عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Greece Collaborate to Boost Sustainable Coastal, Marine Tourism

Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)
Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)
TT
TT

Saudi Arabia, Greece Collaborate to Boost Sustainable Coastal, Marine Tourism

Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)
Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)

Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signed Sunday an agreement for cooperation in sustainable coastal and marine tourism, on the sideline of the Coastal and Maritime Tourism Conference in Athens.

The Kingdom and Greece affirmed their commitment to the sustainable development of coastal and marine tourism in their countries.

The agreement dealt with exchanging knowledge and best practices in the field of investment, human capital development, training, event organization, marketing, and promotion to support sustainable coastal and marine tourism in Saudi Arabia and Greece.

The Saudi Minister described the agreement as “a positive step” between the two countries, and one of the fruits of international cooperation that will achieve a “more sustainable future for tourism and lead to addressing the repercussions of the pandemic on the global tourism sector.”

Khateeb stressed that the Kingdom is committed in its tourism projects to protecting the marine and coastal environment and supporting the sustainable development of the tourism sector.

For his part, the Greek minister said that coastal and marine tourism is the backbone of tourism offers in Greece, and protecting the ecosystems is a priority. He asserted he is looking forward to cooperating with the Kingdom to ensure the sustainable development of coastal and marine tourism in the two countries.

In May, the World Tourism Organization (UNWTO), a United Nations agency, chose Riyadh for its first regional office in the Middle East and outside the Madrid headquarters.

The Organization chose Riyadh to host its first-ever regional office following the Kingdom’s development of its tourism sector, noting the great Saudi support made during the coronavirus pandemic.

UNWTO described Saudi Arabia as one of its most active members during the past three years.

The new office will serve as a hub for UNWTO to coordinate policy and initiatives across its 13 member states in the region. This includes a number of tourism projects and products, among them the new “Best Tourism Villages by UNWTO”, launched on the occasion of the opening of the Regional Office.

Most Viewed

 
 
Business

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
TT
TT

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.