Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)
The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)
TT

Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)
The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)

The Saudi Future Investment Initiative Institute (FII) announced it concluded an agreement to boost the tourism sector. It organized the "Priority Summit" in New York on the sidelines of the 77th session of the United Nations General Assembly.

CEO Richard Attias presented the global survey results aimed at determining the most critical priority for each individual.

The results revealed the priority in terms of population and continental composition to build an innovative roadmap to help humanity transition to assist humanity in surviving and thriving in a new complex world.

- A different experience

Attias explained that the Foundation made this report in 13 countries to understand the recent trends, which can monitor the emerging economies of the countries that represent approximately 50 percent of the population and see them on the map shown for the nations.

"In the ten main findings of the report, we noticed that people are very positive about themselves, as 77% of normal people in countries were going in the right direction," the CEO was quoted by SPA.

He pointed out that another analysis was done that shows the relationship between optimism and GDP that can gradually improve the citizen's outlook by paying attention to his priorities.

He reported that 53 percent of high-income countries enjoy a nutritionally better life.

- Quality of life

Saudi Minister of Investment Khalid al-Falih addressed the priority sectors in investment after the economic transformation the world is witnessing, highlighting the Kingdom's efforts and plans to invest in industries that focus on improving the quality of life.

The minister stressed that technology has a significant and fundamental impact on investing, living, and the interaction mechanisms between companies.

"In light of the outbreak of the epidemic, it has been proven that the use of technology is important to deal with the challenges we face and provide opportunities for investors," Falih said.

- Companies and individuals

Speaking at the summit, the governor of the Public Investment Fund (PIF) and Chairman of the Board of Directors of Saudi Aramco, Yasir al-Rumayyan, discussed the role of companies and investors in supporting the most critical priorities of individuals.

During a plenary session with the Honorary President of the University of Pennsylvania, Judith Rodin, he disclosed the difference between a crisis management approach and a crisis management approach that causes other crises.

PIF plays a significant role in stimulating the Saudi economy, noted Rumayyan, noting that the Fund has an initiative dedicated to ensuring the achievement of the goals set in the Vision Realization Program.

- Tourism development

The Saudi Tourism Development Fund and the FII signed a strategic partnership agreement to work together in advancing projects and initiatives in line with the Institute's core focus areas.

It will also support the curation of the upcoming sixth edition of the FII forum, which will be held in Riyadh from October 25-27 under the theme of "Impact on Humanity: Enabling a New Global Order."

The CEO of the Fund, Qusai al-Fakhri, explained that the partnership with FII will enhance efforts between the two parties and seek jointly to encourage and support investment in the tourism sector in Saudi Arabia.

"We look forward to exploring together how the face of tourism is changing and how we can work with global efforts to make tourism growth sustainable," said Fakhri.

The Fund's partnership with FII is a testament to the Fund's enthusiasm to contribute to the Institute's work and its investment in the four essential pillars of Sustainability, Healthcare, Education, Artificial Intelligence, and Robotics, on which the Institute was founded.

The Tourism Development Fund was established to empower one of Saudi Arabia's most rapidly growing industries. It aims to facilitate local and international investors access to tourism investments across the Kingdom.

The Fund's efforts align with Saudi Arabia's bold ambition to bolster the country's reputation as a top tourist destination.

- Foreign Trade

Furthermore, the Minister of Commerce and Chairman of the Board of Directors of the Saudi General Authority for Foreign Trade, Majid al-Qasabi, held bilateral meetings in Bali on the sidelines of the G20 working group on commerce, investment, and industry.

Qasabi with ministers of trade of Türkiye, India, Argentina, South Africa, and Russia.

During the meetings, opportunities for cooperation on investment and industry and an increase in trade exchanges were reviewed.



Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
TT

Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)

Saudi Arabia has expanded its electronic tourist visa program by adding four countries to the list of eligible nationalities: Mexico, North Macedonia, Serbia, and Bosnia and Herzegovina.

The Ministry of Tourism said the move is part of ongoing efforts to facilitate travel to the Kingdom for visitors from around the world, allowing citizens of the newly added countries to apply electronically for tourist visit visas.

The tourist visa also permits holders to attend events, perform Umrah, visit exhibitions and conferences, and visit relatives and friends, in accordance with applicable regulations and instructions.


50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)
TT

50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)

Long-term real estate investment models are opening new opportunities for Saudi Arabia's private sector, as the Kingdom seeks to expand partnerships with investors to develop municipal assets and transform them into mixed-use projects.

The approach is expected to enhance the appeal of the real estate market, create investment opportunities spanning decades, and attract domestic and international capital to urban development. It also aims to improve land-use efficiency, maximize the economic value of municipal assets and increase housing supply.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP (NCP) announced the launch of the expression of interest, prequalification and proposal submission phases for a joint land investment project in northern Riyadh.

The project involves developing a plot of municipal land under a 50-year partnership with the private sector, marking the municipality's first initiative under this joint investment model.

The private-sector partner will be responsible for designing, constructing, operating and maintaining all project facilities.

Located on Zaid bin Asim Street, the strategically positioned 30,015-square-meter site benefits from flexible urban planning regulations that allow for mixed-use development, including residential, commercial, office and recreational facilities.

The project aims to deliver high-quality developments that meet growing demand, serve local residents and community needs, and strengthen Riyadh's urban infrastructure.

Long-Term Investment Strategies

Offering investment opportunities through contracts extending up to 50 years represents a shift in how Saudi Arabia develops government-owned real estate assets.

The model gives private-sector investors a longer timeframe to develop projects and implement long-term investment strategies, overcoming some of the limitations associated with short- and medium-term contracts.

It also strengthens investors' ability to undertake financial and operational planning, allowing them to recover development costs and generate investment returns over a longer period.

This could make such opportunities more attractive to real estate companies and institutional investors.

The project forms part of Riyadh Region Municipality's strategy to improve the efficiency of municipal asset management, expand private-sector participation in urban development and attract high-value investments.

These efforts are intended to promote sustainable urban development, keep pace with the capital's rapid growth and advance Saudi Vision 2030 objectives, in line with the municipality's ambition to help create a prosperous, sustainable Riyadh with a higher quality of life.

Project Sustainability

Real estate expert Khaled al-Mobid said the launch of a 50-year investment project in Riyadh's Al-Narjis district represents an important step toward enabling the private sector to develop real estate assets and transform them into sustainable projects with substantial economic value.

Speaking to Asharq Al-Awsat, he explained that the extended investment period encourages developers to improve construction quality and services while enhancing the financial viability of projects.

He added that the model could help diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Al-Mobid said the project's significance lies less in its immediate impact on property prices than in its potential to establish a replicable investment model.

Such a model, he noted, could gradually increase supply, strengthen competition and contribute to greater price stability across Riyadh's real estate market.

Diversifying Real Estate Supply

Real estate developer Ahmed Omar Basoudan said the importance of these contracts extends beyond simply making land available to investors.

They also create opportunities to develop integrated real estate assets combining residential, commercial, office and recreational uses, increasing the economic value of land and improving its utilization.

Speaking to Asharq Al-Awsat, Basoudan explained that bringing design, construction, operation and maintenance together under a single investment framework allows for more integrated developments.

It also creates a stronger link between construction quality, operational efficiency and long-term sustainability.

At the broader market level, he said, the model could help diversify real estate offerings, particularly in major cities experiencing rapid urban expansion and rising demand for residential, commercial and office space.

The participation of new developers and operators could also strengthen competition and improve the quality of projects and services.

Moreover, the approach could create integrated mixed-use urban destinations that meet residents' needs and support economic activity, rather than relying solely on conventional real estate development.

 

Replicating the Model

 

According to Basoudan, the success of this investment model will depend on how effectively contracts are structured, how risks are allocated between government entities and investors, and how clearly development, operation and maintenance obligations are defined.

Equally important, he said, is striking an appropriate balance between investment returns and the public interest.

Basoudan believes extending the model to other municipalities and regions could create an additional channel for attracting domestic and international investment.

It could also strengthen private-sector participation in urban development, in line with Saudi Vision 2030 objectives to diversify the economy and improve the efficiency of government asset management.


Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
TT

Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)

Gold climbed to its highest level in over two weeks on Thursday as the fallout from the US midterm election results rippled through the global financial and oil markets.

Spot gold rose 1.6% to $4,124.89 per ounce by 0752 GMT. It touched $4,146.63 per ounce, its highest level since October 20, earlier in ‌the session.

Bullion ‌climbed about 3.4% on Wednesday, its biggest ‌daily gain ⁠since August 19.

US ⁠gold futures for December delivery climbed 1.5% to $4,135.40, Reuters said.

A weaker dollar and lower Treasury yields have helped gold recover above the key $4,000 level, though holding above that threshold remains crucial for the recovery outlook, said Linh Tran, market analyst at XS.com.

"If investment flows and yield movements continue to provide support, gold could stabilize ⁠above $4,000, also opening up an opportunity for a ‌recovery toward $4,200, followed by $4,400."

Oil prices ‌were slightly higher after earlier falling for a fourth day on ‌expectations that the losses US President Donald Trump's Republican Party ‌suffered in congressional elections this week may reduce the risk of further escalation of the US-Israeli war with Iran.

Lower energy prices ease inflationary pressures, reducing expectations that the central bank will keep interest rates higher ‌for longer, supporting the appeal of non-yielding bullion.

The dollar slid to its lowest in more ⁠than a ⁠month, and 10-year US Treasury yield fell to its lowest since September 10.

A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.

Market participants now await the US non-farm payrolls report on Friday to further gauge the Federal Reserve's monetary policy outlook.

Meanwhile, Citi has a 0-3 month price target of $4,500 per ounce for gold, the brokerage said on Wednesday, as it sees substantial upside potential if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates.

Among other metals, spot silver rose 0.8% to $52.63 per ounce, platinum gained 1.2% to $1,514.20 and palladium climbed 2.2% to $1,026.83.