Saudi Arabia Hosts Official Celebration of World Tourism Day

The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
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Saudi Arabia Hosts Official Celebration of World Tourism Day

The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)

Leaders from across the global tourism sector are set to unite in Riyadh for this year's UNWTO World Tourism Day (WTD), which will be celebrated on 27-28 September, under the theme of "Tourism and Green Investments".

Riyadh hosted the event for the first time in 2019.

Marking the most significant assembly of global tourism leaders in the 43-year history of World Tourism Day, gauged by global ministers, industry leaders, and experts in attendance, WTD 2023 will examine the role of investment in people and the planet to secure livelihoods and foster mutual understanding, while exploring opportunities to extend the reach of the industry's economic and social impact to more people around the world, safeguarding prosperity for all.

Hosting this gathering aims to boost Saudi Arabia's position on the map of international events in general, and tourism in particular, as one of the fastest-growing destinations among the G20 countries, and the second fastest-growing country worldwide. The Kingdom is also the chair of the World Tourism Organization for 2023, and the host of its headquarters in the Middle East.

Event participants will also attend a gala dinner in Riyadh's UNESCO Heritage site, Diriyah, to celebrate World Tourism Day.

Saudi Minister of Tourism Ahmed Al-Khateeb said hosting this significant global gathering reinforces the status of Saudi Arabia and its pioneering role in restructuring the future of global tourism.

He added that it also confirms the success of Riyadh in becoming a regional hub for the organization, as well as the Kingdom’s initiatives and achievements during the past four years.

“This World Tourism Day, we focus on the vital need to invest in building a more sustainable sector for people, planet, and prosperity,” said Zurab Pololikashvili, Secretary-General of the UNWTO.

“The day also makes clear why UNWTO underscores the need for investment in education and for greater innovation as the foundations for long-term growth and transformation. This year's official celebration in Saudi Arabia reflects how tourism is being embraced to diversify economies and generate opportunities for all,” Pololikashvili added.

The global tourism sector is forecast to reach $9.5 trillion in GDP contribution in 2023, according to the WTTC. This is in line with UNWTO's forecast that tourism remains well on track to reach 80% to 90% of pre-pandemic levels this year and is widely expected to exceed 2019 levels in 2024.

The global impact of tourism is growing in bridging cultures and providing business and employment opportunities.



French Companies to Inject New Investments in Egyptian Market

Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)
Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)
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French Companies to Inject New Investments in Egyptian Market

Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)
Hossam Heiba, Chairman of the Investment Authority and Free Zones, signs a memorandum of understanding with the French Investment Promotion Agency in the presence of Hassan Al-Khatib, Minister of Investment and Foreign Trade. (Egyptian Investment Authority)

Several French companies have committed to making new investments in the Egyptian market across various sectors, including transportation, food, and pharmaceuticals.

According to a statement by Egypt’s General Authority for Investment and Free Zones (GAFI) on Saturday, companies such as Lesaffre (in yeast production), Alstom (transport), Sanofi (pharmaceuticals), and Decathlon (specialized retail in sportswear and equipment) have pledged to invest further in Egypt. These plans aim to leverage the significant improvements in the country’s investment infrastructure and legislative framework.

French investments in Egypt currently stand at approximately €7 billion (around $7.7 billion), distributed across 180 companies in various sectors. The companies’ commitment to expansion was made during a promotional visit to France by GAFI CEO Hossam Heiba, accompanied by Minister of Investment and Foreign Trade Hassan Al-Khatib.

The visit included participation in the Egyptian-French Business Forum held in Paris and Marseille, with the attendance of French Minister of Foreign Trade Sophie Primas and more than 350 French companies.

The Egyptian officials also held meetings with John Cockerill, a leader in hydrogen production equipment, representatives of bpi France, a French investment bank and the chairman of CMA CGM, a French logistics and maritime company and a key development partner of Egypt.

Heiba noted that Egypt has successfully attracted a significant number of global and French companies, benefiting from its strategic position as an investment and export hub for Africa. He emphasized that his country has maintained its position as the top African destination for investments in 2022 and 2023, with expectations of continuing this trend in the coming years. This is further supported by the record-breaking foreign direct investment, which reached $46.1 billion in the 2023-2024 fiscal year.

Additionally, Heiba signed a memorandum of understanding (MoU) with the French Investment Promotion Agency, which aims to sustain investment cooperation between Egypt and France, focusing on providing investor support, fostering partnerships between the two countries' business communities, and sharing data on target sectors and legislative developments. The agreement also covers the organization of investment promotion events and exploratory business tours.

The French side highlighted the substantial investments made by French companies in Egypt, particularly in telecommunications, healthcare, and cosmetics. Companies such as Valeo, Capgemini, Atos, and Orange Business Services operate in Egypt’s IT and communications sector, while Servier, AXA, AXA One Health, Sanofi, and Air Liquide have made significant contributions to the healthcare sector. L'Oréal is also a major player in the cosmetics industry.

This promotional visit is part of Egypt’s efforts aimed at expanding investment ties with Europe, following the 2024 Egypt-European Investment Conference held in Cairo in June, and the March 2023 announcement of an enhanced strategic partnership between Egypt and the European Union.