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Saudi Arabia to Establish Global Tourism Academy

Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo
Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo
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Saudi Arabia to Establish Global Tourism Academy

Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo
Visitors walk outside the tombs at the Madain Saleh antiquities site, AlUla, Saudi Arabia. Reuters file photo

Saudi Arabia will open a regional office for the United Nations World Tourism Organization (UNWTO) in Riyadh as well as a global academy for tourism training, Minister of Tourism Ahmed al-Khateeb has announced.

Khateeb indicated Wednesday that this move would improve the quality of services provided to tourists.

According to the minister, the academy will have standards that enable it to be among the best in the world.

The Minister said the Kingdom, during its presidency of the G20, sought to address the concerns of all stakeholders in the region with regard to the future of tourism.

The Kingdom has put in place initiatives for the recovery of the global tourism sector, which was the worst hit from the coronavirus pandemic, according to Khateeb.

Saudi Arabia has launched a local initiative to revive the domestic tourism sector covering eight destinations within the Kingdom.

This has been welcomed by citizens and expatriates, Khatib noted, including the UNWTO secretary general who praised the initiative during his visit to the Kingdom last week when he toured a number of Saudi summer destinations.

Khateeb hoped that the Kingdom, together with UNWTO, would launch a set of initiatives to develop the tourism sector in the region.

The Minister also pointed out that the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and the government approved the Ministry’s move to open the regional office and the academy.

Majid al-Hokair, head of the Tourism Committee at the Riyadh Chamber of Commerce and Industry, told Asharq Al-Awsat that the Kingdom is making great progress in tourism as a source of major revenue.

Hokair said it is imperative to train professionals in hospitality, which creates great employment opportunities for both men and women.

He estimated the size of the tourism sector in the Kingdom at $40 billion, expecting larger numbers of tourists seeking to discover different destinations in the Kingdom next year.

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Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
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Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights

Global credit ratings agency Fitch on Friday revised its outlook on Italy to 'positive' from 'stable', citing recent improvements in the fiscal performance of the euro zone's third largest economy and its commitment to EU budget regulations.
The upgrade to the outlook is a boost to Prime Minister Giorgia Meloni's government and comes shortly after Rome reached an agreement with the European Commission on a seven-year budget adjustment, said Reuters.
"Italy's fiscal credibility has increased, and the 2025 budget underscores the government's commitment to EU fiscal rules," Fitch said in a statement.
The agency confirmed Italy's rating at 'BBB'.
In June, the Commission placed Italy and six other countries under a disciplinary procedure due to high budget deficits. Italy's 2023 shortfall came in at 7.2% of gross domestic product, the highest in the 20-nation euro zone.
However, last month the Italian government revised down its targets for the deficit this year and next, to 3.8% and 3.3% of GDP respectively, and said the deficit would fall below the EU’s 3% limit in 2026.
"The judgments of the ratings agencies are the result of the responsible actions of this government and they underscore Italy's credibility," Economy Minister Giancarlo Giorgetti said in a statement after Fitch's announcement.
Earlier on Friday, S&P Global confirmed its rating on Italy at 'BBB' and left the outlook at 'stable'.
RISING DEBT
Despite the narrowing annual budget deficits, Italy's debt, proportionally the second highest in the euro zone, is forecast by the government to climb from 134.8% of gross domestic product last year to 137.8% in 2026, before gradually declining.
The Treasury says the projected increase is due to costly home renovation incentives adopted during the COVID-19 pandemic, known as the Superbonus scheme.
The premium investors pay to hold Italian government bonds over top-rated German ones narrowed on Friday to around 116 basis points, the lowest level since end-2021.
Analysts said earlier this week that positive news from any of the ratings agencies due to review Italy could trigger a further narrowing of the yield spread against Germany.
Fitch said its revision to Italy's outlook was also driven by "signs of stronger potential growth and a more stable political context."
The Italian economy expanded by 0.7% in 2023, and most analysts expect a similar modest growth rate this year, slightly below the government's official 1% target.
Meloni, who took office two years ago, retains high approval ratings and opinion polls show her right-wing Brothers of Italy party is comfortably the largest in Italy, with popular support of almost 30%, up from the 26% it won at the 2022 election.
Italy faces further credit rating reviews by Moody's, DBRS and Scope Ratings over the next few weeks up to No. 29.