50 Agreements Worth $50 Bln Signed at WTTC’s Global Summit in Riyadh

The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
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50 Agreements Worth $50 Bln Signed at WTTC’s Global Summit in Riyadh

The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)
The Global Summit of the World Travel & Tourism Council (WTTC) is currently being held in Riyadh. (Asharq Al-Awsat)

More than 50 agreements and memorandums of understanding, with a value exceeding $50 billion, were signed on the sidelines of the Global Summit of the World Travel & Tourism Council (WTTC) in Riyadh on Tuesday.

Saudi Tourism Minister Ahmed Al-Khatib said the tourism sector was expected to generate 126 million new jobs in the next decade.

“The opportunity for us as tourism leaders is to focus the energies towards creating an industry fit for the future, an industry that is more sustainable and resilient, and better able to create wealth and unlock opportunities... We must put people and planet first and at the center of every decision we make,” Al-Khatib said in his opening speech.

Millions of jobs

“Tourism will generate 126 million new jobs in the next decade,” the minister noted. “This means that one out of every three new jobs created will be in our sector.”

He emphasized that the Kingdom was reimagining tourism while relying on the strength of partnership.

“A shared commitment to partnership will drive the global industry forward... Last October, we launched the Global Center for Sustainable Tourism as a multi-country, multi-stakeholder organization to lead and accelerate the path towards net zero emissions,” he stated.

Sustainability and youth

Al-Khatib said that within the framework of the Saudi Green Initiative, the Kingdom has launched more than 60 initiatives in 2021. He explained that the first batch of initiatives accounted for more than $186 billion, noting that his country was aware that travelers and investors favored policies that promote sustainability in the industry.

In this context, the Saudi minister announced an ongoing plan to make the Kingdom “a leader in the field of sustainable tourism.”

He continued: “We must make sure that we invest in the future of youth, as two-thirds of the population is under the age of 35... We encourage them to become the tourism leaders of tomorrow... We launched a program to train 100,000 young Saudis every year in this sector.”

Moreover, he said Crown Prince Mohammed bin Salman’s announcement on Monday of the launch of the masterplan for King Salman International Airport will place the Kingdom at the forefront of the world, bolster tourism help implement major projects.

Expected initiatives

The Saudi Ministry of Tourism revealed a plan to enhance the organizational development process in many areas, in partnership with the private sector, announcing 28 initiatives that will be launched this year to develop the business environment in the field of tourism.

In this regard, Minister of Investment Khalid Al-Falih stressed the importance of government coordination and the integration of work within ministries to achieve success in various sectors.

In remarks during a panel discussion entitled, “Travel for a Better Future”, the minister said the tourism sector would certainly benefit from the growth taking place at various levels in the Kingdom, hoping that the legal frameworks would develop globally to keep pace with the technological progress and thus, facilitate travel, tourism and human interdependence.

Initiatives and partnerships

Princess Haifa Al Saud, Deputy Minister of Tourism, underlined the importance of partnership between the public and private sectors in the development of the Kingdom’s tourism sector.

She said that thanks to continuous efforts, Saudi Arabia was able to register a 121 percent growth in the number of passengers during the first seven months of this year.

The Kingdom considers cooperation at the international level on the one hand, and between the public and private sectors on the other, as an essential element for the tourism sector’s success in achieving its desired goals, she remarked.

Princess Haifa added that determination and joint action were among the most important factors for the success of the Kingdom’s pioneering experience in developing the tourism sector and increasing its value in the national economy and its share in the GDP.

She pointed to a plan to enhance the organizational development process in many areas in partnership with the private sector, revealing 28 initiatives that will be launched this year to develop the business environment in the field of tourism.

Recovery

Zurab Pololikashvili, Secretary-General of the World Tourism Organization, stressed the strong recovery of travel and tourism and the lessons that the world and institutions operating in the sector have learned from past experiences.

He highlighted the need to develop logistical and financial support mechanisms and permanent coordination with governments, in addition to legislative and regulatory structures and educational systems to keep up with the changes.

Pololikashvili also praised the rapid development of the tourism sector in the Kingdom, which he said was a pioneering model at the international level.

Human element

Anthony Capuano, CEO of Marriott International Group, emphasized the importance of the human element in the tourism sector, which lost 60 million jobs during the past two years due to the pandemic.

He pointed to Saudi Arabia’s successful model of partnership between the public and private sectors to develop the human resources that are capable of enriching the sector and improving its experiences.

Supporting 10,000 SMEs in the Saudi tourism sector

The Saudi Tourism Development Fund announced on Tuesday the launch of programs to support 10,000 Saudi SMEs, which are one of the main pillars of economic and social development in the Kingdom.

The Tourism Aid program consists of three sub-programs, which cover the various financial needs of this segment, whether to launch new commercial projects or for the purpose of expanding business.

1st climate footprint in tourism sector

Meanwhile, the World Travel and Tourism Council revealed new data showing the climate footprint for the global travel and tourism sector.

In a speech on the findings of the environmental and social research, Julia Simpson, President and CEO of the World Travel and Tourism Council, announced that thanks to the project, which is one of the largest research projects of its kind ever, the Council will be able to provide accurate reports and track the impact of various sector activities on the environment.

Previous estimates had indicated that the global travel and tourism sector was responsible for up to 11 percent of all global emissions.

However, the World Travel and Tourism Council’s groundbreaking research shows that the sector’s total greenhouse gas emissions were only 8.1 percent in 2019 globally.



Egypt, Qatar's Al Mana Holding Sign $200 Million Sustainable Aviation Fuel Deal

A worker fills an Airbus jet with aviation fuel at Fuhlsbuettel airport in Hamburg, March 14, 2012. REUTERS/Fabian Bimmer/File Photo
A worker fills an Airbus jet with aviation fuel at Fuhlsbuettel airport in Hamburg, March 14, 2012. REUTERS/Fabian Bimmer/File Photo
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Egypt, Qatar's Al Mana Holding Sign $200 Million Sustainable Aviation Fuel Deal

A worker fills an Airbus jet with aviation fuel at Fuhlsbuettel airport in Hamburg, March 14, 2012. REUTERS/Fabian Bimmer/File Photo
A worker fills an Airbus jet with aviation fuel at Fuhlsbuettel airport in Hamburg, March 14, 2012. REUTERS/Fabian Bimmer/File Photo

Egypt signed a contract with Qatar's Al Mana Holding for a first-phase investment of $200 million to produce sustainable aviation fuel from used cooking oil in the Suez Canal Economic Zone at Ain Sokhna, Egypt's cabinet said on Sunday.

The project will be developed in three phases and will span 100,000 square metres in the Integrated Sokhna Zone on Egypt's Red Sea coast. The first phase will have an estimated annual production capacity of 200,000 tonnes, Reuters quoted the cabinet as saying in a statement.

The deal marks the first Qatari industrial investment in the Suez Canal Economic Zone, Egypt said.

Prime Minister Mostafa Madbouly said the project "reflects the positive momentum in relations between Cairo and Doha, driven by the shared political will to advance bilateral cooperation through joint investments and increased trade."

Last month, the real estate arm of Qatar's sovereign wealth fund said it would invest $29.7 billion to develop a luxury real estate and tourism project on Egypt's Mediterranean coast.

 


Saudi Arabia Prepares to Allow Foreign Property Ownership in January

Riyadh, Saudi Arabia (Reuters)
Riyadh, Saudi Arabia (Reuters)
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Saudi Arabia Prepares to Allow Foreign Property Ownership in January

Riyadh, Saudi Arabia (Reuters)
Riyadh, Saudi Arabia (Reuters)

Saudi Arabia is preparing to enter a new phase of economic openness in the real estate sector, with the updated law regulating property ownership by non-Saudis set to take effect in January.

The law, approved by the Saudi cabinet in July, is a strategic step to regulate real estate ownership by non-Saudis, both individuals and entities. Its main objective is to boost the real estate sector’s contribution to gross domestic product and diversify national income sources away from oil, in line with Vision 2030 goals.

The General Authority for Real Estate, the body responsible for implementation, is currently drafting the executive regulations and defining the geographic scope of areas where foreigners will be allowed to own and invest in property. These details are expected to be announced before the law comes into force.

The new legislation also aims to retain global talent by enabling long term residency and improving urban and housing quality.

Scope of ownership

Saudi Minister of Municipalities and Housing Majed Al-Hogail said in a televised interview last week that the system allowing foreigners to own residential property would be implemented next month across all Saudi cities, except for four, Makkah, Madinah, Jeddah and Riyadh.

In those cities, ownership will be permitted in specific designated areas. Resident expatriates will be allowed to own one residential unit.

In contrast, the system offers broader flexibility in other economic sectors, with foreign ownership open across all Saudi cities without exception in the commercial, industrial and agricultural sectors.

Fahd bin Suleiman, executive director of non-Saudi property ownership at the authority, said in November that areas designated for foreign ownership in Riyadh, Jeddah and the holy cities of Makkah and Madinah were still under review and would be announced “very soon” alongside the executive regulations governing the new rules.

He said those areas would be “very wide” and include what are known as mega projects, with foreign ownership ratios expected to range between 70 percent and 90 percent.

Bin Suleiman added that buyers would be required to be Muslim to purchase property in the two holy cities, but would otherwise face limited restrictions.

“In general, there are no major conditions, and we do not want to impose constraints. When comparing the current law with the updated one, the difference will be clear,” he said.

Market expectations

Commenting on the imminent implementation of the updated system, several real estate experts told Asharq Al-Awsat that the law would generate additional demand for ready built housing units and increase liquidity in the property market.

They said it would also encourage international companies to establish headquarters and projects in the Kingdom, supporting economic activity and laying the foundation for a more stable and growing real estate sector.

They expect the positive impact to be most evident in Riyadh, Jeddah, Makkah, Taif and Madinah, as well as cities near tourist destinations, with initial effects emerging in the third and fourth quarters of 2026 and extending into 2027.

Real estate expert and marketer Saqr Al-Zahrani said the system’s implementation would mark a turning point for the Saudi property market by expanding the base of market participants and prompting many expatriates to move from renting to ownership, particularly in permitted cities.

This shift, he said, would create additional demand for ready built units and planned residential communities, boosting sales activity and market liquidity.

Raising property quality

Al-Zahrani added that opening commercial, industrial and agricultural ownership to foreigners across all cities would give international companies stronger incentives to establish operations in Saudi Arabia, supporting economic growth and long term real estate sector stability.

He said one of the first expected changes would be an improvement in property quality, as developers move toward higher specifications and better planning to meet the needs of a broader buyer base.

The market is also likely to see an increase in organized supply, driven by the entry of local and international investors and developers targeting new demand.

The updated system, he said, would support price stability, as ownership by expatriates and foreigners tends to be long term, reducing short term speculation.

It would also enhance transparency and governance through accompanying legal and regulatory controls, while creating wider opportunities for the financing sector to develop tailored products for expatriates and foreigners, boosting lending activity and liquidity.

Al-Zahrani said the announcement of the system’s implementation would trigger immediate inquiries and interest, but the real impact on transaction volumes would emerge gradually, with initial signs expected in the second quarter of 2026, as the first deals are completed.

Clear indicators such as higher trading volumes, faster project delivery and increased foreign investor participation are likely to materialize in the third and fourth quarters, once the market has absorbed the executive regulations and begun to interact with them in a stable manner.

He said the first year of implementation would be a transition period, with the strongest effects becoming evident in the second half of 2026 and beyond.

Varying impact by geography

Real estate expert Ahmed Al Faqih said the system’s impact would vary by location, with the strongest positive effects expected in the Makkah region and its cities, including Jeddah and Taif, as well as Madinah. Riyadh, he said, would also play a prominent role in attracting non-Saudi capital for both ownership and investment.

Al Faqih said capital targeting tourism investment would likely focus on cities near tourist areas, such as Taif, Abha and Jazan, as well as Tabuk due to its proximity to the Neom project.

He expects the first year of implementation to serve as a testing and evaluation phase, with the system’s impact becoming more evident in 2027. He said the law would support key Vision 2030 objectives, including income diversification and reducing reliance on oil, while creating hundreds of thousands of job opportunities for Saudi men and women.

System incentives

The updated law aims to regulate real estate ownership by non-Saudis in line with Vision 2030, attract foreign direct investment into the Saudi property market and increase the sector’s contribution to the economy.

It also seeks to retain global talent by enabling long term settlement, raise the contribution of non-oil sectors, support sustainable economic growth and improve urban living standards.

Under the law, non-Saudis are permitted to own property or acquire rights within geographic areas designated by the cabinet, based on a proposal from the Real Estate General Authority and approval by the Council of Economic and Development Affairs. This includes specifying eligible rights, maximum ownership ratios and related controls.

The law also allows a non-Saudi resident natural person to own one residential property outside the designated geographic scope, excluding Makkah and Madinah. Ownership in those two cities requires the buyer to be Muslim.

Non listed companies partly owned by non-Saudis are permitted to own property within the designated areas, including Makkah and Madinah, provided they are established under Saudi company law. They may also own property outside those areas for operational purposes or employee housing, as defined by the regulations.

Listed companies, investment funds and special purpose entities are allowed to own property across the Kingdom, including Makkah and Madinah, in accordance with rules issued by the Capital Market Authority in coordination with the real estate authority and other relevant bodies.

The law stipulates that its application does not affect rights granted under other systems, such as the Premium Residency Program or Gulf Cooperation Council agreements, and that foreign ownership does not confer any additional privileges beyond legal rights.

It also introduces a fee of up to 5 percent of the property transaction value for non-Saudi ownership, with details to be set out in the executive regulations.

Violations may result in fines or warnings, while providing misleading information can lead to fines of up to 10 million riyals and, in some cases, court ordered sale of the violating property.


China Urges Stronger Coordination Between Business, Finance Systems to Spur Consumption

People walk past a second hand market for luxury cars in Beijing, Tuesday, Nov. 25, 2025. (AP Photo/Andy Wong)
People walk past a second hand market for luxury cars in Beijing, Tuesday, Nov. 25, 2025. (AP Photo/Andy Wong)
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China Urges Stronger Coordination Between Business, Finance Systems to Spur Consumption

People walk past a second hand market for luxury cars in Beijing, Tuesday, Nov. 25, 2025. (AP Photo/Andy Wong)
People walk past a second hand market for luxury cars in Beijing, Tuesday, Nov. 25, 2025. (AP Photo/Andy Wong)

China's commerce ministry and financial regulators have urged local authorities to promote stronger coordination between business and financial systems to boost consumption, a joint statement showed on Sunday.

Local commerce departments are encouraged to tap existing funding channels for consumption-boosting campaigns and work with financial institutions to unlock spending potential, the Ministry of Commerce, People's Bank of China and National Financial Regulatory Administration said in a joint statement.

Regions with resources are encouraged to use digital yuan smart-contract "red packets" to improve policy efficiency.

The trio also called for measures such as financing guarantees, interest subsidies and risk compensation to strengthen policy synergy and guide more credit into key consumption sectors.

In other economic news, Chinese demand for foreign luxury cars is waning as customers opt for more affordable Chinese brand models, often sold at big discounts, catering to their taste for fancy electronics and comfort.

That is bad news for European carmakers like Porsche, Aston Martin, Mercedes-Benz and BMW that have long dominated the upper reaches of the world's largest auto market.

A prolonged property downturn in China has left many consumers with little appetite for big purchases.

Meanwhile, the well-to-do are becoming increasingly shy about publicly displaying their wealth, said Paul Gong, UBS head of China Automotive Industry Research.

Many car buyers have been swayed by a 20,000 yuan ($2,830) trade-in subsidy offered by the Chinese government for purchasing electric and plug-in hybrid vehicles. People tended to purchase cheaper, entry-level cars where the discount will count more and those cars are mostly Chinese made, Gong said.

“Slowing economic growth is one key driver behind weaker demand for premium cars,” said Claire Yuan, director of corporate ratings for China autos at S&P Global Ratings, referring to a segment that typically counts car brands such as Mercedes-Benz and BMW.

The market share of premium car sales in China, usually priced above 300,000 yuan ($42,400), more than doubled between 2017 and 2023 to about 15% of total sales, S&P said.

That trend is now reversing. The share of premium cars sales fell to 14% in 2024 and to 13% in the first nine months of 2025, S&P said.