Saudi Arabia, Greece Collaborate to Boost Sustainable Coastal, Marine Tourism

Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)
Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)
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Saudi Arabia, Greece Collaborate to Boost Sustainable Coastal, Marine Tourism

Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)
Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signing the agreement (SPA)

Saudi Minister of Tourism Ahmed al-Khateeb and his Greek counterpart Harry Theoharis signed Sunday an agreement for cooperation in sustainable coastal and marine tourism, on the sideline of the Coastal and Maritime Tourism Conference in Athens.

The Kingdom and Greece affirmed their commitment to the sustainable development of coastal and marine tourism in their countries.

The agreement dealt with exchanging knowledge and best practices in the field of investment, human capital development, training, event organization, marketing, and promotion to support sustainable coastal and marine tourism in Saudi Arabia and Greece.

The Saudi Minister described the agreement as “a positive step” between the two countries, and one of the fruits of international cooperation that will achieve a “more sustainable future for tourism and lead to addressing the repercussions of the pandemic on the global tourism sector.”

Khateeb stressed that the Kingdom is committed in its tourism projects to protecting the marine and coastal environment and supporting the sustainable development of the tourism sector.

For his part, the Greek minister said that coastal and marine tourism is the backbone of tourism offers in Greece, and protecting the ecosystems is a priority. He asserted he is looking forward to cooperating with the Kingdom to ensure the sustainable development of coastal and marine tourism in the two countries.

In May, the World Tourism Organization (UNWTO), a United Nations agency, chose Riyadh for its first regional office in the Middle East and outside the Madrid headquarters.

The Organization chose Riyadh to host its first-ever regional office following the Kingdom’s development of its tourism sector, noting the great Saudi support made during the coronavirus pandemic.

UNWTO described Saudi Arabia as one of its most active members during the past three years.

The new office will serve as a hub for UNWTO to coordinate policy and initiatives across its 13 member states in the region. This includes a number of tourism projects and products, among them the new “Best Tourism Villages by UNWTO”, launched on the occasion of the opening of the Regional Office.



Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) and Elm, a leading digital solutions company, have signed a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company – a firm specializing in smart technology solutions for business services – in a deal valued at $907 million (SAR3.4 billion).

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

According to a PIF statement, the transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy. The deal will enhance the growth of the ICT sector, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables, the statement said.

“PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.

CEO of Elm Mohammad Abdulaziz Alomair said: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market.”

“The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale,” he added.