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Saudi Arabia Finances $319 Million Infrastructure Project in Oman

The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
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Saudi Arabia Finances $319 Million Infrastructure Project in Oman

The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)

Saudi Arabia and Oman announced on Wednesday that they signed 13 investment MoUs between the their private and public sectors with a value exceeding one billion riyals ($266.6 million).

Fields covered by the agreements include oil and petrochemical storage, renewable energy and green hydrogen, mining investment, logistics and transportation, entrepreneurship, automation of research, development and innovation, fisheries, support for marine industries, tourism and travel, in addition to solar energy projects.

The signing of the MoUs came on the sidelines of the Saudi-Omani Investment Forum held in Riyadh on Feb.1-4.

In this context, the Saudi Fund for Development signed a memorandum of understanding for an infrastructure development project worth $319 million (SAR 1.2 billion) in Oman. The project aims to fund the infrastructure of the special economic zone in the governorate of ad-Dhahirah.

The MoU, which was signed in the presence of Saudi Minister of Investment Khalid al-Falih and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed al-Youssef, aims to enhance cooperation by establishing the special economic zone that would increase commercial trade, encourage partnerships between the various sectors and reduce the cost of production and export between the two countries.

CEO of the Saudi Fund for Development Sultan al-Murshed said that the MoU “comes to strengthen the long-established historical relations and close partnership between Saudi Arabia and Oman, as these development projects and programs contribute to achieving the ambitious visions of the two countries.”

Addressing the opening session of the forum, Eng. Khalid Al-Falih, the Saudi Minister of Investment, underlined Riyadh’s keenness to strengthen and develop investment and economic relations with Oman.

Al-Falih emphasized the importance and vitality of the private sector and its active role in advancing development in the two countries and activating the Saudi and Omani partnership, as well as its great contribution to the success of the forum.

Omani Minister of Commerce, Industry and Investment Promotion Qais Al-Youssef said that the forum reflected the strength of the Saudi-Omani relations, pointing to the two countries’ keenness to activate partnership in priority sectors to advance economic sustainability, keep pace with economic changes, and create links between the industries.

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Business

Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."