Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)
The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)
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Saudi Future Investment Initiative Institute Concludes Deal to Support Tourism

The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)
The signing ceremony between Saudi Tourism Development Fund and the Future Investment Initiative Institute (FII) (Asharq Al-Awsat)

The Saudi Future Investment Initiative Institute (FII) announced it concluded an agreement to boost the tourism sector. It organized the "Priority Summit" in New York on the sidelines of the 77th session of the United Nations General Assembly.

CEO Richard Attias presented the global survey results aimed at determining the most critical priority for each individual.

The results revealed the priority in terms of population and continental composition to build an innovative roadmap to help humanity transition to assist humanity in surviving and thriving in a new complex world.

- A different experience

Attias explained that the Foundation made this report in 13 countries to understand the recent trends, which can monitor the emerging economies of the countries that represent approximately 50 percent of the population and see them on the map shown for the nations.

"In the ten main findings of the report, we noticed that people are very positive about themselves, as 77% of normal people in countries were going in the right direction," the CEO was quoted by SPA.

He pointed out that another analysis was done that shows the relationship between optimism and GDP that can gradually improve the citizen's outlook by paying attention to his priorities.

He reported that 53 percent of high-income countries enjoy a nutritionally better life.

- Quality of life

Saudi Minister of Investment Khalid al-Falih addressed the priority sectors in investment after the economic transformation the world is witnessing, highlighting the Kingdom's efforts and plans to invest in industries that focus on improving the quality of life.

The minister stressed that technology has a significant and fundamental impact on investing, living, and the interaction mechanisms between companies.

"In light of the outbreak of the epidemic, it has been proven that the use of technology is important to deal with the challenges we face and provide opportunities for investors," Falih said.

- Companies and individuals

Speaking at the summit, the governor of the Public Investment Fund (PIF) and Chairman of the Board of Directors of Saudi Aramco, Yasir al-Rumayyan, discussed the role of companies and investors in supporting the most critical priorities of individuals.

During a plenary session with the Honorary President of the University of Pennsylvania, Judith Rodin, he disclosed the difference between a crisis management approach and a crisis management approach that causes other crises.

PIF plays a significant role in stimulating the Saudi economy, noted Rumayyan, noting that the Fund has an initiative dedicated to ensuring the achievement of the goals set in the Vision Realization Program.

- Tourism development

The Saudi Tourism Development Fund and the FII signed a strategic partnership agreement to work together in advancing projects and initiatives in line with the Institute's core focus areas.

It will also support the curation of the upcoming sixth edition of the FII forum, which will be held in Riyadh from October 25-27 under the theme of "Impact on Humanity: Enabling a New Global Order."

The CEO of the Fund, Qusai al-Fakhri, explained that the partnership with FII will enhance efforts between the two parties and seek jointly to encourage and support investment in the tourism sector in Saudi Arabia.

"We look forward to exploring together how the face of tourism is changing and how we can work with global efforts to make tourism growth sustainable," said Fakhri.

The Fund's partnership with FII is a testament to the Fund's enthusiasm to contribute to the Institute's work and its investment in the four essential pillars of Sustainability, Healthcare, Education, Artificial Intelligence, and Robotics, on which the Institute was founded.

The Tourism Development Fund was established to empower one of Saudi Arabia's most rapidly growing industries. It aims to facilitate local and international investors access to tourism investments across the Kingdom.

The Fund's efforts align with Saudi Arabia's bold ambition to bolster the country's reputation as a top tourist destination.

- Foreign Trade

Furthermore, the Minister of Commerce and Chairman of the Board of Directors of the Saudi General Authority for Foreign Trade, Majid al-Qasabi, held bilateral meetings in Bali on the sidelines of the G20 working group on commerce, investment, and industry.

Qasabi with ministers of trade of Türkiye, India, Argentina, South Africa, and Russia.

During the meetings, opportunities for cooperation on investment and industry and an increase in trade exchanges were reviewed.



Riyadh to Add 94 New Trains to Boost Transport Capacity

A Riyadh Metro train travels through the Saudi capital. (SPA)
A Riyadh Metro train travels through the Saudi capital. (SPA)
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Riyadh to Add 94 New Trains to Boost Transport Capacity

A Riyadh Metro train travels through the Saudi capital. (SPA)
A Riyadh Metro train travels through the Saudi capital. (SPA)

The Royal Commission for Riyadh City has signed contracts to procure and manufacture 94 new trains for the capital’s metro network, increasing its fleet to 277 from 183, with deliveries scheduled to begin in batches in 2028.

The new trains are expected to boost the network’s overall passenger capacity by 57%, with increases varying by line: 142% on the red line, 116% on the yellow line, 57% on the blue line, 27% on the orange line and 16% on the purple line. Additional capacity will be allocated according to ridership and projected demand.

The expansion comes as the Riyadh Metro has recorded about 275 million passenger trips since December 2024. Average monthly ridership in 2026 has risen by around 25% compared with the same period in 2025.

The investment is intended to accommodate anticipated growth in travel demand as Riyadh expands and prepares to host major international events, including Expo 2030 and the 2034 FIFA World Cup.

Germany’s Siemens and France’s Alstom are carrying out the contracts, which are worth more than $5 billion in total and cover train manufacturing, systems and equipment, maintenance, training and other technical and operational services.

The trains will be delivered in stages as manufacturing is completed, then undergo testing and operational trials before gradually entering service.

The investment is part of broader efforts to develop Riyadh’s transport infrastructure, including public transit, roads and intersections, to meet the needs of the capital’s growing population and urban expansion.


Copper Steadies as Dollar Strength Counters Chile Supply Worries

Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)
Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)
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Copper Steadies as Dollar Strength Counters Chile Supply Worries

Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)
Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)

Copper prices ‌held nearly steady on Tuesday as a strong US dollar countered support from supply concerns in top producer Chile.

Benchmark three-month copper on the London Metal Exchange was little changed at $14,628.00 a metric ton by 0700 GMT, after hitting a two-week high in the previous session, said Reuters.

The most-traded copper contract on the Shanghai Futures Exchange edged 0.2% higher to 110,990 yuan a ton.

The dollar took ‌a breather ‌but hovered near an 18-month high, ‌underpinned ⁠by safe-haven demand ⁠amid escalating tensions in the Middle East. A stronger greenback makes dollar-denominated metals more expensive for holders of other currencies.

Supply concerns remained in focus after Chilean state miner Codelco partially suspended operations at its El Teniente mine following a landslide, ⁠while Antofagasta's Centinela copper mine and two ‌unions were set ‌to resume talks as a strike continued.

Copper inventories outside ‌the United States have declined in recent ‌months as shipments were diverted to the country ahead of potential tariffs on refined copper imports.

Analysts at BMI raised their average copper price forecast for 2026 ‌to $13,500 per ton from $12,700, citing tariff-related market distortions and persistent supply constraints.

"For the ⁠remainder ⁠of the year, prices are set to oscillate sharply in response to tariff-policy headlines, with the eventual US decision likely to dictate near-term price direction," BMI said.

Among LME metals, aluminium was down 0.4% at $3,039 after touching an eight-month low on Monday, zinc lost 0.7% to $3,729.50, lead rose 0.4% to $1,891, nickel gained 0.2% to $15,640 and tin eased 0.6% to $52,870.

Among SHFE metals, aluminium slipped 1.1%, zinc fell 1.7%, lead rose 1.3%, nickel dipped 0.1% and tin dropped 0.4%.


IMF Forecasts Saudi Economy to Grow 7.9% in 2027

General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS
General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS
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IMF Forecasts Saudi Economy to Grow 7.9% in 2027

General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS
General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS

The International Monetary Fund (IMF) expects the Saudi economy to record strong growth of 7.9 percent in 2027, reflecting a projected recovery in energy production and exports, as well as the gradual restoration of regional trade flows as war-related disruptions ease and the Strait of Hormuz reopens under the report’s baseline scenario.

The forecast highlights the Saudi economy’s ability to regain momentum after the pressures caused this year by disruptions to energy production and transportation. Saudi Arabia is expected to benefit from its diversified oil export routes and infrastructure, which allow part of its exports to be shipped via the Red Sea rather than through the Strait of Hormuz.

In its October World Economic Outlook, the IMF projected that Saudi Arabia’s economy would contract by 3.3 percent in 2026 before rebounding to 7.9 percent growth in 2027.

In its April forecasts, the Fund had expected growth of 3.1 percent in 2026 and 4.5 percent in 2027, reflecting a significant shift in projections due to developments in the conflict and assumptions regarding the resumption of economic activity.

Export Infrastructure Supports Economic Resilience

Saudi Arabia benefits from alternative oil-export outlets, most notably the East-West Pipeline, which transports crude oil from the Eastern Province to the Red Sea port of Yanbu with a capacity of approximately 7 million barrels per day.

The Kingdom aims to raise pipeline capacity to 10 million barrels per day, enhancing the flexibility of its export system in the face of maritime disruptions.

These alternatives strengthen Saudi Arabia’s ability to mitigate the impact of shipping interruptions on oil flows. Under the IMF’s forecasts, the gradual recovery of production and exports is expected to support economic activity next year.

Gulf Recovery Driven by Rebound in Energy Production

The strong growth forecast is not limited to Saudi Arabia. The IMF also expects several Gulf economies to recover sharply in 2027 as production, exports, and logistics services rebound.
Projected growth rates for 2027 are Qatar 18.8%, Kuwait 17.1%, Bahrain 13.9%, the United Arab Emirates 7.7% and Oman 2.2%.

These forecasts follow severe pressure during 2026, when the IMF expects Kuwait’s economy to contract by 16.7%, Qatar’s economy by 15.6%, Bahrain’s economy by 11.3% and the UAE economy to contract by 3.9%.

Meanwhile, Oman is expected to achieve growth of 4.1 percent in 2026.

The IMF’s baseline scenario assumes that the Strait of Hormuz will begin reopening in March 2027, with a broad return to pre-war conditions by October 2027. This would allow energy flows, shipping, insurance services, and payment systems to recover gradually.

The pace of this recovery remains dependent on the course of the conflict and the stability of maritime navigation. Nevertheless, Saudi Arabia’s diversified export routes provide an important buffer, enhancing the economy’s capacity to absorb shocks and restore growth as regional conditions improve.