Tourism Minister Inaugurates Saudi Pavilion at WTM London

Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.
Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.
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Tourism Minister Inaugurates Saudi Pavilion at WTM London

Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.
Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London.

Minister of Tourism Ahmed bin Aqeel Al-Khateeb on Monday inaugurated the Saudi pavilion at the World Travel Market (WTM) exhibition in London, SPA said on Tuesday.

The participation reaffirms the Kingdom's leading role in driving the global tourism sector's growth and prosperity. The Kingdom received 17 million tourists in the first seven months of 2023, with a target to reach 30 million tourists by the end of the year.

The WTM, which is hosted annually in London, is one of the world's most important tourism exhibitions.

Saudi Arabia's participation in the exhibition reflects its pioneering and leading role in the global tourism scene, as one of the fastest-growing tourist destinations in the world, taking the 13th position in the number of incoming tourists in 2022.

Furthermore, the first quarter of 2023 witnessed remarkable growth, with a 64% increase in the number of tourists, ranking Saudi Arabia second in terms of the growth of incoming tourists worldwide.

The minister indicated that participating in the exhibition underscores Saudi Arabia's transformation into a leading global tourist destination, reflecting its rich cultural heritage, unique natural landscapes, and tourist attractions.

The Kingdom has positioned itself as a global focal point, as it is making its mark on the international tourism map, the minister said.

Due to the ongoing developments in the sector, he noted that the targets have been increased to aim for 150 million visits and 70 million international tourists annually by 2030.

Moreover, the minister emphasized that the WTM exhibition provides an opportunity for the tourism system to establish strategic partnerships with major global markets.

He said the system aims to use the participation in the exhibition to open new horizons and attract a more diverse range of tourists from around the world, with the aim of highlighting Saudi Arabia's position on the global tourism map.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.