Global tourism faces human resources crunch as sector eyes $3.4tr revenue: Kenyan tourism minister

Short Url
Updated 09 June 2022
Follow

Global tourism faces human resources crunch as sector eyes $3.4tr revenue: Kenyan tourism minister

JEDDAH: The global tourism sector is facing a human resource crunch even as it is recouping from the pandemic and eyeing global revenues of $3.4 trillion a year, said a senior member of the United Nations World Tourism Organization.

In an exclusive interview with Arab News on the sidelines of the 116th Executive Council of the UNWTO, Kenya’s Minister of Tourism and Wildlife Najib Balala disclosed that the human resource challenges in the tourism industry in the aftermath of the pandemic were for real.

“We have realized the shortage of human resources in tourism. Because when the pandemic happened, many people went to other sectors. We need to bring back, retain and reskill young people to come into the industry,” Balala told Arab News.

He also said that the cost of doing business in the tourism sector is high due to the rising fuel prices. However, despite the overall situation, the UNWTO has targeted revenue of $3.4 trillion a year. He further urged all countries to work toward this goal.

While speaking about the initiatives being undertaken in Kenya, the minister said the country would invest $100 million in tourism in the next five years.

“Tourism in Kenya is about 8 to 9 percent of the gross domestic product. It employs 9 percent of Kenya’s population out of 50 million people. So it’s a huge sector. We need to facilitate and improve the infrastructure,” said Balala.

It is also banking on technology to build its digital infrastructure. For example, the country is launching a digital visa card next week, which will allow people to make payments using their phones without using a physical card.


Saudi stock market opens its doors to foreign investors

Updated 06 January 2026
Follow

Saudi stock market opens its doors to foreign investors

RIYADH: Foreigners will be able to invest directly in Saudi Arabia’s stock market from Feb. 1, the Kingdom’s Capital Market Authority has announced.

The CMA’s board has approved a regulatory change which will mean the capital market, across all its segments, will be accessible to investors from around the world for direct participation.

According to a statement, the approved amendments aim to expand and diversify the base of those permitted to invest in the Main Market, thereby supporting investment inflows and enhancing market liquidity.

International investors' ownership in the capital market exceeded SR590 billion ($157.32 billion) by the end of the third quarter of 2025, while international investments in the main market reached approximately SR519 billion during the same period — an annual rise of 4 percent.

“The approved amendments eliminated the concept of the Qualified Foreign Investor in the Main Market, thereby allowing all categories of foreign investors to access the market without the need to meet qualification requirements,” said the CMA, adding: “It also eliminated the regulatory framework governing swap agreements, which were used as an option to enable non-resident foreign investors to obtain economic benefits only from listed securities, and the allowance of direct investment in shares listed on the Main Market.”

In July, the CMA approved measures to simplify the procedures for opening and operating investment accounts for certain categories of investors. These included natural foreign investors residing in one of the Gulf Cooperation Council countries, as well as those who had previously resided in the Kingdom or in any GCC country. 

This step represented an interim phase leading up to the decision announced today, with the aim of increasing confidence among participants in the Main Market and supporting the local economy.

Saudi Arabia, which ‌is more than halfway ‍through an economic plan ‍to reduce its dependence on oil, ‍has been trying to attract foreign investors, including by establishing exchange-traded funds with Asian partners in Japan and Hong Kong.