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Saudi Commerce Minister: Stimulus Plan Boosts Competitive Capabilities

Saudi Commerce and Investment Minister Majed al-Qasabi. (SPA)
Saudi Commerce and Investment Minister Majed al-Qasabi. (SPA)
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Saudi Commerce Minister: Stimulus Plan Boosts Competitive Capabilities

Saudi Commerce and Investment Minister Majed al-Qasabi. (SPA)
Saudi Commerce and Investment Minister Majed al-Qasabi. (SPA)

Saudi Commerce and Investment Minister Majed al-Qasabi said that the plan to stimulate the private sector aims at consolidating the competitive capabilities of a number of national economy stakes.

It also aims at developing products, enhancing investment and commerce affairs environment, facilitating the implementation of business affairs in the country, improving the private sector confidence in the economy and reinforcing its development role.

The minister made his remarks during the business sector meeting in the Council of Saudi Chambers in Riyadh on Thursday.

He noted that the support presented by Custodian of the Two Holy Mosques King Salman bin Abdulaziz to executive managers and factory owners is an affirmation that the private sector is a key partner in achieving Saudi Vision 2030.

Commenting on imposing taxes on the private sector, Qasabi referred tothe Value Added Tax (VAT), which falls under the GCC system.

At five percent it is considered among the lowest in the world, he said.

“VAT will boost the state revenues that will then be employed in development projects,” he stated.

Qasabi stressed that the stimulus plan affirms the government’s confidence in the private sector and faith in its essential partnership in development. This plan will open massive dimensions for the private sector, provide job opportunities for the youth and will not affect the continuous support to the private sector.

Cabinet adviser Fahad al-Sukait revealed details about a SAR200-billion (USD53.3 billion) plan that will be poured into the private sector to stimulate it over a period of four years. He announced the launching of the first stage of the plan, which includes 17 initiatives worth SAR72 billion (USD19.2 billion).

During a meeting with businessmen in the Council of Saudi Chambers in Riyadh, Sukait revealed that several initiatives will be launched in 2017 and he promised that other initiatives will be disclosed according to the plan timetable.

He underscored the serious pursuit to reinforce competitive capability, improve domestic services and products’ attractiveness and enhance expenditure, which would boost the consumer’s confidence in the local product.

As for the “Green Card” for foreign investors, he stated: “This is still being considered. It is a massive step that requires thorough assessment. It will be announced when completed.”

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."