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.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.