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Saudi Arabia to Allocate $100 Million for 1st Global Tourism Fund

Saudi Arabia hosts the first global summit with wide international participation to discuss the recovery of the tourism sector internationally (Asharq Al-Awsat).
Saudi Arabia hosts the first global summit with wide international participation to discuss the recovery of the tourism sector internationally (Asharq Al-Awsat).
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Saudi Arabia to Allocate $100 Million for 1st Global Tourism Fund

Saudi Arabia hosts the first global summit with wide international participation to discuss the recovery of the tourism sector internationally (Asharq Al-Awsat).
Saudi Arabia hosts the first global summit with wide international participation to discuss the recovery of the tourism sector internationally (Asharq Al-Awsat).

In partnership with the World Bank, Saudi Arabia made a pledge of USD100 million for the establishment of a global fund to support tourism, as the first international fund of its kind to stimulate the sector’s post-pandemic growth.

The announcement came during a summit launched on Wednesday in Riyadh with the participation of tourism ministers and relevant international organizations, to discuss ways to reshape the future of tourism that has collapsed with the outbreak of the COVID-19 pandemic.

Saudi Minister of Tourism Ahmed Al-Khatib stressed that the Kingdom, through its contribution to the establishment of the International Fund for Comprehensive Tourism in cooperation with the World Bank, aims to support human capabilities to make the most of the sector for a more sustainable future, a step that promotes tourism while preserving the local environment.

Khatib underlined the importance of achieving sustainability in the sector in all areas, especially the environment, pointing to the need for sustainable financial resources by diversifying income and investment returns.

“We must rebuild tourism and make it more resilient in the face of crises, to overcome the challenges of the past 14 months, during which many jobs were lost in the sector,” the Saudi minister told the conference.

He also emphasized the importance of global exchange and coordination under the umbrella of the World Tourism Organization (WTO), calling for the development of a unified protocol to facilitate travel.

The minister said that the NEOM project is a destination that offers the world an environmentally friendly sustainable development model, as it offers a transport system free of carbon emissions. Other projects, including the Red Sea, exclusively rely on clean energy, he remarked, noting that Saudi Arabia has also adopted the Green Middle East Initiative to plant billions of trees.

Secretary-General of the World Tourism Organization Zurab Pololikashvili hoped the sector would regain its health and growth.

“We are here in Riyadh with senior officials and ministers from around the world to inject many ideas and have the ability to answer many difficult questions, so that we can re-launch tourism safely,” he said.

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Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)
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Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)

Saudi Arabia has started implementing an international customs system that facilitates the temporary import of goods for up to one year without the need to pay any fees, taxes, or undergo customs procedures.

In June, the Zakat, Tax, and Customs Authority started accepting the ATA Carnet temporary admission document at all its land, sea, and air customs points. This step is part of the Kingdom's commitment to the Istanbul Convention on Temporary Admission, supporting the business sector and enhancing Saudi Arabia's status as a global destination for events, exhibitions, and activities.

On Thursday, the Federation of Saudi Chambers announced the issuance of the first ATA Carnet since the official adoption of this system, making Saudi Arabia the 80th country worldwide to implement this international customs system. The document was delivered to Swiss company Richemont.

Logistics expert Zaid Al-Jarba told Asharq Al-Awsat that adopting the ATA Carnet system is a pivotal step in enhancing Saudi Arabia’s logistics environment, adding that the move aligns with the Kingdom’s national transportation and logistics strategy, facilitating international trade by streamlining customs procedures.

He stressed that this system strengthens the country’s infrastructure readiness, supports the growth of the logistics services sector, increases Saudi Arabia’s global competitiveness, and boosts its ability to attract and host international events and exhibitions.

Businesses and interested parties can apply for the ATA Carnet through the Federation’s website and collect it from their headquarters in Riyadh.

The Zakat, Tax, and Customs Authority clarified when announcing the start of the ATA Carnet that eligible goods include items intended for display or use in exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial operations. Additionally, goods imported for educational, scientific, or cultural purposes can also be temporarily admitted under the system.

The Federation of Saudi Chambers has been designated as the authorized guarantor in the Kingdom for the ATA Carnet, approved by the Zakat, Tax, and Customs Authority. The Federation is also the issuing body, with the right to delegate others. Beneficiaries can import goods temporarily under the ATA Carnet without needing to provide financial guarantees.