Oman government tells expat tour guides their jobs are safe from the visa ban – for now

Oman has placed a visa ban on a number of industries and professions in the country
Updated 28 May 2019
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Oman government tells expat tour guides their jobs are safe from the visa ban – for now

  • The Oman Ministry of Tourism said that expats in Oman could continue to apply for a tour guide license for global languages
  • The ministry spokesman said the English language guided tours were now 100 percent Omanized and that other languages would follow

DUBAI: Expats working as tour guides in Oman have been told they can continue for now, as long as they are using languages other than English and Arabic, national daily Times of Oman reported.

The Oman Ministry of Tourism said that expats in Oman could continue to apply for a tour guide license for global languages.

But the ministry spokesman said the English language guided tours were now 100 percent Omanized and that other languages would follow.

Oman has placed a visa ban on a number of industries and professions in the country as it works to slash the level of unemployment among its local population.


Materials sector dominates TASI trading in first quarter of 2024

Updated 16 min 24 sec ago
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Materials sector dominates TASI trading in first quarter of 2024

  • Saudi Aramco topped the list with a market capitalization of SR7.47 trillion: report

RIYADH:  The materials sector led trading on Saudi Arabia’s Tadawul All Share Index, accounting for approximately SR87 billion ($23.2 billion) or 15.11 percent of the market, according to TASI’s 2024 first-quarter report.

SABIC, the largest component of this sector, boasted a market capitalization of SR234.9 billion, with trading value reaching nearly SR7 billion.
The banking sector trailed with transactions valued at SR71.22 billion, comprising 12.37 percent of the market. Al-Rajhi Bank took the lead in market capitalization within the sector and secured the second spot in trade value totaling SR23.62 billion.
In a February report by Bloomberg, Al-Rajhi Bank, seen as an indicator of Saudi Arabia’s growth strategies, exceeded the performance of JPMorgan Chase & Co., exhibiting nearly a 270 percent surge in shares since the initiation of Vision 2030. It has outpaced both local and global competitors, including state-supported banks, emerging as the largest bank in the Middle East and Africa, boasting a market cap of around $95 billion.
According to Morgan Stanley analysts led by Nida Iqbal, as reported by Bloomberg, “We see it as a long-term winner in the Saudi bank sector … While Al-Rajhi is best placed for a rate-cutting cycle, we believe current valuation levels reflect this.”
Gulf central banks, including Saudi Arabia’s, frequently align their policies with those of the Federal Reserve to maintain their currency pegs to the dollar. According to Bloomberg Intelligence senior analyst Edmond Christou, a reduction in Fed rates could potentially bolster Al-Rajhi Bank’s profitability and expansion, as it will encourage gathering cheap deposits while enabling it to issue debt at more attractive levels.
In this period, the energy sector secured the third position in terms of value traded, reaching SR55.4 billion. Saudi Aramco topped the list with a market capitalization of SR7.47 trillion and registered the highest value among companies traded on the index, totaling SR28.82 billion.
In March of this year, Aramco announced a net income of $121.3 billion for its full-year 2023 financial results, marking the second-highest in its history. Aramco credited these results to its operational flexibility, reliability, and cost-effective production base, underscoring its dedication to delivering value to shareholders.
Tadawul’s quarterly report also indicated that the transportation sector recorded the fourth-highest value traded at SR39.25 billion, equivalent to 6.82 percent of the market. Among the top performers in this sector was cargo firm SAL Saudi Logistics Services, ranking third in value traded on the TASI during this period, following Aramco and Al-Rajhi Bank, with a total value of SR22.74 billion.
SAL debuted on the main market of the Saudi Exchange in November last year. With aspirations to manage 4.5 million tonnes of air cargo by 2030, Saudi Arabia is empowering its logistics sector from a supportive role to a pivotal driver of economic growth.
SAL, in which the Saudi government holds a 49 percent stake through the Saudi Arabian Airlines Corp., experienced a 30 percent surge in its share price during its initial public offering, raising $678 million and becoming Saudi Arabia’s second-largest IPO of the year.
In a January report by Forbes, SAL’s CEO and Managing Director Faisal Al-Beddah emphasized the company’s potential to shape the future of logistics in Saudi Arabia and beyond. He stated: “Logistics is the backbone of any economy. Now we are ready. We have the rotation, we have the infrastructure, we have the regulations, and most importantly, we have the mindset and the technology for Saudi Arabia to be the leading connecting logistics hub in the region.”
The top gainer during this period in terms of price appreciation was MBC Group, with a quarter-to-date percentage change of 127.6 percent, according to Tadawul.
Saudi Arabia’s MBC Group, a media conglomerate, debuted as the first new listing on TASI in 2024. Its trading began on Jan. 8. The company raised SR831 million through its initial public offering.
Saudi Steel Pipes Co. in the materials sector was the second highest gainer, with price appreciating by 88.15 percent.
Etihad Atheeb Telecommunication Co. had a QTD price percentage change of 81.91
percent making it the third-highest gainer on the exchange during this period.
TASI concluded the first quarter of 2024 with a 3.6 percent increase, climbing by 435 points to reach 12,402 points.


Saudi banks’ funding profile changing on rising mortgage demand: S&P Global

Updated 20 min 44 sec ago
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Saudi banks’ funding profile changing on rising mortgage demand: S&P Global

RIYADH: Saudi banks are expected to pursue alternative funding strategies to deal with the rapid expansion in lending, fueled by the demand for new mortgages, according to S&P Global.
In its latest report, the credit-rating agency stated that the funding profiles of financial institutions in the Kingdom are set to undergo changes, primarily driven by a state-backed initiative to boost home ownership.
According to the analysis, mortgage financing represented 23.5 percent of Saudi banks’ total credit allocation at the end of 2023, compared to 12.8 percent in 2019.
“The ongoing financing needs of the Vision 2030 economic initiative and relatively sluggish deposits growth, is likely to incentivize banks to seek alternative sources of funding, including external funding,” said S&P Global.  
The report also predicted that this pursuit of external funding could potentially impact the credit quality of Saudi Arabia’s banking sector.
According to the US-based rating agency, lending growth among Saudi banks has outpaced deposits, with the loan-to-deposit ratio exceeding 100 percent in 2022, up from 86 percent at the end of 2019.
S&P Global expects this trend to persist, particularly with corporate lending playing a more significant role in growth over the next few years. “We consider Saudi banks are likely to turn to alternative funding strategies to fund that expansion,” the report said.  

HIGHLIGHTS

100%

According to the US-based rating agency, lending growth among Saudi banks has outpaced deposits, with the loan-to-deposit ratio exceeding 100 percent in 2022, up from 86 percent at the end of 2019.

It added: “We consider, however, that the risk created by the maturity mismatch is mitigated by the relative stability of Saudi deposits.”   The agency also predicted that Saudi banks’ foreign liabilities will continue to increase, rising from about $19.2 billion at the end of 2023 to meet the funding requirements of strong lending growth, particularly amidst lower deposit expansion.
The report highlighted that Saudi banks have already tapped international capital markets, and the credit rating agency expects this trend to continue for the next three to five years.
According to S&P Global, the Saudi banking system could transition from a net external asset position of SR42.9 billion, or 1.6 percent of lending, at the end of 2023 to a net external debt position within a few years.
In April, S&P Global, in another report, stated that banks in the Kingdom are anticipated to experience robust credit growth ranging between 8 to 9 percent in 2024.
The agency noted that this credit expansion will be propelled by corporate lending, fueled by increased economic activities driven by the Vision 2030 program.
Moreover, the report added that the Saudi government and its related entities are expected to inject deposits into the banking system, thereby supporting the credit growth of financial institutions in the Kingdom.

 


How sustainable tourism can help preserve Saudi Arabia’s iconic desert wildlife 

Updated 12 min 30 sec ago
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How sustainable tourism can help preserve Saudi Arabia’s iconic desert wildlife 

  • With desert tourism on the rise, experts say visitors and developers have a responsibility to respect local fauna  
  • The deserts of Saudi Arabia are home to more than 4,000 animal species, many of them critically endangered

ALULA: Although Saudi Arabia is home to a wealth of ecosystems, from its coastal mangroves and coral reefs to its high-altitude forests and lush oases, the Kingdom is perhaps best known for its deserts.

However, these landscapes, which are fast becoming popular with outdoor adventurers, are home to a remarkable array of animals, which inhabited the region long before the arrival of humans.

Despite the hardiness of these animals, given the harshness of their environment, the encroachment of humans into these pristine habitats is raising concerns among conservationists.

“The rapid growth in tourist flows in recent decades has been accompanied by diversification, both geographically, and in terms of tourism segments or products,” Basmah Al-Mayman, Middle East regional director of the UN Tourism (formerly UN World Tourism Organization), told Arab News. 

“Desert destinations have shared in the benefits of this double-diversification process, making it an even more pressing priority to define a sustainable approach to tourism development in desert areas.”

As a Saudi national herself, Al-Mayman recognizes the value of the Kingdom’s precious ecosystems as a source of revenue and national pride. However, she believes the tourism industry, developers, and travelers themselves have a responsibility to act sustainably.

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“In the desert, more than anywhere, with destinations still relatively untouched by the adverse effects tourism can bring, sustainability represents a particularly critical challenge,” she said.

“The messages conveyed by UN Tourism are not only preventive in character, but also offer stakeholders at international as well as local levels the advice and tools they need to combat poverty and desertification while enabling tourism to properly play its role as a vehicle for development.”

The Nubian ibex isnow among the wildlife of Saudi Arabia. (Shutterstock)

According to UN Tourism, sustainability principles refer to the environmental, economic, and socio-cultural aspects of tourism development. A balance must be established between these dimensions to guarantee its long-term sustainability.

Sustainable tourism should therefore make optimal use of environmental resources that constitute a key element in tourism development, while maintaining essential ecological processes and helping to conserve natural heritage and biodiversity.

As the largest country in the Middle East, occupying more than 80 percent of the Arabian Peninsula, Saudi Arabia is home to five distinct climatic regions. 

These biomes include coastal fog desert, the southwestern savanna foothills, the southwestern montane woodlands, the Arabian Desert, the Nubo-Sindian tropical desert, and areas of semi-desert.

Caption

Extensive hunting in the 19th century resulted in the population decline of many of Saudi Arabia’s indigenous animals, including oryx, leopards, and cheetahs. The Kingdom has since imposed bans on poaching and launched breeding programs to help bolster populations.

Other wildlife found in these habitats included striped hyenas, mongoose, baboons, sand cats, and hopping desert rodents known as jerboa. Visitors willing to brave the region’s harsh temperatures may be rewarded with a glimpse of a Nubian ibex, sand gazelles, or a whole array of reptiles. 

Gazelles restin one of the wildelife conservation centers of Saudi Arabia, safe from predators and hunters. (Shutterstock)

Occupying some 25 percent of Saudi Arabia’s territory, the Rub’ Al-Khali, also known as the Empty Quarter, is anything but what its name might suggest. The world’s biggest sand desert is in fact home to a dizzying array of wildlife.

Likewise, the Kingdom’s scrublands, steppes, mangroves, volcanic fields, palm oases, and mountain ranges are teeming with creatures — nesting, hunting, feeding, and burrowing, many of them out of sight, coming out only in the cool hours of night.

DIDYOU KNOW

• 2024 was designated the Year of the Camel by the UN and Saudi Ministry of Culture.

• AlUla has made great strides in ensuring that desert tourism is eco-friendly.

• UN Tourism has put forth structured targets to support sustainable desert tourism.

• National Center for Wildlife estimates there are 4,481 endangered species in the Kingdom.

No desert animal is perhaps better recognized than the camel. It is because of its iconic status that the UN and Saudi Arabia’s Ministry of Culture has designated 2024 as the “Year of the Camel.”

This year, Saudi Arabia will host several camel-centric events and organize special spaces to educate the public about these much-loved “ships of the desert.”

Just this past week, the second ever AlUla Camel Cup was celebrated in the Kingdom’s ancient northwestern region. The four-day event centered on the animal, which has become synonymous with the country’s identity. 

The camel has been the Bedouin’s best friend for centuries, as well as a loyal companion and a lifeline. (Shutterstock)

The camel has been the Bedouin’s best friend for centuries, as well as a loyal companion and a lifeline. Even the Prophet Muhammad relied on camels for transportation and as a source of food and fuel.

Camels are not the only animals getting their moment in the limelight. Saudi Arabia’s National Center for Wildlife and the Saudi Green Initiative have been working hard to ensure none of the Kingdom’s fauna is overlooked.

Assigning an animal to be championed during a specific year, month, or day has been instrumental in raising awareness about the wellbeing and conservation of the region’s distinctive species.

In 2022, the Royal Commission for AlUla launched a campaign for the recognition of “International Arabian Leopard Day.” In 2023, the UN General Assembly unanimously designated Feb. 10 as the “International Day of the Arabian Leopard.”

Facing extinction, the Arabian leopard is one of the wildlife species at the center of the Kingdom's animal conservation program. (Royal Commission of AlUla photo)

The Arabian leopard once enjoyed a range stretching across a large swathe of the Arabian Peninsula, from southern Jordan to Yemen. 

But, after years of human encroachment on its habitat, resulting in the depletion of its natural prey, the International Union for Conservation of Nature listed the big cat as a critically endangered species.

Saudi Arabia has long been at the forefront of animal conservation, with the Imam Abdulaziz bin Mohammad Royal Reserve Development Authority reintroducing more than 220 endangered species into the wild in the Kingdom’s royal reserves over the past five seasons. 

Much of this has been done in tandem with sustainable tourism initiatives, designed to protect the Kingdom’s ecosystems, while providing jobs, services, and prosperity to local communities.

For instance, in the ancient deserts of northwest Saudi Arabia, framed by curious rock formations with their dramatic silhouettes, the lush green oasis of AlUla has been continuously occupied by humans since before the 12th century.

Throughout that time, animals have been vital to the area and to the livelihoods of its human residents.

In line with Saudi Vision 2030, the Royal Commission for AlUla has launched an initiative to rehabilitate 65,000 hectares of degraded land, activating the space and resurrecting the harmony between humans and nature — an organic partnership that has defined the region for millennia.

Besides AlUla, nearly every other desert space in the Kingdom has introduced curated tours that mindfully lead humans into the wilderness with the intention of enjoying, honoring, and respecting the animals that live there. 

The Kingdom has made significant strides in ensuring that its animals continue to flourish in a rapidly changing world and a nation that aims to become a major tourism magnet in the years to come.

But with more people, vehicles, and infrastructure coming to the desert, it is a collective responsibility to ensure visitors do so without disturbing these precious ecosystems and their animal inhabitants.
 

 

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Riyadh Municipality confirms single company was responsible for recent food poisoning cases

Updated 53 min 32 sec ago
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Riyadh Municipality confirms single company was responsible for recent food poisoning cases

  • Officials said fast-food chain could be fined over the outbreak, which hospitalized dozens of people, and that all its branches and facilities in Riyadh and Al-Kharj remain closed
  • The municipality did not name the company but Arab News reported last week that several cases of food poisoning appeared to be linked to the Hamburgini fast-food chain

RIYADH: Riyadh Municipality confirmed on Friday that the initial results of an investigation by health authorities suggest a single company was responsible for several cases of food poisoning last week, caused by the bacterium clostridium botulinum, that left dozens of people hospitalized.

It also confirmed the chain could be fined over the outbreak, which came to light on April 25, and that all of its branches and food-processing facilities in Riyadh and Al-Kharj remain closed. The amount of any fine will be set according to existing legislation based on a full investigation and taking into account the severity of the effects of the incident on the people who became sick, the municipality added.

It did not say how long the company’s branches and other facilities would remain closed, but said all food products they contained would be destroyed and the process of cleaning and disinfecting all buildings, tools and machinery will be supervised by officials from the municipality.

“We confirm the safety of food products for restaurants, kitchens, cafes and caterers in the Riyadh region, as no cases have been recorded from other than the aforementioned source,” the municipality said.

The statement on Friday did not name the company involved but Arab News reported last week that a number of food poisoning cases appeared to be linked to the Hamburgini fast-food chain.

On April 27, Dr. Mohammed Al-Abd Al-Aly, a spokesperson for the Ministry of Health, posted a message on social media platform X in which he shared information about those affected by the food poisoning.

“Six cases have fully recovered after receiving appropriate health care, and two have been safely discharged,” he said. “However, 35 individuals remain hospitalized, with 28 of them in intensive care.”

Riyadh Municipality said health oversight teams took prompt action to investigate and monitor the situation as soon as they began to receive reports of the food poisoning cases.

On April 26, Nawaf Al-Fozan, the founder and CEO of Hamburgini, shared a video on the chain’s Instagram page in which he confirmed it was involved in the outbreak.


€1bn EU ‘bribe’ over Syrian refugees stirs anger in Lebanon

Updated 04 May 2024
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€1bn EU ‘bribe’ over Syrian refugees stirs anger in Lebanon

BEIRUT: Lebanon’s Prime Minister Najib Mikati on Friday vowed to step up deportations as part of a crackdown on illegal residents in the country.

“This matter is not up for debate, and orders have been given to the relevant authorities to implement what is necessary,” he said.

Mikati’s comments came after the EU on Thursday announced a €1 billion ($1.07 billion) aid package for Lebanon, mostly to boost border control in a bid to curb refugee flows across the Mediterranean Sea to Cyprus and Italy.

Lebanon hosts more than 1.5 million Syrian refugees.

In a television interview, Mikati said: “Any Syrian residing in Lebanon illegally will be deported, and a different approach will be taken toward all registered individuals compared to unregistered ones.”

While Mikati welcomed the announcement of increased European aid, some political and religious figures described the package as a “bribe” to resettle Syrian refugees in Lebanon, and warned that Lebanon is “not for sale.”

Local newspaper headlines highlighted the objections, which follow increasing numbers of murders, thefts, and kidnappings in recent months carried out by Syrians who entered Lebanon illegally.

Syrian inmates now make up 35 percent of Lebanon’s prison population, according to Interior Minister Bassam Mawlawi.

Cyprus recently complained about the increasing number of boats arriving on its shores carrying Syrians who traveled via Lebanon. Dozens remain stranded on the island, which refuses to accept them as refugees, and wants to return them to Lebanon.

Mikati said that there is “a European division” on the issue of safe areas in Syria for the return of refugees.

“We will undertake a campaign in this context to push the EU to take a decision that there are safe areas in Syria,” he added.

The announcement of the EU package was made as European Commission President Ursula von der Leyen visited Lebanon on Thursday with Cypriot President Nikos Christodoulides.

However, Nicolas Sehnaoui, a member of the Strong Lebanon parliamentary bloc, said: “Keep the billion euros, and take an additional billion in exchange for taking all the Syrian refugees to European countries.”

Razi Al-Hajj, a member of the Strong Republic bloc, described the presence of Syrian refugees in the country as a “ticking time bomb.”

He said: “If Mikati wants to dispel the doubts of the Lebanese about the EU’s agenda in Lebanon, and the government’s true intention, he must begin implementing what he promised, which (means) deporting anyone residing illegally on Lebanese territory.”

Change party MP Waddah Sadek said: “Those who are residing illegally in Lebanon — the number of whom is significant — should be deported. An appropriate solution should then be reached regarding those who sought refuge in Lebanon for fear of getting killed or persecuted.”

Jaafari Grand Mufti Sheikh Ahmad Kabalan said in his Friday sermon: “We don’t want to slaughter Lebanon with 1 billion poisoned euros.

“Europe is Washington’s partner in the devastation in Syria and the siege on Lebanon. I warn those in charge against assuming the role of Europe’s security and political guard. The Syrian refugees’ case requires an urgent resolution. We ran out of time, and our country’s demography, stability, security, economy and livelihood are threatened.”

Maroun Al-Khawli from the National Campaign for the Return of Syrian Refugees, said: “Lebanon will not be for sale under any circumstances.”

He said the aid package “is a humiliating deal for Lebanon’s dignity and sovereignty, and a dark spot in the history of the caretaker government.”

Shiite cleric Ali Mohammed Hussein Fadlallah said in his Friday sermon: “The European Union resorts to the financial aspect to persuade the Lebanese when it comes to the Syrian refugees’ file.

“However, this matter is not limited to the financial dimension. It requires us to address its root causes and organize the Syrian presence in a way that doesn’t cause any internal repercussions, concerns and tensions that might affect the relationship between Lebanese and Syrian refugees.”

In a statement, the Progress Party said: “The European countries’ policy ensures that the Syrian refugees’ boats don’t reach their shores. This is what made them offer Lebanon €1 billion to make up for their presence in the country.

“The governing system accepted the bribe to recycle itself at the expense of the accumulating crises without organizing this file.”

The party proposed setting up camps for Syrian refugees on the border, and securing their needs through international support.