Saudi Arabia, Morocco Sign MoU to Boost Sustainability in Tourism Industry

Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
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Saudi Arabia, Morocco Sign MoU to Boost Sustainability in Tourism Industry

Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)

Saudi Arabia and Morocco signed on Friday a memorandum of understanding to promote cooperation in tourism and coordinate efforts to achieve sustainable development of the tourism industry.

The ceremony was attended by Saudi Tourism Minister Ahmed bin Aqil Al-Khatib, and his Moroccan counterpart, Fatima Zahra Ammor, on the sidelines of the 117th session of the Executive Council meeting of the UN’s World Tourism Organization (UNWTO).

In a statement, Al-Khatib said: “Saudi Arabia and Morocco enjoy a joint commitment to protect rich heritage sites, marine, mountainous and desert natural areas, in addition to their keenness on giving priority to youth in their development plans.”

He emphasized that the Kingdom’s tourism goals paid great attention to the importance of sustainability.

For her part, the Moroccan minister of Tourism noted that the new MoU reflected the “strong ties between the two countries and the common vision towards consolidating partnership and improving prospects for cooperation in the tourism sector...”

“It will lead to more joint initiatives and the exchange of experiences and best practices, allowing the two countries to develop their capabilities in the tourism field,” she added.

The Executive Council of the World Tourism Organization (WTO) opened on Wednesday in Marrakesh a three-day meeting, with the participation of over 250 representatives of UNWTO member countries, including tourism ministers, public and private investors, travel agents, and hotel and travel industry professionals.

The agenda focuses on the current turn in international tourism, the financial situation of the organization, a report on human resources, a proposal to create a study group to rethink future tourism, and a report on the progress of the legal and practical framework for the creation of regional and thematic offices of the UNWTO.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.