عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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).
TT
20
TT

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.

Most Viewed

 
Business

Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
TT
20
TT

Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.