IMF Expects GCC Reserves to Grow by $300-$350 Bln in Three Years on Higher Oil Prices

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
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IMF Expects GCC Reserves to Grow by $300-$350 Bln in Three Years on Higher Oil Prices

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)

The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday.

The GCC - which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman - "will benefit from the increase in oil prices", Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, told Asharq TV.

Oil prices have risen about 60% from the start of the year as global demand recovers from the coronavirus pandemic.



Saudi Red Sea Authority Regulates Coastal Tourism and Attracts Investments

Saudi Red Sea Authority Regulates Coastal Tourism and Attracts Investments
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Saudi Red Sea Authority Regulates Coastal Tourism and Attracts Investments

Saudi Red Sea Authority Regulates Coastal Tourism and Attracts Investments

The Saudi Red Sea Authority (SRSA) launched a new media campaign on Sunday, highlighting its pioneering role in regulating and developing Saudi Arabia's coastal tourism sector.

Central to this effort is the introduction of a comprehensive set of regulatory frameworks and technical codes designed to reshape the sector's landscape and boost its appeal to tourists, operators, and investors alike.

The sector is boosted through the activation of the collaboration of across the public, private, and third sectors, besides the unmatched natural assets of Saudi Arabia's western coastline.

This campaign serves as a direct expression of SRSA's vision to empower the coastal tourism sector to grow in an organized and sustainable manner. It aims to foster an ideal environment both for tourists and practitioners, while creating a vibrant and transparent investment ecosystem.

The regulatory frameworks introduced by SRSA represent a first-of-its-kind legislative and operational foundation in the Kingdom, ensuring clarity, accessibility, and comprehensiveness. These regulations lay the groundwork for a safe, attractive, competitive, and sustainable coastal tourism experience.

Built on international best practices and tailored to the unique ecological and tourism diversity of Saudi Arabia's coasts, these regulations ensure the preservation and protection of the marine environment, marking a pivotal shift in shaping a new era for coastal tourism. They also contribute directly to the goals of Saudi Vision 2030, particularly in enhancing quality of life, diversifying the economy, and attracting high-value investments.

Through this media campaign, SRSA aims to raise awareness of its role as a leading regulator and enabler of the sector and to highlight the new regulatory environment created for tourists, practitioners, and investors.

The message is that the future of coastal tourism in Saudi Arabia begins here, where meticulous organization, smart regulation, promising opportunities, and robust sustainability converge.