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UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)
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UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)

The United Arab Emirates declared that 2020 will be the launchpad of preparations for the next 50 years, ahead of its milestone Golden Jubilee in 2021. The country is targeting the post-oil stage via a knowledge economy.

Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced that next year will be used to deliver a roadmap for the future and make preparations for grand celebrations to mark the 50th anniversary of the nation.

They ordered forming two UAE cabinet committees.

One committee, to be headed by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, with Mohammed al-Gergawi, Minister of Cabinet Affairs and the Future, serving as his deputy, will lay out a comprehensive development plan for the next 50 years. Its responsibilities will include developing vital sectors including health, education, housing, transport and food security across the country.

The committee will be tasked with mapping out the Emirates’ Golden Jubilee celebrations.

“The UAE approaches its Golden Jubilee in 2021, a new milestone that celebrates 50 years of our young country and begins the journey to the next 50 years. Preparations for our new journey start next year 2020. Together, we welcome 2020: Towards the next 50,” said Sheikh Mohammed bin Rashid on Saturday.

He added: “Today, we announce 2020: Towards the next 50. We shall develop our plans and projects and reinvent new ideas. 50 years ago, the founding fathers shaped our life today, and next year, we will shape the coming five decades for the future generations.”

“In 2020, we will work on making giants leaps in our economy, education, infrastructure, health and media to share the UAE’s new story with the world. Together, we will build the Emirates of the future in 2020 with the winning spirit of the union. Our development journey has no end,” he continued.

“We will work together as citizens and residents across all sectors towards the next 50. United, we can make significant changes and raise our aspirations. We want 2020, the year before our Golden Jubilee, to be similar to 1970 when a new journey was being drafted for this nation.”

The Abu Dhabi Crown Prince stated: “With the willpower and unity of our people, we will work tirelessly to achieve our goal in making the UAE among the best countries in the world by the UAE centennial in 2071.”

“Given the significant role of 2020 in preparing for an unprecedented developmental leap, the UAE's readiness for the next 50 years does not start today or next year. Rather, it goes back to the long-term developmental plans, visions and strategies established and implemented throughout different phases of the country's history,” he stressed.

“Today, we continue preparing and foreseeing the future and building a strong foundation to meet our goals with full confidence and persistence in a rapidly-changing world.”

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Business

Türkiye Cenbank Lifts Inflation Forecast, Pledges to Keep it Contained

Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)
Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)
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Türkiye Cenbank Lifts Inflation Forecast, Pledges to Keep it Contained

Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)
Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)

Türkiye's central bank nudged up its year-end inflation forecast to 38% on Thursday and governor Fatih Karahan said it would "do whatever it takes" to avoid any lasting deterioration in inflation as it maintains a tight monetary policy stance.
Presenting a quarterly inflation report, Karahan said annual inflation - which climbed to 69.8% in April - will peak this month at 75-76% after which a disinflation trend will take hold alongside cooling domestic demand.
The central bank raised its mid-point consumer price inflation (CPI) forecast for end-2024 to 38% from a previous 36%. Its forecast for end-2025 remains unchanged at 14%, while inflation is seen falling to 9% by the end of 2026.
Karahan said the central bank had raised its year-end forecast due to an unexpected additional 4 percentage-point rise in the first four months of the year.
The bank has aggressively raised rates by 4,150 basis points since last June but it kept the policy rate unchanged at 50% in April to allow its earlier monetary tightening, including a 500-point hike in March, to have an impact.
Karahan again pledged to tighten policy further if there is significant deterioration in inflation, which has soared for years, prompting a lingering cost-of-living crisis for Turks.
Analysts have said the bank has probably ended its nearly year-long tightening cycle, which marked a stark turnaround after years of unorthodox economic policy under President Recep Tayyip Erdogan, who in the past urged low rates despite rising prices.
A Reuters poll published last week showed inflation falling to 43.5% by the end of 2024. Central Bank Deputy Governor Cevdet Akcay said at Thursday's event that under the policy program it was not possible for inflation to end the year above 42%.
Karahan, who took the bank's reins in February, said leading indicators showed domestic demand was now following a more moderate trend than in the first quarter, and that the rate-hike cycle would cool demand more in the second half of the year.
At near 70%, annual inflation is the highest since late-2022.
The lira was mostly flat at 32.2325 to the dollar, near a record low, as the report was released.

Business

Gold Little Changed with US Economic Data on Tap

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Little Changed with US Economic Data on Tap

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices were little changed on Thursday as investors awaited US economic data including weekly jobless claims numbers that could offer more cues on when the Federal Reserve would deliver its interest rate cuts.
Spot gold was steady at $2,310.47 ounce, as of 0730 GMT. US gold futures lost 0.2% to $2,317.30.
The US weekly jobless claims data is due at 1230 GMT and the University of Michigan's consumer sentiment reading on Friday. The consumer price index data is scheduled to be released next week.
"Despite market expectations of a rate cut in September, gold traders are cautious about making big moves... If the US inflation report comes hotter, then prices could fall to $2,290," said Ajay Kedia, director at Kedia Commodities, Mumbai.
According to the CME's FedWatch Tool, traders are currently pricing in about a 66% chance of a Fed rate cut in September. Lower rates reduce the opportunity cost of holding bullion.
Fed Bank of Boston President Susan Collins said on Wednesday that the US economy needs to cool off to get inflation back to the central bank's 2% target.
"Looking ahead to the rest of 2024, the outlook for gold remains relatively positive," ACY Securities analyst Luca Santos said.
"There's even potential for it to break above $2,500, especially if economic conditions remain uncertain and geopolitical tensions persist."
Palestinian group Hamas said on Wednesday it was unwilling to make more concessions to Israel in negotiations over a ceasefire for Gaza.
China's exports and imports returned to growth in April, signaling an encouraging improvement in demand at home and overseas.
Spot silver gained 0.9% to $27.60 per ounce.
"Long-term view on silver remains positive. It can climb to $30 in the fourth quarter," Kedia said.
Platinum advanced 0.8% to $979.65 and palladium firmed 0.1% to $952.43.
Autocatalyst maker Johnson Matthey said the platinum market faces its largest supply shortfall in 10 years in 2024.

Business

Oil Rises on US Crude Storage Draw, China Imports Show Year-on-year Gain

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
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Oil Rises on US Crude Storage Draw, China Imports Show Year-on-year Gain

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)

Oil prices rose on Thursday as falling US crude inventories amid rising refinery intake and a year-on-year increase in Chinese imports last month supported higher demand expectations for the world's two largest crude consuming nations.
Brent crude futures for July rose 27 cents, or 0.3%, to $83.85 a barrel by 0650 GMT. US West Texas Intermediate crude for June was up 34 cents, or 0.4% to $79.33 per barrel.
"Oil markets were buoyed by a larger-than-expected draw in the US inventory data. The improved China's trade balance data added to the upside momentum," said Tina Teng, an independent market analyst, adding that crude prices may continue to track economic factors looking ahead.
Crude inventories in the US, the world's biggest oil user, dropped last week by 1.4 million barrels to 459.5 million barrels, according to the Energy Information Administration, more than analysts' expectations for a 1.1 million-barrel draw. Stockpiles fell as refinery activity increased by 307,000 barrels per day (bpd) in the period.
This caused gasoline stocks to swell by more than 900,000 barrels to 228 million barrels, while distillate stockpiles including diesel and heating oil rose by 600,000 barrels to 116.4 million barrels.
"The market shrugged off the builds in gasoline and distillate fuels as refiners ramp up for the upcoming driving season," analysts at ANZ Research said in a note on Thursday.
Shipments of crude in April to China, the world's biggest oil importer, were 44.72 million metric tons, or about 10.88 million bpd, according to China's customs data released on Thursday. That was up 5.45% from the relatively low 10.4 million bpd imported in April 2023.
Hopes for a ceasefire in the Israel-Hamas conflict Gaza kept oil prices from moving higher. The US said earlier in the week that negotiations should be able to close the gaps between Israel and Hamas.
"While there may be some short-term relief for oil prices, it may be difficult to return to April's high above the $90 per barrel level, where geopolitical tensions were at its peak," said Yeap Jun Rong, market strategist at IG.

Business

Saudi Banks Profit from Rising Lending, Deposit Volumes

One of the traders monitors the performance of stocks in the financial market (AFP)
One of the traders monitors the performance of stocks in the financial market (AFP)
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Saudi Banks Profit from Rising Lending, Deposit Volumes

One of the traders monitors the performance of stocks in the financial market (AFP)
One of the traders monitors the performance of stocks in the financial market (AFP)

Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits.

They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates.

By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).

This marks an increase of approximately 1.41 billion Saudi riyals ($376 million) compared to the same period in 2023, when net profits totaled 17.24 billion Saudi riyals ($4.6 billion).

In their financial reports on the Saudi stock market, Al Ahli Bank, also known as the Saudi National Bank (SNB), grabbed about 27% of total bank profits.

Their profits saw a slight uptick of 0.36%, reaching SAR5.04 billion compared to SAR5.022 billion in the same quarter last year, with an increase of SAR 18 million.

Al-Rajhi Bank came in second, marking its highest quarterly profits since its inception at SAR4.41 billion, a 6.27% increase from the previous year’s SAR4.15 billion in the first quarter.

Riyad Bank secured third place with profits of SAR2.07 billion in the first quarter of 2024, up by 2.63% from the same period in 2023.

Moreover, Bank Aljazira recorded the most significant growth rate in the quarter, soaring over 47%, with profits hitting SAR300 million compared to last year’s SAR204 million in the same period.

Discussing the rise in net profits of Saudi banks, financial analyst Abdullah Al-Kathiri credited it to their early expansion in lending and financing during years of low interest rates.

Speaking to Asharq Al-Awsat, Al-Kathiri highlighted the banks’ focus on long-term loans and mortgages tied to variable rates, which brought in high profits.

He also noted a recent surge in deposits across all banks, leading to increased lending. Al-Kathiri mentioned that many banks have exceeded the regulatory limit of 90% of deposits, some even reaching 105%.

To manage this, some banks increased their capital and issued bonds.

Business

Opening of European Chamber in Riyadh Signals New Partnership Era

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
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Opening of European Chamber in Riyadh Signals New Partnership Era

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.
The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) was inaugurated in Riyadh on Wednesday.

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA)  officially opened its doors in Riyadh on Wednesday, marking a new phase in trade and economic cooperation between Saudi Arabia and the EU.
The launch event was attended by distinguished guests, including Ibrahim Al-Mubarak, assistant minister of investment; Luigi Di Maio, EU special representative for the Gulf; and Christophe Farnaud, the EU ambassador to Saudi Arabia, Oman, and Bahrain.
Al-Mubarak highlighted how ECCKSA’s initiatives in Saudi Arabia align with the Kingdom’s national transformation plan, Vision 2030, focusing on creating new opportunities in non-oil sectors.
He noted that ECCKSA’s establishment will boost trade, investment, and cross-border cooperation, supporting the Kingdom’s economic diversification efforts.
Al-Mubarak also mentioned that over 300 European companies have been licensed to move their regional headquarters to Riyadh, with a target of attracting 480 such companies by 2030.
He added that foreign direct investment from Europe has doubled to around SAR 218.5 billion over the past five years.
On his part, Di Maio said that the establishment of the ECCKSA marks an important new chapter in the partnership between the EU and Saudi Arabia.
“I am convinced that this initiative will be key in bringing closer and in integrating our economies. The ECCKSA will certainly become a point of reference for European companies doing business in the Kingdom and Saudi companies looking for partners and markets in the EU,” said Di Maio.
“It will facilitate joint ventures and boost trade and investments. There is so much untapped potential and space to grow in our economic cooperation and I am confident that the next months and years will bring about more substantive and sustainable progress,” Di Maio added.
Apart from his prediction that the chamber would become a hub for European companies in Saudi Arabia, Di Maio stressed that it would help strengthen business connections and support Saudi Arabia’s economic diversification efforts under Vision 2030.

Business

Egypt's Annual Urban Consumer Price Inflation Decreased to 32.5% in April

A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany
A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt's Annual Urban Consumer Price Inflation Decreased to 32.5% in April

A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany
A man counts Egyptian notes outside bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany

Egypt's annual urban consumer price inflation rate decreased to 32.5% in April from 33.3% in March, slowing slightly more than analysts had expected, data from the country's statistics agency CAPMAS showed on Thursday.
Month-on-month, prices rose by 1.1% in March, up from 1.0% in February. Food prices declined in March by 0.9%, though they were 40.5% higher than a year ago.
A poll of 17 analysts had expected annual inflation to dip to a median 32.8%, continuing a slowing trend that started in September, when inflation reached a peak of 38.0%.
The central bank has tightened its monetary policy, hiking interest rates by 600 basis on March 6, the same day it signed a $8 billion financial support package with the International Monetary Fund and let the currency plummet.
Egypt promised the IMF in the March agreement it would resume tightening if necessary to prevent further erosion of the purchasing power of households.
The government last month also increased the price of a range of petrol, diesel and other fuels, part of a commitment made to the IMF.
Inflation has been elevated for the past year, driven largely by rapid growth in the money supply.

Business

Saudi Market: Strict Penalties Target Financial Manipulators

Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)
Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)
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Saudi Market: Strict Penalties Target Financial Manipulators

Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)
Since last year, the Saudi Arabian Capital Market Authority (CMA) has fined 39 investors with fines exceeding SAR 403 million (Asharq Al-Awsat)

Since its establishment in 2003, the Saudi Arabian Capital Market Authority (CMA) has been focused on protecting investors and creating a favorable investment atmosphere to boost confidence in the securities market.

This commitment is reflected in its ongoing efforts to track down and penalize those who have unlawfully profited from investment activities.

From 2023 to the end of May this year, the authority fined 39 investors a total of over 403 million Saudi riyals ($107.5 million). Last year, there were 17 violators, but in the first five months of this year, the number increased to 22.

Dr. Ahmed Al-Tamimi, a licensed lawyer specializing in securities and founder of “Al-Madina Law and Legal Consultancy Firm,” explained to Asharq Al-Awsat how investors break the rules and what punishments they face.

Al-Tamimi explained that manipulating stock prices by spreading false information or rumors is against Article 49 of the Capital Market Law and Articles 2, 3, and 8 of the Market Conduct Regulations.

The regulations prohibit anyone from intentionally creating a false impression about the market, prices, or value of a security to influence others to buy, sell, or refrain from trading that security.

Al-Tamimi highlighted actions like placing orders or trades on a security to create a false impression of trading activity or interest. This includes using technology to automate orders based on preset instructions.

He also mentioned tactics like setting predetermined prices for buying or selling, influencing opening or closing prices, and affecting the prices of other securities.

Al-Tamimi clarified that investors break rules by spreading rumors. This means sharing false information or opinions to manipulate the price or value of a security, whether it’s their own statement or someone else's.

He explained that trading with insider knowledge is covered by Article 50 of the Capital Market Law and Articles 4, 5, and 6 of the Market Conduct Regulations.

This involves information related to a security that could significantly impact its price or value if made public.

It’s against the rules for those with access to such information to trade or share it with others who might trade in the affected security.

According to Article 50, anyone with insider info due to family, work, or contracts (called the informed person) can’t trade or share that info expecting others to trade.

Al-Tamimi noted that the CMA not only directly protects citizens and investors but also sets up defenses.

According to Article 11 of the Market Conduct Regulations, financial institutions and registered individuals can't accept or execute orders if they suspect manipulation or insider trading.

They must notify the authority within three days if they reject an order. If suspicions arise after accepting an order, they must notify within three days of discovering the reasons. The authority also encourages reporting violations by offering financial rewards to whistleblowers for their protection.

Al-Tamimi explained that investors face penalties for actions like market manipulation, spreading rumors, or trading with insider information.

Penalties range from warnings to fines three times the gains made or losses avoided due to the violation, along with potential imprisonment for up to five years.

Moreover, Al-Tamimi warned investors against ignorance of market regulations, as it doesn’t excuse them from responsibility, especially if they manage their portfolios without proper authorization.

He also noted that affected investors can file complaints with the CMA and seek compensation through the Securities Dispute Resolution Committee.

Al-Tamimi stressed the CMA’s commitment to protecting citizens and investors from unfair or fraudulent practices in securities trading.

Business

Saudi Arabia Achieves Highest Evaluation Level in UN’s Competition Law Systems Report

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
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Saudi Arabia Achieves Highest Evaluation Level in UN’s Competition Law Systems Report

A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour
A general view of Riyadh city, Saudi Arabia, February 20, 2022. REUTERS/Mohammed Benmansour

Saudi Arabia has received global recognition from a UN commission for its robust legal framework and “very strong” competition law.

The Kingdom attained the highest evaluation level in the Competition Law Systems Report for 2023, issued by the UN Economic and Social Commission for Western Asia, surpassing the “developed” level achieved in 2020, SPA reported.

The Kingdom achieved a perfect score of seven in the index concerning regulatory frameworks for economic concentration operations.

Saad Al-Masoud, the spokesperson for the General Authority for Competition, affirmed that this advancement reflects the support GAC receives from the wise leadership to achieve the goals of Vision 2030 programs.

He said the objectives aim to improve a sustainable business atmosphere, foster economic growth, and advance consumer welfare.

Al-Masoud noted that this achievement is the result of significant developments in several areas, including laws combating monopolistic practices and anti-competitive agreements, as well as his authority’s efforts to review economic concentrations.

He also said that several additional factors have contributed to upholding the competitive landscape of the business sector, ensuring fairness, transparency, and adherence to reasonable competition regulations.

An initial competition system was established in Saudi Arabia in 2004, and in October 2017 the Kingdom’s Council of Ministers endorsed the change of the name to the GAC and a new organizational structure.

The authority was also made a financially and administratively independent entity, and in March 2019, another royal decree was issued approving the updated competition system.

Business

NEOM Announces Jaumur, Cosmopolitan Marina Community

NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)
NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)
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NEOM Announces Jaumur, Cosmopolitan Marina Community

NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)
NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle. (SPA)

The Board of Directors of NEOM unveiled Jaumur, the largest cosmopolitan luxury community on the coast of the Gulf of Aqaba, designed to serve the highest standards of future livability and active lifestyle.

This new addition promises a unique blend of experiences on both land and sea, complementing NEOM's evolving regional development in northwest Saudi Arabia, said NEOM in a statement on Wednesday.

Jaumur is an exclusive residential community thoughtfully master-planned around an inspiring marina with the capacity to house more than 6,000 residents. Embedded into the varied topography of the Gulf of Aqaba coast, it features 500 marina apartments and nearly 700 luxury villas, boasting waterfront access and private mooring.

Two distinctive destination hotels within Jaumur offer 350 luxurious rooms and suites, inviting guests to enjoy the breathtaking views and embrace all aspects of modern coastal hospitality and sporting activities.

The marina serves as the focal point of the development, the beating heart around which the vibrant community of Jaumur thrives. A 1.5-kilometre aerofoil rises above the largest yacht berths, providing year-round protection for yacht owners and a haven for the marina's residents and guests.

The aerofoil incorporates a gravity-defying cantilever to form a stunning entrance to the marina to welcome the world's largest superyachts. The sculptural structure is a landmark that is the perfect base for all the marina attractions for committed yachting enthusiasts and adventure-seeking guests seeking personalized experiences.

The marina promenade will be a place alive with entertainment, leisure, and cultural experiences. It will host year-round arts events and performance programs, complemented by signature retail stores and world-class dining options.

Jaumur's commitment to innovation and learning is embodied in the development of a state-of-the-art deep-sea research center and a top-tier international boarding school. The research institute is dedicated to deep-sea exploration, welcoming established experts and ambitious pioneers to champion marine discovery, knowledge and conservation and establish NEOM as a world-leading hub for oceanographic research.

The international boarding school will attract select students from around the world, preparing them for global achievement through an exclusive, progressive, broad-based education delivered by a diverse international faculty of experts and innovators.

Jaumur's unique architectural design integrates water where golden sands meet the deep blue of the Gulf of Aqaba. It is a luxury destination to visit, explore, live and prosper: an opportunity to become part of a dynamic community.

Jaumur follows the recent announcements of Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor, Elanan, Gidori, and Treyam as sustainable tourism destinations within the Gulf of Aqaba, all woven together by NEOM's commitment to sustainable progress.

Business

Saudi Arabia Expands E-visa Accessibility to Include Nationals of Three More Countries

A general view of the Saudi capital Riyadh. (AP)
A general view of the Saudi capital Riyadh. (AP)
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Saudi Arabia Expands E-visa Accessibility to Include Nationals of Three More Countries

A general view of the Saudi capital Riyadh. (AP)
A general view of the Saudi capital Riyadh. (AP)

Saudi Arabia has broadened its electronic visa (E-visa) accessibility to include citizens from three new countries: Barbados, the Commonwealth of The Bahamas, and Grenada. The citizens of these countries now have the flexibility to apply for their visas online or acquire them upon arrival at Saudi entry points. This expansion increases the total number of eligible countries to 66.
The initiative is a significant part of the Ministry of Tourism’s strategic endeavours to enhance the Kingdom’s global connectivity, stimulate economic diversification, and achieve the ambitious goals outlined in Vision 2030’s tourism sector. These goals include increasing the tourism industry’s contribution to the GDP beyond 10% and creating one million jobs, SPA reported.
In addition to citizens from the newly included countries, the tourist visa has been extended to seven additional categories. These categories include residents of the US, the UK, and the EU, as well as visit visa holders from the US, UK, and the Schengen area. Furthermore, residents of GCC countries are eligible for the visa, facilitating various travel purposes such as tourism, Umrah pilgrimage, visiting family and friends, and participating in a range of events, exhibitions, and conferences. Saudi Arabia has also introduced transit visas for travellers on Saudia and flynas airlines, allowing a 96-hour stay in the Kingdom before continuing their journey.
The Ministry of Tourism introduced the visit visa in September 2019 as part of a broader initiative to showcase Saudi Arabia’s rich tourist offerings, engage visitors in cultural experiences and promote international interaction.
The E-visit visa system will be expanded in the future to include more countries and regions. This progression will go hand in hand with the continuous development and expansion of the Kingdom’s tourism sector infrastructure.