Saudi Arabia, Morocco Sign MoU to Boost Sustainability in Tourism Industry

Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
TT

Saudi Arabia, Morocco Sign MoU to Boost Sustainability in Tourism Industry

Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)
Saudi Arabia signs an agreement for sustainable development in the tourism industry with Morocco. (Asharq Al-Awsat)

Saudi Arabia and Morocco signed on Friday a memorandum of understanding to promote cooperation in tourism and coordinate efforts to achieve sustainable development of the tourism industry.

The ceremony was attended by Saudi Tourism Minister Ahmed bin Aqil Al-Khatib, and his Moroccan counterpart, Fatima Zahra Ammor, on the sidelines of the 117th session of the Executive Council meeting of the UN’s World Tourism Organization (UNWTO).

In a statement, Al-Khatib said: “Saudi Arabia and Morocco enjoy a joint commitment to protect rich heritage sites, marine, mountainous and desert natural areas, in addition to their keenness on giving priority to youth in their development plans.”

He emphasized that the Kingdom’s tourism goals paid great attention to the importance of sustainability.

For her part, the Moroccan minister of Tourism noted that the new MoU reflected the “strong ties between the two countries and the common vision towards consolidating partnership and improving prospects for cooperation in the tourism sector...”

“It will lead to more joint initiatives and the exchange of experiences and best practices, allowing the two countries to develop their capabilities in the tourism field,” she added.

The Executive Council of the World Tourism Organization (WTO) opened on Wednesday in Marrakesh a three-day meeting, with the participation of over 250 representatives of UNWTO member countries, including tourism ministers, public and private investors, travel agents, and hotel and travel industry professionals.

The agenda focuses on the current turn in international tourism, the financial situation of the organization, a report on human resources, a proposal to create a study group to rethink future tourism, and a report on the progress of the legal and practical framework for the creation of regional and thematic offices of the UNWTO.



Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
TT

Biden Admin Delays Enforcement of Order Blocking Nippon Steel, US Steel Deal

FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo
FILE PHOTO: The logos of Nippon Steel Corp. are displayed at the company headquarters in Tokyo, Japan March 18, 2019. REUTERS/Yuka Obayashi/File Photo

The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for US Steel, the companies said on Saturday.

US President Joe Biden blocked Nippon Steel's planned acquisition of US Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a "thorough analysis" by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden's order. The parties previously had 30 days to unwind their transaction, Reuters reported.
"We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," the companies said in a joint statement.
"We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders," they said.
US Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden's longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden's decision to allow them a fresh review to secure another shot at closing the merger.
The US Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of US companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the US Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.
Both Biden and his successor, Republican Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election won by Trump.
CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.