WTTC’s Global Summit to Invest $10 Billion in Saudi Tourism

The 22nd edition of the World Travel and Tourism Council’s Global Summit is currently held in Riyadh. (Asharq Al-Awsat)
The 22nd edition of the World Travel and Tourism Council’s Global Summit is currently held in Riyadh. (Asharq Al-Awsat)
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WTTC’s Global Summit to Invest $10 Billion in Saudi Tourism

The 22nd edition of the World Travel and Tourism Council’s Global Summit is currently held in Riyadh. (Asharq Al-Awsat)
The 22nd edition of the World Travel and Tourism Council’s Global Summit is currently held in Riyadh. (Asharq Al-Awsat)

The 22nd edition of the World Travel and Tourism Council’s Global Summit, currently held in Riyadh, emphasized the need to draw a road map for a sustainable and innovative future with the participation of the public and private sectors.

The council also revealed its intention to invest more than $10 billion in Saudi Arabia’s attractive tourism environment.

Saudi Minister of Tourism Ahmed Al-Khatib stressed the need to unite the efforts of the international community to find solutions to the challenges facing the sector, pointing to the progress made by his country in order to develop the tourism industry and achieve high levels of flexibility and sustainability.

During a joint press conference held on Monday with Julia Simpson, CEO of the World Travel and Tourism Council (WTTC), Al-Khatib said: “We believe in the importance of partnerships… Therefore, we hope that the hosting of the Travel and Tourism Summit this year would contribute to unifying international efforts… through the influential contribution of the participants in this conference.”

The Saudi minister added that the priority focus on people and the sustainability of the planet’s resources will shape a new and promising future for the sector.

In this context, Al-Khatib noted that the Kingdom was now considered one of the best growing tourist destinations in the world, thanks to the directives of its leadership and the resources allocated to the sector.

Simpson, for her part, revealed that the members of the Council were planning, during the next five years, to launch huge investments worth more than $10.5 billion in Saudi Arabia.

“This event brings together the most prominent and important leaders and officials in the travel and tourism sector worldwide, with the aim of discussing ways to ensure the future of this sector in the long term, which is very important to the global economy, job creation, and the development of livelihoods in various parts of the world,” she told the press conference.

The summit, which continues until Thursday, is considered one of the most important travel and tourism events at the global level.

Speakers taking to the stage include former UK Prime Minister Theresa May, the UK’s second woman Prime Minister after Margaret Thatcher, and the first to hold two of the Great Offices of State.

Former UN Secretary-General Ban Ki-moon, in his speech to the World Summit, pointed to great efforts made during his tenure to support the sustainable development, emphasizing the active role of nations in paving the way for the signing the Paris Climate Agreement and mobilizing the efforts of world leaders to protect the environment and maintain climate balance.

Golden Globe Award-winning actor and film director Edward Norton, an advocate for renewable energy and a strong supporter of the African Wildlife Foundation, Norton will take part in a unique Q&A session.

Held under the theme, “Travel for a Better Future”, the event will focus on the value of the sector, not only to the global economy, but to the planet and communities around the world.

Within the objectives of the Kingdom’s Vision 2030, Saudi authorities seek to create one million new job opportunities in the tourism sector, and to attract 100 million visitors to the Kingdom by 2030.

Saudi Arabia’s ambitions come in line with the ongoing global efforts to enhance the primary and vital role of the tourism sector in creating job opportunities for the future.



Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.


Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
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Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.


IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
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IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo

Lebanon's economy has shown resilience despite conflicts in the region, with tourism fueling a bit of a rebound, but restoring growth will require comprehensive reforms, the International Monetary Fund said on Thursday.

IMF spokeswoman Julie Kozack said the global lender remains engaged in complex discussions with Lebanese ‌authorities following their ‌request for an IMF-supported ‌program ⁠in March 2025. The ⁠IMF sent a staff mission to Beirut earlier this month, said Reuters.

The talks have been focused on two big issues, she said, citing the need for banking sector restructuring and a medium-term fiscal ⁠strategy. "The economy has shown resilience ‌despite the impact ‌of conflicts in the region. It has had ‌a bit of a rebound ‌on the back of tourism from the strong diaspora," Kozack said.

"But at the same time, really restoring strong and sustainable growth will ‌require a comprehensive set of reforms to tackle some of the ⁠structural ⁠weaknesses that have really hampered Lebanon's economic performance for many years," she said. Reforms also are needed to attract international support to help Lebanon address its substantial reconstruction needs.

Kozack said Lebanon needs an updated medium-term fiscal framework that includes concrete measures to mobilize additional revenues for much-needed capital spending, as well as a sovereign debt restructuring to restore debt sustainability.