G20 Tourism Ministers to Explore Opportunities to Boost Industry

G20 Tourism Ministers to Explore Opportunities to Boost Industry
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G20 Tourism Ministers to Explore Opportunities to Boost Industry

G20 Tourism Ministers to Explore Opportunities to Boost Industry

Tourism ministers of the Group of 20 major economies agreed on Friday to explore capacity programs in the tourism industry to help the global economy recover from the coronavirus pandemic.

“We will explore opportunities such as capacity building programs in travel and tourism to help the world economy recover, and help the sector become more inclusive, robust, and resilient,” the ministers said in a statement after holding their first extraordinary meeting hosted by the group's current president Saudi Arabia.

The G20 Tourism Working Group was also tasked with finding ways to stimulate a recovery in the sector, the statement said following the virtual meeting.

The ministers tasked the Group ahead of the tourism ministers’ meeting in Saudi Arabia on October 7, “to identify challenges to the sector that have arisen from the crisis, to develop and share further targeted responses to stimulate recovery, and to identify ways to improve resiliency in the sector.”

“Travel and tourism is one of the most heavily affected sectors by the COVID-19 pandemic, with preliminary estimates from the Organization for Economic Co-operation and Development (OECD) indicating a 45% decline in international tourism in 2020, which could rise to 70% if recovery efforts are delayed until September,” said the statement.

“The World Travel & Tourism Council (WTTC) has estimated that up to 75 million jobs are at risk in this labor-intensive sector,” it added.



Bahrain’s Investcorp Announces Major Changes in its Executive Team

Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
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Bahrain’s Investcorp Announces Major Changes in its Executive Team

Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)

Bahrain’s Investcorp, a leading global alternative investment firm, announced on Monday a major change in its executive leadership team, saying that co-CEO Hazem Ben-Gacem will leave after 30 years as the company embarks on a major management reshuffle in an effort to boost returns.

In a statement, Investcorp said co-CEO Rishi Kapoor had been appointed vice chairman and chief investment officer while Executive Chairman Mohammed Alardhi would assume additional responsibilities previously undertaken by the co-CEOs.

The group has more than $52 billion in assets under management and is known for taking luxury brands public.

Ben-Gacem will leave Investcorp effective Nov. 1, but will continue as vice chairman of investment unit Investcorp Capital, the company said.

As part of the shake-up, Investcorp said it had consolidated and organized its investment activities in three units.

Dave Tayeh is taking the helm of Private Equity and Private Equity like, Herb Myers and Mike O'Brien will be in charge of Real Assets, and Jeremy Ghose will lead the Credit business.

Yusef Al-Yusef will be leading the Global Distribution Platform.

Mohammed Alardhi, Executive Chairman at Investcorp, said: “As we increase our focus on leveraging the strength of our existing investment platform, we recognize it is the right time to broaden our executive leadership to support our future growth plans.”

“Rishi and Hazem have helped lead our business from strength to strength in the last several years after we launched our growth journey,” he added.