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Saudi Arabia Bolsters Private Sector Partnership to Achieve Economic Sustainability

The Saudi government focuses on supporting the national private sector to reflect positively on its GDP (Asharq Al-Awsat)
The Saudi government focuses on supporting the national private sector to reflect positively on its GDP (Asharq Al-Awsat)
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Saudi Arabia Bolsters Private Sector Partnership to Achieve Economic Sustainability

The Saudi government focuses on supporting the national private sector to reflect positively on its GDP (Asharq Al-Awsat)
The Saudi government focuses on supporting the national private sector to reflect positively on its GDP (Asharq Al-Awsat)

The Saudi Council of Ministers approved the transformation of the Private Sector Partnership Reinforcement Program (Shareek) into a center named “the Private Sector Partnership Reinforcement Center (Shareek).”

Experts told Asharq Al-Awsat that the measure confirms the Saudi government’s seriousness in modifying the path of partnership with the private sector to achieve economic sustainability.

Shareek aims to increase domestic investments of private sector companies (listed and non-listed companies) to reach SAR 5 ($1.3 billion) trillion by 2030 through the support and unlocking of Government-approved incentives.

The decision to transform Shareek into a center, under the leadership of King Salman bin Abdulaziz and Crown Prince Mohammad bin Salman bin Abdulaziz, reflects the government’s interest in the local private sector and keenness to support and increase its contribution to the national economy, the head of the Federation of Saudi Chambers (FSC) Hassan Al-Huwaizi told Asharq Al-Awsat.

Al-Huwaizi added that the center will have a positive effect on advancing the program’s goals.

The FSC head stressed that the center ushers in a new formula and stage in the partnership between the public and private sectors, in line with the directions and objectives of “Vision 2030.”

The newly created Shareek Center supports the creation of more than 100,000 job opportunities and the promotion of local content by 2030, said Al-Huwaizi.

He affirmed that institutional bodies of the business sector in the Kingdom, represented by the FSC and Chambers of Commerce, will work closely with the Sahreek to enable investment opportunities and boost competitiveness in implementing various projects.

Transforming the Sahreek program into a center will support raising the private sector’s contribution to the GDP and the achievement of the goals of Vision 2030, said Osama Al-Obeidi, advisor and professor of international commercial law at the Institute of Public Administration.

It is a step in the right direction to build the relationship between local companies and public agencies, he added.

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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.