Saudi Think Tanks Lead Ambitious G20 Agenda

The King Abdullah Petroleum Studies and Research Center (KAPSRC), Asharq Al-Awsat
The King Abdullah Petroleum Studies and Research Center (KAPSRC), Asharq Al-Awsat
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Saudi Think Tanks Lead Ambitious G20 Agenda

The King Abdullah Petroleum Studies and Research Center (KAPSRC), Asharq Al-Awsat
The King Abdullah Petroleum Studies and Research Center (KAPSRC), Asharq Al-Awsat

Saudi research centers, through their large contribution to preparatory sessions of the upcoming G20 Riyadh summit, have proven their ability to both lead ambitious global agendas and present sustainable policy proposals that tackle some of the 21st century’s most pressing challenges.

Think tanks like the King Abdullah Petroleum Studies and Research Center (KAPSRC), the King Faisal Center for Research and Islamic Studies (KFCRIS) and the Gulf Research Center presented an exceptional opportunity to expand partnerships and reinforce intellectual leadership.

They also elevated the global ranking of Saudi research centers and boosted their capacity to partake in the local, regional and international decision-making circles.

The T20, dubbed the “ideas bank” of the G20, convened for the summit in Riyadh under the direction of two lead organizations, KAPSARC and KFCRIS.

T20 chair and Vice President for Research at KAPSARC Dr. Fahad Al-Turki said the T20 has devoted continuous efforts to studying the effects of the Covid-19 pandemic and analyzing its economic and social repercussions.

Not only has the T20 exerted efforts to discover ways to confront the pandemic’s effects, but it also presented policy recommendations for global cooperation on risk management related to the dangers of Covid-19.

Additionally, it promoted coordinated measures that improve the ability to respond to similar emergencies should they occur in the future.

“Saudi Arabia seeks to achieve a future dominated by economic prosperity, sustainability and inclusion. Therefore, it focused efforts on achieving climate and environmental goals, by promoting the concept of circular economy with low carbon emissions, and on empowering women and preparing youth for a more inclusive society,” Al-Turki said.

He also noted the Kingdom encouraging pluralism and economic development.

Al-Turki pointed out that T20 research and study centers had centered their work on improving sustainable resources, achieving international energy and food security, and making use of technology and digitization to address global issues.



Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
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Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)

A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization.

The travel and tourism industry's contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.

The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1% year-over-year to $11.1 trillion, making up 10% of global GDP. This represents about a 7.5% increase from the previous record set in 2019.

"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the non-profit organization.

Travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.

In the United States, there are currently 1 million job openings across the leisure and hospitality industry, according to the US Travel Association. Total employment supported in the US was about 27 million jobs in 2023, according to the WTTC.