diversifying sources of income, optimizing the Kingdom's natural and human resources and integrating the philosophy of innovation and technological knowledge in production.

During the first session of the forum, adviser to the Ministry of Energy, Industry and Mineral Resources Abdullah al- Dabbagh chaired a debate panel on a study on mineral resources and investments. The discussion saw the participation of partner and board member of al-Kifah Holding Saleh Bin Hassan Abdullah al-Afaleq and CEO of Saudi Arabian Mining Company (Ma'aden) Khaled bin Saleh al-Mudaifer.

Saudi economic circles and public and private sectors consider the Riyadh Economic Forum an important economic event given that it focuses on the in-depth research of the national economy and its main problems.

The forum also addresses the government's efforts to achieve Vision 2030, as well as efforts to raise the efficiency of the national economy against local, regional and global economic challenges.

Additionally, the Riyadh Economic Forum aims to promote the effective partnership between the public and private sectors.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
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Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.