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Saudi FDI Inflows Grow by 10.7% in 3rd Quarter 2022

Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)
Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)
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Saudi FDI Inflows Grow by 10.7% in 3rd Quarter 2022

Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)
Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023). (Asharq Al-Awsat)

The Saudi Ministry of Investment said on Tuesday that the foreign direct investment (FDI) inflows into Saudi Arabia rose 10.7% in the third quarter of 2022 over the same period a year earlier.

FDI inflows amounted to 7.2 billion riyals ($1.9 billion) in the third quarter of 2022, according to the Investment ministry’s latest monthly bulletin, compared to 6.5 billion riyals in the third quarter of 2021.

This announcement comes as Riyadh is preparing to launch the second edition of the Financial Sector Conference (FSC 2023), which is organized by the Financial Sector Development Program partners (Ministry of Finance, Saudi Central Bank, and Capital Market Authority).

The event, which will be held on March 15-16 at the King Abdulaziz International Conference Center in Riyadh, will be attended by decision-makers in the financial sector and senior executives in local, regional, and international financial institutions, as well as investors, entrepreneurs, and prominent academics.

Minister of Finance, Chairman of the Financial Sector Development Program Committee, Mohammad Al-Jadaan, told SPA that the second edition of the FSC comes at an important stage in the world, amid efforts to overcome the challenges in the global economy.

He added that Saudi Arabia sought to speed up the implementation of comprehensive structural reforms, including reforms in the financial sector, through strategies, programs and projects that promote sustainable economic growth and raise the quality of life, in accordance with the Kingdom’s Vision 2030.

According to a press release, the FSC 2023 agenda includes a discussion of the key topics on the aspirations and concerns of the financial community. Participants will discuss the challenges and opportunities facing the global economy, supply chain constraints, a changing world order, the protracted pandemic, and other factors causing slow growth in many regions worldwide that affect the financial sector and its ecosystem.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.