LONDON: Singapore, Dubai and Macau will push London from third to sixth place in the world’s 100 most popular city destinations for global and regional airlines by 2025, Euromonitor said on Tuesday.
Singapore will replace London with 30 million trips in eight years' time, said the report. Hong Kong will remain in front with Bangkok second, Macau fourth and Dubai moving up from sixth to fifth with 26.7 million trips, ahead of London with an anticipated 25.8 million trips. Hong Kong currently boasts 25.6 million trips but by 2025 will increase that number to more than 44 million trips.
The report said that in 2017 Dubai is still by far the largest destination in the MEA region, but Saudi Arabia has three cities in the top ranking.
The Hajj is a major draw for arrivals to the country, but the Kingdom is looking to expand its appeal.
The Post-Umrah Programme, noted the report, is an initiative that allows pilgrims to convert their Umrah visas into tourist visas, allowing them to extend their stays. “Better dispersion should also come with the first high-speed train between Makkah and Medina, set to launch in 2018,” it said.
Singapore, Dubai and Macau to oust London as third most popular city destination
Singapore, Dubai and Macau to oust London as third most popular city destination
Saudi Arabia advances sustainable development efforts with 45 agreements worth $1.6bn at Momentum
RIYADH: Saudi Arabia’s National Development Fund and its affiliates signed 45 agreements with a total value of SR6 billion ($1.59 billion), with several local and international partners at the conclusion of the Momentum 2025 development finance conference.
The event, held from Dec. 9 to 11 at the King Abdulaziz International Conference Center in Riyadh, was organized by the NDF under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince, prime minister, and chairman of the NDF board of directors.
The new agreements seek to accelerate the pace of investment, empower the private sector, and unlock new opportunities in priority sectors including small and medium sized enterprises, tourism, and sustainable development.
On the institutional level, the fund signed two strategic agreements with two leading global partners in technology and professional services, aiming to enable artificial intelligence, data, and digital solutions within the development finance ecosystem.
The two memorandum of understandings aim to enhance the institutional capabilities of the fund, encourage innovation in products and services, and improve the efficiency and overall impact of development financing in the Kingdom.
The NDF signed a memorandum of understanding through the National Infrastructure Fund aimed at unifying the efforts of the development system to support small enterprises by cooperating on designing a developmental financing model for SMEs.
The Saudi SME Bank signed 19 cooperation agreements and MoUs with a value exceeding SR3 billion, to support the developmental finance system and enhance integration between public and private sector entities.
The Tourism Development Fund concluded 6 agreements with entities from both the government and private sectors, strengthening its partnerships with an impact exceeding SR4 billion. These aim to enhance financing solutions through the “Tourism Enablement Programs” offered by the fund to micro, small, and medium enterprises.
The Cultural Development Fund signed five credit facility agreements within the framework of the “Cultural Financing” program, with a total value exceeding SR63 million, to finance numerous cultural projects.
As part of its efforts to support human capital development, the Human Resources Development Fund concluded 3 agreements aimed at supporting and enabling 2,191 male and female job seekers in multiple sectors, with a value exceeding SR324 million.
The Saudi Industrial Development Fund signed a cooperation agreement with the Saudi Railways Co. to identify cooperation opportunities in enabling the industrial sector, including the railway sector, and supporting investors in localizing goods and services to increase local content.
The Saudi Fund for Development signed five developmental memoranda of understanding with Imam Mohammad Ibn Saud Islamic University, the Islamic Military Counter Terrorism Coalition, and the Middle East Green Initiative, as well as the Saudi Agricultural and Livestock Investment Co., and the Arab Urban Development Institute.
The Investment Events Fund signed a partnership agreement with entertainment firm Legends Global to enhance the events sector by leveraging international expertise in organizing major global events.
The agreements and MoUs signed during the Momentum 2025 conference represent a significant step in the Kingdom’s efforts to build a diverse, inclusive, and sustainable economy.
These partnerships contribute to bridging financing gaps, mitigating risks for strategic projects, and achieving long-term value for Saudi citizens, companies, and communities. Furthermore, they advance global sustainable development goals by aligning public and private capital with national priorities in infrastructure, SMEs, and green growth.
The Momentum 2025 development finance conference embodied the Kingdom’s focus on translating cooperation into tangible achievements, driving green and inclusive growth, and contributing to a more sustainable and prosperous future for all.
