Saudi Arabia prioritizes tourism sector net zero target

Sustainable Tourism Global CenterThe center will support travelers, governments, and the private sector to ensure that tourism enables growth and creates jobs. (Shutterstock)
Short Url
Updated 25 October 2021
Follow

Saudi Arabia prioritizes tourism sector net zero target

  • With the global travel and tourism sector responsible for 8 percent of the global greenhouse gas emissions, Saudi Arabia is giving priority to achieving net-zero emissions in the sector

RIYADH: The Sustainable Tourism Global Center launched by Crown Prince Mohammed bin Salman at the Saudi Green Initiative Forum on Saturday aims to modernize the sector with a focus on preserving nature and fighting climate change.

With the global travel and tourism sector responsible for 8 percent of the global greenhouse gas emissions, Saudi Arabia is giving priority to achieving net-zero emissions in the sector.

Referring to the global emissions at the SGI event, Saudi Tourism Minister Ahmed Al-Khateeb said: “This is expected to grow if we do not act now.”  

“Tourism is also a highly fragmented sector. Eighty percent of the tourism businesses are small and medium-sized enterprises that rely on guidance and support from sector leadership. The sector must be part of the solution,” he said.

Sustainable Tourism Global CenterThe center will support travelers, governments, and the private sector to ensure that tourism enables growth and creates jobs, while playing its part to achieve the climate goals laid out in the Paris Agreement, including contributing to keeping the global temperature rise to under 1.5 degrees Celsius.

The facility aims to be the “north star” for the tourism sector as it recovers from the COVID-19 pandemic and transitions toward a sustainable future.

Globally, tourism supports more than 330 million livelihoods – and pre-pandemic, it was responsible for creating one in four new jobs globally.

Al-Khateeb said: “Saudi Arabia, following the vision of the Crown Prince, is answering this vital call by working with partners to create a multi-country, multi-stakeholder coalition, that will lead, accelerate, and track the tourism industry’s transition to net-zero emissions.”

Details of the center and its functions will be  unveiled at the COP26 in Glasgow.

Gloria Guevara, the chief special adviser to the tourism minister, said: “For years and years, multiple players across the tourism sector have been working on different initiatives to accelerate the race to zero (emissions) — but we have been working in silos. The impact of the global pandemic on the tourism sector highlighted the vital importance of multi-country, multi-stakeholder collaboration. And now, Saudi Arabia is stepping up to bring stakeholders together to make tourism part of the solution to climate change.”


Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

Updated 18 April 2024
Follow

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 36.37 points, or 0.29 percent, to close at 12,502.35.

The total trading turnover of the benchmark index was SR8.19 billion ($2.18 billion) as 130 stocks advanced, while 90 retreated. 

The MSCI Tadawul Index also increased by 5.98 points, or 0.38 percent, to close at 1,575.11.

The Kingdom’s parallel market, Nomu, followed suit and gained 305.77 points, or 1.16 percent, to close at 26,418.75. This comes as 33 stocks advanced, while as many as 27 retreated.

The best-performing stock on the main index was Saudi Arabian Amiantit Co., as its share price rose by 7.69 percent to SR30.80.

Allianz Saudi Fransi Cooperative Insurance Co. also performed well as its share price saw a 6.79 percent increase to close at SR20.16.

This comes as Abu Dhabi National Insurance Co. completed a strategic acquisition of a 51 percent stake in Allianz, according to the Emirates News Agency, WAM.

ADNIC Chairman Mohamed Al- Nahyan told WAM: “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudi Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success.”

Other top performers include United Cooperative Assurance Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. whose share prices soared by 5.68 percent and 5.51 percent, to stand at SR11.16 and SR14.16 respectively.

The worst performer was Alkhaleej Training and Education Co., whose share price dropped by 5.27 percent to SR33.25.

On the announcements front, Saudi mining giant and Public Investment Fund subsidiary, Saudi Arabian Mining Co., known as Ma’aden, announced the launch of single stock options in a statement on Tadawul. 

SSOs will enable local and international investors to effectively hedge and manage portfolio risks as well as diversify products available for trading in the market. 


Saudi finance minister stresses need for ‘decisive financial policies’ amid global economic uncertainties

Updated 18 April 2024
Follow

Saudi finance minister stresses need for ‘decisive financial policies’ amid global economic uncertainties

RIYADH: Saudi Arabia’s finance minister stressed the need for “decisive financial policies” across the world during a high-level meeting with ministers and governors, to navigate through uncertain economic conditions.

Speaking during the Spring Meetings 2024 of the International Monetary Fund held in Washington, D.C, Mohammed Al-Jadaan noted that this would bolster resilience and sustainability amid this current highly uncertain period.

“I also participated in the Global Sovereign Debt Roundtable, where I highlighted the importance of enhancing Comparability of Treatment by establishing a clear and fair framework that ensures equitable treatment among all creditors,” Al-Jadaan said in a post on X.


Magrabi opens new complex in Makkah

Updated 9 min 26 sec ago
Follow

Magrabi opens new complex in Makkah

RIYADH: With a new branch in Makkah, Magrabi Hospitals and Centers are expanding to more Saudi cities to meet the growing demand for specialized ophthalmological and dentistry care.

Minister of Health Fahad Al-Jalajel inaugurated the medical complex and one-day surgery center in the holy city, accompanied by Magrabi Hospitals and Centers CEO Mutasim Alireza, the Group’s Deputy CEO and Cheif Operating Officer Abdulrahman Barzangi, and several officials and dignitaries.

Al-Jalajel underscored that the opening reflects the Kingdom’s commitment to enhancing the quality of its healthcare services and transitioning toward a more comprehensive and integrated medical system.

He further stated that this initiative is a vital component of the Health Transformation Program, a foundational aspect of Saudi Vision 2030, which has achieved significant milestones and advancements in the medical sector under the leadership of Crown Prince Mohammed bin Salman.

Following the official inauguration, the minister toured the complex’s facilities, noting its significance as a notable project and a valuable contribution to the Kingdom.

Alireza said: “This specialized medical complex underscores our commitment to being at the forefront of healthcare for ophthalmology and dental services and continuing our mission to offer specialized medical services that meet community needs with the utmost quality and safety.” 

In March, Magrabi Ophthalmology and Dentistry Hospital Dammam officially opened its doors in Al-Shaala, marking an achievement for medical care in Saudi Arabia.

The Magrabi Dammam health facility is the largest specialized center in the region and provides sub-specialized services, meeting the highest quality standards and leveraging the latest global technologies.


UAE records 64% surge in trademark registrations

Updated 18 April 2024
Follow

UAE records 64% surge in trademark registrations

RIYADH: The UAE recorded an annual 64 percent surge in trademark registrations, amounting to 4,610 in the first quarter of 2024, official data showed.

The figures, released by the nation’s Ministry of Economy, reveal the notable increase from 2,813 signups in the same period of 2023. 

March emerged as a particularly prolific period, with 2,018 new brands reported.

The trademarks registered during this time span a wide range of key sectors, including smart technology, transportation, food and beverage and pharmaceuticals as well as medical devices, finance, real estate, and more. 

The preceding months of January and February collectively accounted for 2,592 trademarks, further highlighting sustained growth and momentum in registrations.

As the country continues to position itself as a global business hub, trademark registrations serve as a crucial indicator of economic vitality and innovation-driven growth.

In a release on X, the ministry noted on April 17 that it has: “Worked on developing the trademark registration service, using the latest technologies and innovative solutions to achieve higher efficiency and better interaction with clients.”

The UAE’s adherence to international treaties and agreements further strengthens its trademark registration regime. 

By adhering to agreements like the Paris Convention for the Protection of Industrial Property and the Agreement on Trade-Related Aspects of Intellectual Property Rights or TRIPS, the UAE facilitates international trademark registration and enforcement, empowering businesses to broaden their operations across borders.

The nation has further established mechanisms for enforcing trademark rights and combating infringement. 

These include civil remedies, such as damages, injunctions, and seizure of infringing goods, as well as criminal penalties for trademark counterfeiting and piracy.


Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 

Updated 9 min 10 sec ago
Follow

Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 

RIYADH: Saudi EXIM Bank and its Swiss counterpart have signed an agreement to boost the Kingdom’s non-oil exports, enhancing their global market competitiveness. 

In an X post following the deal, the Saudi lender stated that the reinsurance agreement with the Swiss Export Credit Agency was signed in Zurich. 

This development follows Saudi EXIM’s signing of reinsurance treaties with a consortium of global reinsurers led by Swiss Re in Zurich. These agreements will expand global insurance operations in collaboration with the world’s largest reinsurers and provide insurance coverage to support the growth of Saudi exporters in global markets. 

The trade relationship between Saudi Arabia and Switzerland has been robust, with exports from the Kingdom to the European nation totaling $810.67 million in 2023, according to the UN’s database on international trade.  

The Kingdom’s primary exports to Switzerland included pearls, precious metals, and aluminum, valued at $587.57 million and $139.39 million, respectively.  

On the other hand, Swiss exports to Saudi Arabia amounted to $6.77 billion in 2023. 

Meanwhile, Saudi EXIM also signed a $20 million credit line agreement with Turkiye-based Aktif Bank to enhance the flow of Saudi non-oil exports to Turkish markets.

In October 2023, Saad Al-Khalb, CEO of EXIM Bank, told Arab News that the main mandate of the financial institution is to support the Kingdom’s economy and flow of goods, trades, infrastructure and long-term projects. 

In January, the Saudi lender also signed an agreement with its US counterpart to boost cooperation and help strengthen economic and trade relations between the two countries.  

The total value of credit facilities implemented by the EXIM Bank in 2023 reached $4.39 billion, exceeding its annual target by 33 percent, the Saudi Press Agency reported. 

This figure represents 5.2 percent of the total financial arrangements for the Kingdom’s non-oil outbound trade.