Zanzibar’s Mwinyi: We Left Political Differences Behind, Are Heading to Economic Advancement

President Hussein Mwinyi (Photo Credit: Al Qadeer Workshop)
President Hussein Mwinyi (Photo Credit: Al Qadeer Workshop)
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Zanzibar’s Mwinyi: We Left Political Differences Behind, Are Heading to Economic Advancement

President Hussein Mwinyi (Photo Credit: Al Qadeer Workshop)
President Hussein Mwinyi (Photo Credit: Al Qadeer Workshop)

Eastern Africa’s Zanzibar is transforming from the largest slave trade center in the world into the largest African center for economic tourism with it accounting for about 30% of GDP.

President Hussein Mwinyi confirmed that Zanzibar’s political parties have abandoned their differences to maximize economic and food security and accelerate the infusion of foreign and domestic investments, so that the commercial focus of the Middle East remains in Africa.

In an interview with Asharq Al-Awsat, Mwinyi said that “Zanzibar has become politically stable, which created an environment for development, investment, social and economic prosperity, and transformed political momentum into economic momentum.”

The president, however, stressed that the biggest challenge facing Zanzibar’s economy is the weakness of its basic infrastructure sector.

Mwinyi called on Saudi businessmen to invest in the opportunities offered by his country.

Moreover, Mwinyi stressed the importance of strengthening trade, economic and investment relations between Zanzibar and Saudi Arabia, and urged taking advantage of commercial opportunities created by the latter’s plan for national transformation, “Vision 2030.”

Speaking about the level of trade exchange, Mwinyi stressed that relations between Saudi Arabia and Tanzania are long-term and of mutual benefit.

Zanzibar is a semi-autonomous province which united with Tanganyika in 1964 to form the United Republic of Tanzania.

Tourism Cooperation

“Tanzania is a tourist destination,” affirmed Mwinyi, adding that “tourism continues to play a major role in its economy.”

“When we were invited to Saudi Arabia to participate in the recent travel and tourism summit in Riyadh, we were happy to be here in order to learn from this industry,” said Mwinyi, who participated in the 22nd World Travel & Tourism Council Global Summit (WTTC's) in Riyadh.

“I believe that my participation in the recent summit in Riyadh was a great opportunity to meet with some Saudi officials to discuss some related issues and ways to enhance cooperation in all fields,” the president told Asharq Al-Awsat.

“I also had the opportunity to meet with the Federation of Saudi Chambers and business sector officials. We raised our requirements for investment in Tanzania as well as in various sectors,” said Mwinyi.

He pointed out that his country is a tourist destination, especially Zanzibar, where tourism contributes about 30% of the GDP.

Mwinyi added that his country is in a state of continuous research to improve its tourism industry.

Investment Opportunities

“There are wide areas of cooperation between Saudi Arabia and Tanzania in general, and with Zanzibar in particular. Therefore, we are looking for Saudi investments in Tanzania, whether governmental or private,” revealed Mwinyi.

“We have many areas where we need foreign direct investment, whether in infrastructure development, tourism, or social services such as hospitals and schools,” said Mwinyi.

Mwinyi explained that possible areas of bilateral cooperation include energy, water systems, roads, infrastructure, airports, and seaports.

Additionally, the president said he had held “good” discussions with Ahmed Al-Khateeb, the Saudi Minister of Tourism.

“Zanzibar depends a lot on tourism. So, when the coronavirus pandemic hit, it greatly affected our economy,” explained Mwinyi.

“Currently we are witnessing the return of the tourism sector to pre-pandemic numbers,” he revealed.

Business Relations

According to the latest official data, the volume of trade between Saudi Arabia and Zanzibar during the past five years amounted to approximately SAR 15.9 billion ($4.2 billion), while it reached SAR 2.8 billion ($746 million) in the first half of 2022.

It had achieved SAR 4.7 billion ($1.2 billion) in 2021 and SAR 1.5 billion ($400 million) in 2020, an increase of 216% in 2021 compared to 2020.

Shift to Economic Momentum

“Zanzibar needs proper infrastructure to attract capital and investment. So, this is the biggest challenge. But I must say that economically and politically, we are a stable country,” said Mwinyi.

“We had political issues in the past, but we decided to sit down and sort out our differences.”

“Now that we are politically stable, we hope that this will create an environment for investment and social and economic prosperity.”

“One of the most important areas we are working on is attracting capital and foreign direct investment,” said Mwinyi regarding his government's plan to face the challenges ahead.

“We talked with many countries and private sectors to bring capital to Zanzibar,” revealed the president, adding that “there are a lot of investments happening, especially in the tourism field.”

“We are also working to develop the infrastructure,” he affirmed.

“We now have the private sector investing in our seaports and airports and building roads and water systems, especially in the energy sector.”



Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The Kingdom of Saudi Arabia ranked first among GCC states and 12th globally out of 55 pension systems in the 2026 Marsh CFA Institute Global Pension Index. The Kingdom's overall score climbed to 73.2 out of 100, up from 67.6 in 2025, continuing an upward trajectory that has seen it advance 15 places since 2022.

The Kingdom achieved notable gains across the index's three primary pillars. In the Integrity sub-index—which evaluates regulatory governance, member communication, and participant rights—Saudi Arabia scored 83.5, up 9.3 points from the previous year, securing an A rating, the highest classification in the category.

The Kingdom's Sustainability score increased to 61.2 points from 54.6, while Adequacy rose to 77.2 from 75, maintaining an overall B grade, SPA reported.

With its 73.2 score, Saudi Arabia outperformed established international pension systems categorized within the B band, including the United Kingdom, Canada, France, Germany, Belgium, Ireland, and Hong Kong, while leading all participating Gulf nations.

The index noted that Saudi Arabia's advancement was driven by sustained governance reforms, regulatory enhancements, data modernization, and stronger safeguards for scheme beneficiaries.

These results reflect ongoing modernization within the national social insurance ecosystem led by the Social Insurance, aimed at expanding benefit adequacy and safeguarding long-term fiscal sustainability.

Published in collaboration with the Monash Centre for Financial Studies, the 18th edition of the Marsh CFA Institute Global Pension Index evaluates retirement systems covering two-thirds of the world's population across more than 50 sub-indicators.


China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
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China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)

China's fiscal revenue increased 5.1% in the first nine months of 2026 from a year earlier, following a gain of 5.7% in the January-August period, the finance ministry said on Friday.

In the January-September period, fiscal revenue totaled 17.2 trillion yuan ($2.58 trillion), with tax revenue growing 6.1% year-on-year and non-tax ‌revenue expanding ‌1.2%.

Fiscal expenditure was up ‌1.0% ⁠on the year ⁠in the period, slowing from a rise of 1.2% in the first eight months.

China has accelerated local special bond issuance this year and plans to front-load part of its 2027 ⁠quota, finance ministry official Zhao Zeyong ‌told a press ‌conference on Friday.

Net special bond issuance ‌from January to September reached 3.56 trillion ‌yuan, accounting for 81% of the annual quota, and issuance for September was at 633.5 billion yuan, up by 214.8 billion yuan ‌from the same month last year, Zhao said.

Revenue from ⁠government ⁠land sales fell 27.9% on the year for the period from January to September, narrowing from a fall of 28.6% in the first eight months of this year.

The property sector downturn that began in mid-2021 has eroded land-sale revenue, long a crucial funding source for Chinese local governments.


Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
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Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)

Asian equities were mixed Friday as tech firms managed to claw back some early losses on bargain-buying at the end of tough week for the sector, while traditional safe havens benefited from a generally cautious mood.

Since AI-linked companies hit record highs in June, their equity prices have been pummeled by concerns they were overvalued, their huge outlays on infrastructure and hardware might not return a profit and, more recently, their servicing costs were spiraling.

That has combined with an Iran war-fueled surge in oil prices to more than $100 that has ramped up inflation, forced central banks to hike interest rates and sent government borrowing costs to multi-decade highs.

Strong earnings in past quarters have been able to temper many of the concerns, but analysts pointed out that investors are demanding better and better results to justify their backing.

Earnings from Facebook-parent Meta and chip equipment maker Lam Research this week have beaten forecasts but seen their shares dive.

"Even positive news is being ignored," said FOREX.com's Fawad Razaqzada.

"Strong results are no longer enough if the outlook fails to match an already demanding valuation. Investors are becoming much less forgiving."

The rush out of tech has, however, boosted industrial companies overlooked for much of the AI boom, with the Dow rising this week while the Nasdaq and S&P 500 retreated.

The general losses in New York filtered through to Asia in the morning, but some markets staged a comeback as the day progressed.

Seoul -- which was at the forefront of the AI boom and has led recent losses -- shed more than two percent after the open but was up at the close.

Chipmaker and market heavyweight SK hynix -- a major target amid the waves of buying and selling -- ended up more than four percent. However, its US shares fell more than eight percent Thursday after it said it was scrapping plans for an initial public offering for its US subsidiary Solidigm, citing "market conditions and share price trends".

There were also gains in Hong Kong, Shanghai, Sydney, Singapore and Jakarta.

Tokyo's Nikkei 225, which is also heavily weighted to tech, ended in the red, though well off earlier lows. Wellington, Mumbai and Manila were also down. Taipei was closed as Typhoon Champi neared Taiwan.

London, Frankfurt and Paris dropped in the morning.

Safe havens benefited, with the yen rallying against the dollar, helped by strong Japanese inflation data that boosted bets on another interest rate hike.

The currency has struggled against the greenback in recent years owing to the wide interest rate gap between the United States and Japan, as well as worries about the Asian giant's fiscal situation.

US Treasuries were also in demand, with yields falling from two-decade highs.

"Markets are looking for safe havens as the now familiar fears over AI and the tech sector, alongside ever higher oil and energy prices are powering a move back into bonds," said National Australia Bank's Gavin Friend.

"Regardless of the continued climb in oil prices, investors are increasingly looking for safe havens with the recent pullback in US Treasury yields getting a sizeable push," he said, adding that two- and 10-year Treasury yields were at one-month lows.

And Carol Kong at Commonwealth Bank of Australia said the yen could benefit further if the tech trade continued to deteriorate.

Oil prices added to the dour mood on fresh Middle East worries. Brent extended Thursday's spike and headed back towards $115 a barrel for the first time since May, while WTI topped $100.

The latest rally came after Iran threatened to hit US bases in the region if its military continued to escort ships through the Strait of Hormuz.