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Saudi Arabia Issues Regulations Governing Tourist Visas

Saudi Arabia discloses new regulations for tourist visas in the framework of achieving the objectives of developing the sector within Kingdom Vision 2030 (Asharq Al-Awsat)
Saudi Arabia discloses new regulations for tourist visas in the framework of achieving the objectives of developing the sector within Kingdom Vision 2030 (Asharq Al-Awsat)
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Saudi Arabia Issues Regulations Governing Tourist Visas

Saudi Arabia discloses new regulations for tourist visas in the framework of achieving the objectives of developing the sector within Kingdom Vision 2030 (Asharq Al-Awsat)
Saudi Arabia discloses new regulations for tourist visas in the framework of achieving the objectives of developing the sector within Kingdom Vision 2030 (Asharq Al-Awsat)

Saudi Arabia’s new plan for regulating tourism visas, which includes 13 items, aligns with the Kingdom’s efforts to develop the tourism sector and the objectives of Kingdom Vision 2030, according to experts.

Single-entry visas are valid for three months and multiple-entry visas last for one year. The single-entry option allows travelers to stay in Saudi Arabia for a maximum of one month, while there is a 90-day length of stay for multiple-entry visas. Applicants cannot specify which option they want — this will be decided on a case by case basis by the Ministry of Foreign Affairs.

Economists believe that the new regulation is flexible and contributes to revitalizing the tourism sector in an adaptable and disciplined manner.

Faisal Al-Fadel, Saudi Shura Council member, said that the tourism sector is one of the offshoots of economic development and one of the most important sectors that generate direct and indirect job opportunities and contributes to promoting comprehensive development.

“New regulations are important in that they contribute to the development of the economy and encourage tourism and investments in the Kingdom,” Al-Fadel told Asharq Al-Awsat.

Al-Fadel added that Saudi Arabia has taken great and rapid steps in developing its tourism sector and has become an important global destination.

He also pointed out that the geographical location of the Kingdom contributes significantly to increasing the number of tourists in the coming years.

Al-Fadel reiterated that new regulations and legislation are of great importance in opening the way for everyone to visit and enjoy Saudi Arabia.

Moreover, Al-Fadel said that regulations directly contribute to advancing the goals of Vision 2030 and promoting tourism in Saudi Arabia.

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FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.