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Saudi Arabia Prepares Hospitality Facilities to Keep Pace with New Tourism Law 

The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)
The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)
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Saudi Arabia Prepares Hospitality Facilities to Keep Pace with New Tourism Law 

The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)
The law is part of the system of improvements and development of the regulatory and legislative environment for the tourism sector. (Asharq Al-Awsat)

Saudi Tourism Ministry officials intend to visit hospitality facilities in the Kingdom to develop and raise the level of services and safety they offer. This will be done in cooperation with investors and in preparation for the new tourism scheme in the Kingdom, according to official sources.

Last August, the Saudi cabinet approved a new tourism law to boost the competitiveness of the tourism sector. 

The law is part of the system of improvements and development of the regulatory and legislative environment for the sector. 

The ministry’s follow-up comes for the purpose of measuring the extent to which hospitality facilities apply the regulations and standards of the sector. 

Besides collecting additional data, the ministry will promote serious cooperation. It is expected of facilities to provide necessary documents to visiting survey teams. 

The ministry called on hospitality establishments to provide several information. 

Most notably, it required them to inform survey teams of the extent to which they are familiar with the new tourism law and the current legislation. 

The ministry asked establishments to assess the feasibility of investment in the sector and to identify the most important obstacles with respect to licensing. 

Tourism Minister Ahmad al-Khateeb said the newly approved law comes in the line with the leadership’s orders to build a competitive tourism sector and contribute to the goals of Vision 2030. 

Khateeb indicated that since the launch of the national tourism development strategy in 2019, work has been ongoing to organize the sector. 

The Kingdom has established a ministry, an authority, a development fund, and regional councils to boost its tourism sector’s competitiveness. 

As per the new law, businesses will be given special licenses and support from the ministry, noted Khateeb, adding that the ministry will streamline licensing procedures by creating a one-stop-shop platform for all tourism stakeholders.

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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)

Aramco, one of the world's leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.

The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
The transaction's completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco's investment is based on Horse Powertrain's €7.4-billion enterprise valuation, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake, SPA reported.
Aramco Executive Vice President of Technology & Innovation Ahmad O. Al Khowaiter said: "Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing several potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world's leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward."
For his part, CEO of Horse Powertrain Matias Giannini said: "We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco's expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint."

CEO of Valvoline Global Operations Jamal Muashsher said that as a technical partner and supplier to Horse Powertrain, "we look forward to applying Valvoline Global's 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global's strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility."

Aramco's investment is expected to accelerate Horse Powertrain's efforts to develop next-generation internal combustion engines (ICE), hybrid powertrains, and complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants.
Thanks to its technology leadership, global manufacturing, and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible, cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.