عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Develops 33 Tools to Protect National Products

The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)
TT
20
TT

Saudi Arabia Develops 33 Tools to Protect National Products

The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the Saudi market has contributed to building strong local industries that compete in international markets, adding that work was underway to develop 33 tools that limit unfair competition practices.

Saudi Arabia joined the World Trade Organization (WTO) in 2005 in a historic step aimed at increasing domestic and foreign investments, creating job opportunities for citizens, and facilitating the access of Saudi products and services to international markets.

Al-Khorayef pointed to the presence of several incentive programs and initiatives that support entrepreneurs to enter the industrial sector, highlighting opportunities offered by the industry and mineral wealth system to SMEs to enable entrepreneurs to conduct their business with ease.

The minister’s comments came on Sunday during the activities of the Industry Week, which is organized by the General Authority for Small and Medium Enterprises in Riyadh.

During the dialogue session, the minister of Industry and Mineral Resources revealed opportunities and possibilities offered by the system to SMEs and women entrepreneurs to launch their projects in the industrial sector.

He also underlined the efforts deployed by the government and private sectors to push the pace of work in the industrial sector, in addition to the programs and initiatives presented to this sector by various relevant government agencies.

Meanwhile, a report issued by the Saudi Ministry of Investment showed that the number of new foreign investment licenses recorded an increase of 673.4 percent during the second quarter of 2022 on an annual basis.

It noted that the number of investment licenses issued in the second quarter of 2022 amounted to 4,455, compared to 576 licenses in the same period in 2021.

According to the report, the number of investment licenses reached 9,383 in the first quarter of 2022, compared to 2,085 licenses in the fourth quarter of 2021.

The increase in the number of licenses is a result of the state’s efforts to promote foreign direct investment, in addition to correcting the conditions of violators of the anti-commercial cover-up system, as part of a program launched by the Ministry of Commerce to eliminate commercial concealment and limit the spread of commercial fraud in cooperation with 10 government agencies, according to the report.

Most Viewed

 
Business

Attractive Environment Drives Surge in Private Tourism Facilities in Saudi Arabia

Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
TT
20
TT

Attractive Environment Drives Surge in Private Tourism Facilities in Saudi Arabia

Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
Visitors flock to one of the events of “Riyadh Season 2024” (SPA)

As Saudi Arabia experiences a surge in visitor numbers, there is a growing need to expand tourism infrastructure to keep up with demand.

In this context, the private facilities sector has emerged as a practical solution, contributing positively to increasing the income of local citizens who own these facilities.

This growth is reflected in the significant rise in the number of licenses granted by the Ministry of Tourism, which saw an increase of 333% in 2024 compared to the previous year.

In January, the Ministry of Tourism announced a new mandate requiring booking platforms and apps to exclude or refrain from listing unlicensed private hospitality facilities.

This move aims to ensure the quality of services provided to both local and international tourists across the Kingdom. The Ministry warned that any platforms violating this directive would face penalties.

This initiative is part of a campaign which seeks to enforce compliance with tourism licensing standards and regulations, ensuring facilities meet the criteria outlined in the Kingdom's Tourism Law and its accompanying regulations.

According to preliminary data from the Ministry of Tourism, the number of licenses issued for private hospitality facilities reached 8,357 last year, compared to 1,929 licenses in 2023.

Under the Kingdom’s Tourism Law, a private hospitality facility is defined as “any furnished and independent property unit, owned by an individual, licensed by the Ministry of Tourism, and offering daily accommodation services for a fee.”

Ministry spokesperson Mohammed Al Rasasimah emphasized that the growing number of licenses issued for private hospitality facilities reflects the ministry’s commitment to enabling individual investors in the hospitality sector to obtain the necessary operating licenses.

This initiative aims to enhance the quality of services provided.

He added that these efforts are part of the "Guests Are Our Priority" campaign, which seeks to strengthen compliance with licensing and classification standards and ensure facilities meet the conditions set out in the Tourism Law and its regulations.

Dr. Salem Baajajah, an economic expert and professor at King Abdulaziz University, told Asharq Al-Awsat that the significant growth in hospitality and tourism facilities is a result of the Ministry of Tourism's efforts to attract foreign investors.

He added that this expansion reflects a growing demand from international investors seeking to capitalize on opportunities in Saudi Arabia, aligned with the Kingdom’s Vision 2030 goal of increasing the number of tourists visiting Saudi Arabia.

He further explained that the tourism sector is experiencing notable growth, contributing to higher revenues for local citizens.