From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
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From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)

The Saudi Stock Exchange (Tadawul) took its first step toward the world, starting from London, with the launching of the EFG Hermes Saudi Forum on Monday, under the theme, “Looking for Sustainable Growth.”

Participants, including investors, businessmen and stakeholders, gathered on Monday at the Rosewood Hotel in central London, to discuss the investment climate, the available opportunities, and the promising investment components that are unique to the Saudi economy.

The conference, which concludes on Tuesday, is organized by EFG Hermes, in cooperation with the Saudi Tadawul, in the presence of 375 guests, including representatives from more than 50 Saudi companies from various vital sectors, the Saudi Capital Market Authority, and the Public Investment Fund, in addition to 200 investors from more than 120 international financial institutions, and a group of the most prominent fund managers around the world.

Among the guests are the Chairman of the Board of Directors of the Saudi Capital Market Authority, Mohammed bin Abdullah Al-Kuwaiz, the CEO of Saudi Tadawul, Mohammed Al-Rumaih, the CEO of EFG Holding Group, Karim Awad, the co-CEO of EFG Hermes, Mohammed Ebeid, and the CEO For EFG Hermes in Saudi Arabia, Saud Altassan.

Al-Kuwaiz and Al-Rumaih spoke in two successive sessions about the importance of the Saudi financial market and the developments it has achieved at all levels.

The speakers stressed that Saudi Arabia had one of the largest emerging markets in terms of market capitalization, as its market value exceeded $3 trillion in September 2023.

They added that the Saudi financial market has attracted increasing foreign inflows since its inclusion in the main global indices, such as the MSCI Emerging Markets Index during 2019, and the FTSE Russell Emerging Markets Index during 2018.

For his part, Ebeid explained that the conference serves as a platform to showcase investment opportunities in the Saudi market, which is supported by the diversity of economic sectors, as well as the transformation initiatives launched by the government within the framework of Vision 2030.

The conference offers a unique opportunity to strengthen ties and provide a direct link between companies listed on the Saudi market and investors in emerging markets, which reflects the major role that EFG Hermes plays in supporting economic growth in the Kingdom and developing the capital market, he added.



China Extends Visa-free Entry to More Than 70 Countries to Draw Tourists

Tourists take a souvenir photo as they visit the Temple of Heaven, in Beijing on June 15, 2025. (AP Photo/Andy Wong)
Tourists take a souvenir photo as they visit the Temple of Heaven, in Beijing on June 15, 2025. (AP Photo/Andy Wong)
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China Extends Visa-free Entry to More Than 70 Countries to Draw Tourists

Tourists take a souvenir photo as they visit the Temple of Heaven, in Beijing on June 15, 2025. (AP Photo/Andy Wong)
Tourists take a souvenir photo as they visit the Temple of Heaven, in Beijing on June 15, 2025. (AP Photo/Andy Wong)

Foreign tourists are trickling back to China after the country loosened its visa policy to unprecedented levels. Citizens from 74 countries can now enter China for up to 30 days without a visa, a big jump from previous regulations.

The government has been steadily expanding visa-free entry in a bid to boost tourism, the economy and its soft power. More than 20 million foreign visitors entered without a visa in 2024 — almost one-third of the total and more than double from the previous year, according to the National Immigration Administration.

“This really helps people to travel because it is such a hassle to apply for a visa and go through the process,” Georgi Shavadze, a Georgian living in Austria, said on a recent visit to the Temple of Heaven in Beijing.

While most tourist sites are still packed with far more domestic tourists than foreigners, travel companies and tour guides are now bracing for a bigger influx in anticipation of summer holiday goers coming to China, The Associated Press reported.

“I’m practically overwhelmed with tours and struggling to keep up” says Gao Jun, a veteran English-speaking tour guide with over 20 years of experience. To meet growing demand, he launched a new business to train anyone interested in becoming an English-speaking tour guide. “I just can’t handle them all on my own” he said.

After lifting tough COVID-19 restrictions, China reopened its borders to tourists in early 2023, but only 13.8 million people visited in that year, less than half the 31.9 million in 2019, the last year before the pandemic.

In December 2023, China announced visa-free entry for citizens of France, Germany, Italy, the Netherlands, Spain and Malaysia. Almost all of Europe has been added since then. Travelers from five Latin American countries and Uzbekistan became eligible last month, followed by four in the Middle East. The total will grow to 75 on July 16 with the addition of Azerbaijan.

About two-thirds of the countries have been granted visa-free entry on a one-year trial basis.

For Norwegian traveler Øystein Sporsheim, this means his family would no longer need to make two round-trip visits to the Chinese embassy in Oslo to apply for a tourist visa, a time-consuming and costly process with two children in tow. “They don’t very often open, so it was much harder” he said.

“The new visa policies are 100% beneficial to us,” said Jenny Zhao, a managing director of WildChina, which specializes in boutique and luxury routes for international travelers. She said business is up 50% compared with before the pandemic.

While the US remains their largest source market, accounting for around 30% of their current business, European travelers now make up 15–20% of their clients, a sharp increase from less than 5% before 2019, according to Zhao. “We’re quite optimistic” Zhao said, “we hope these benefits will continue.”

Trip.com Group, a Shanghai-based online travel agency, said the visa-free policy has significantly boosted tourism. Air, hotel and other bookings on their website for travel to China doubled in the first three months of this year compared with the same period last year, with 75% of the visitors from visa-free regions.

No major African country is eligible for visa-free entry, despite the continent’s relatively close ties with China.

North Americans and some others in transit can enter for 10 days Those from 10 countries not in the visa-free scheme have another option: entering China for up to 10 days if they depart for a different country than the one they came from. The policy is limited to 60 ports of entry, according to the country's National Immigration Administration.

The transit policy applies to 55 countries, but most are also on the 30-day visa-free entry list. It does offer a more restrictive option for citizens of the 10 countries that aren't: the Czech Republic, Lithuania, Sweden, Russia, the United Kingdom, Ukraine, Indonesia, Canada, the US and Mexico.

Aside from the UK, Sweden is the only other high-income European country that didn’t make the 30-day list. Ties with China have frayed since the ruling Chinese Communist Party sentenced a Swedish book seller, Gui Minhai, to prison for 10 years in 2020. Gui disappeared in 2015 from his seaside home in Thailand but turned up months later in police custody in mainland China.