Saudi Tourism Development Fund allocates $266m to back 50 projects, reveals minister  

Kingdom’s Minister of Tourism Ahmed bin Aqil Al-Khatib. (AN Photo/File)
Short Url
Updated 23 November 2022
Follow

Saudi Tourism Development Fund allocates $266m to back 50 projects, reveals minister  

RIYADH: The Saudi Tourism Development Fund has allocated SR1 billion ($266 million) to back up to 50 medium and small projects the Kingdom’s Minister of Tourism Ahmed bin Aqil Al-Khatib has announced. 

He revealed this during the ministry's second virtual monthly meeting held to review the progress made in this key sector, Al Arabiya reported.

Al-Khatib also discussed the ministry’s efforts to further elevate the tourism sector's role in the Kingdom. 

He revealed that the ministry encourages and motivates small project owners to submit significant feasibility studies in order to obtain the necessary support. This will help them provide highly efficient tourism services. 

In an attempt to move towards achieving the ambitions and aspirations of the national tourism strategy, the ministry is currently in process of preparing the Umrah strategy, the strategy for developing the city of Taif, preparing for the winter season, and trying to keep up with the World Cup, Al-Khatib said. 

In addition to this, the ministry has allocated as much as SR100 million per year to train and help individuals become equipped to work in the Kingdom’s tourism sector. The ministry has also recommended a certain number of investors in the sector to further localize jobs and attract more Saudi talent, he stressed. 

Since the establishment of the ministry, the number of firms operating in the tourism sector has hit 777 companies. Now it aims to raise the number of firms operating in the sector to 1,000 in the near future, the minister disclosed. 

By offering tourism programs characterized by diversity and richness, Al-Khatib said they will be able to create more opportunities for competition and improve services in the Kingdom. 

Moreover, under the Kingdom’s Vision 2030, Saudi Arabia has an ambitious target to receive 30 million pilgrims and Umrah performers per year by 2030. To achieve this, he said positive cooperation from various government sectors related to organizing trips will be required. The minister explained that it is also needed to offer an integrated tourism experience that meets the aspirations of visitors and tourists. 

The Kingdom is currently developing a number of attractive tourism projects across various destinations such as Neom and the Red Sea coasts, he said. 

Riyadh is set to become the capital of the global tourism industry as the Kingdom steadily diversifies its economy in line with the goals set out in Saudi Arabia's Vision 2030 strategy, Al-Khateeb emphasized. 

Speaking at the Future Investment Initiative in Riyadh on Oct. 25, Al-Khateeb said in order to give incoming travelers the best experience possible, the nation is building spectacular destinations which will operate in a sustainable manner.   

“We have the vision, we put the plan, and we put all the resources, especially the financial resources to deliver the plan,” said Al-Khateeb. 

Earlier this year, authorities in Saudi Arabia signed an agreement to enhance cooperation in tourist-transport services within the Kingdom, support marine tourism, and develop and promote tourism in the western and eastern regions.  

The memorandum of understanding was signed by the Saudi Railways Co., known as SAR, and Cruise Saudi, which is responsible for developing the Kingdom’s cruise sector. 


Pakistan hikes petrol price by Rs5.36, diesel by Rs11.37 per liter

Updated 26 sec ago
Follow

Pakistan hikes petrol price by Rs5.36, diesel by Rs11.37 per liter

  • Petrol now costs Rs272.15 per liter while HSD has risen to Rs284.35
  • The OGRA-recommended prices will remain valid till the end of July

KARACHI: Pakistan’s government has increased the price of petrol by Rs5.36 per liter and high-speed diesel (HSD) by Rs11.37 per liter for the next fortnight, the Finance Division announced late Tuesday.

The revised prices took effect from today, July 16.

According to the official notification, petrol now costs Rs272.15 per liter, up from Rs266.79, while HSD has risen to Rs284.35 per liter from the previous Rs272.98.

“The Government has revised the prices of petroleum products for the fortnight starting tomorrow, based on the recommendation of OGRA [Oil and Gas Regulatory Authority] and the relevant Ministries,” the Finance Division said in its statement.

Fuel prices in Pakistan are adjusted every two weeks and are influenced by global oil market trends, currency fluctuations and changes in domestic taxation.

The increases have a direct impact on inflation, raising production and transportation costs and driving up the prices of essential goods and services, particularly food. The effect is further amplified by Pakistan’s reliance on imported fuel.

This marks the third consecutive increase in fuel prices. On June 16, the government raised petrol by Rs4.80 per liter and HSD by Rs7.95. Another hike followed on July 1, with petrol up by Rs8.36 and HSD by Rs10.39.

Fuel price volatility escalated last month during the 12-day conflict between Iran and Israel, when Pakistan instructed oil marketing companies to maintain mandatory reserve levels.

While the government ruled out supply shortages, the conflict triggered concerns about a potential disruption in oil flows through the Strait of Hormuz.


Saudi Arabia raises $1.34bn through July sukuk issuance

Updated 15 July 2025
Follow

Saudi Arabia raises $1.34bn through July sukuk issuance

RIYADH: Saudi Arabia’s National Debt Management Center raised SR5.02 billion ($1.34 billion) through its riyal-denominated sukuk issuance for July, marking a sharp 113.6 percent increase compared to the previous month.

In June, the Kingdom issued sukuk worth SR2.35 billion, while May and April saw issuances of SR4.08 billion and SR3.71 billion, respectively.

Sukuk are Shariah-compliant financial instruments that offer investors partial ownership in an issuer’s underlying assets, making them a popular alternative to conventional bonds.

According to NDMC, the July issuance was divided into four tranches. The first tranche, valued at SR776 million, will mature in 2029. The second, worth SR1.34 billion, is set to mature in 2032, followed by a third tranche of SR823 million due in 2036. The largest tranche, totaling SR2.08 billion, will mature in 2039.

Saudi Arabia’s debt market has witnessed robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of rising interest rates.

In April, Kuwait Financial Center, also known as Markaz, reported that Saudi Arabia led the Gulf Cooperation Council in primary debt issuances during the first quarter of the year. The Kingdom raised $31.01 billion from 41 offerings, accounting for over 60 percent of total issuances across the region.

Credit rating agency S&P Global noted in April that Saudi Arabia’s expanding non-oil sector and steady sukuk issuance volumes are likely to support the growth of the global Islamic finance industry.

The agency forecasts global sukuk issuance to reach between $190 billion and $200 billion in 2025, with foreign currency-denominated offerings contributing up to $80 billion, assuming market conditions remain stable.

Echoing that outlook, a report by Kamco Invest published in December said Saudi Arabia is expected to account for the largest share of bond maturities in the GCC between 2025 and 2029, with $168 billion set to mature during the period.

Earlier this month, S&P Global reiterated its positive view, stating that the global sukuk market is on track to maintain its momentum in 2025, with foreign currency-denominated issuances projected to reach between $70 billion and $80 billion.


Saudi Arabia tops MENA VC rankings with $860m in H1: MAGNiTT 

Updated 15 July 2025
Follow

Saudi Arabia tops MENA VC rankings with $860m in H1: MAGNiTT 

RIYADH: Saudi Arabia led venture capital activity in the Middle East and North Africa in early 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest. 

In its latest report, regional venture platform MAGNiTT revealed that the Kingdom witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024. 

This comes on the back of a strong 2024 performance, when Saudi Arabia retained its position as the most funded MENA country for VC for the second consecutive year. Startups raised $750 million, with a 34 percent increase in deal funding rounds below $100 million – dubbed MEGA deals – reflecting growing early- and mid-stage capital formation, according to a report released earlier this year by MAGNiTT and SVC. 

In its latest report for the first half, MAGNiTT stated: “This growth was supported by continued sovereign capital activity, event-driven momentum from LEAP, and early-stage programs backed by new funds and accelerators.” 

Saudi Arabia ranked second among emerging venture markets in total VC funding, trailing only Singapore, which raised $1.28 billion across 120 deals in the first half. 

However, Singapore’s funding declined 37 percent year on year, while the number of deals dropped 31 percent. 

“The drop (in Singapore) signals a continued cooldown in late-stage deployment and foreign investor activity amid macro headwinds,” the report stated. 

Among emerging markets, Saudi Arabia was followed by the UAE, which raised $447 million in funding in the first six months of the year, a rise of 84 percent year on year. 

The UAE also matched Saudi Arabia in deal count, recording 114 deals, up 10 percent compared to the same period last year. This was driven by increased international participation, which reached its highest level in the Emirates since the first half of 2020. 

Elsewhere, Turkiye raised $226 million, followed by Vietnam at $216 million, Egypt at $185 million, and South Africa at $183 million. Nigeria raised $158 million, while Indonesia and Kenya secured $102 million and $71 million, respectively. 

The report further noted that fintech was the leading sector across all three EVM regions in the first half, accounting for 45 percent of VC funding in Southeast Asia, 38 percent in the Middle East, and 45 percent in Africa. 

“The bulk of this activity was concentrated in payment solutions and lending platforms, which emerged as the dominant fintech subsectors,” added the report. 

Meanwhile, mergers and acquisitions activity across emerging venture markets saw 55 transactions in the first half, marking a 31 percent increase compared to the same period last year. 


Closing Bell: Saudi main index closes in red at 11,095

Updated 15 July 2025
Follow

Closing Bell: Saudi main index closes in red at 11,095

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 118.18 points, or 1.05 percent, to close at 11,095.41. 

The total trading turnover of the benchmark index was SR4.52 billion ($1.21 billion), with 46 of the listed stocks advancing and 204 declining. 

The Kingdom’s parallel market Nomu also shed 55.43 points to 27,301.46.

The MSCI Tadawul Index declined by 1.09 percent to close at 1,421.31. 

The best-performing stock on the main market was SHL Finance Co. The firm’s share price increased by 5.21 percent to SR22.62. 

The share price of SICO Saudi REIT Fund rose by 5.1 percent to SR4.33. 

Tourism Enterprise Co. also saw its stock price climb by 3.26 percent to SR0.95. 

Conversely, the share price of Alistithmar AREIC Diversified REIT Fund declined by 4.03 percent to SR9.05. 

On the announcements front, Saudi Co. for Hardware, also known as SACO, said that it signed an agreement valued at SR140.43 million to sell its warehouse in Al-Mashael district in Riyadh. 

In a Tadawul statement, SACO said that the proceeds from the sale will be used to repay existing bank loans and help support its future expansion plans.

The firm further said that the 42,937-sq.-meter warehouse was sold to 6th Iradat Al Imdad Co., a limited liability company. 

The firm added that there are no related parties involved in the deal. 

The share price of SACO dropped by 1.02 percent to SR29.14. 

The shareholders of Saudi Lime Industries Co. approved a recommendation to increase its capital by 5 percent through a one-for-20 bonus share distribution, by capitalizing SR11 million from the firm’s retained earnings account.

The stock price of Saudi Lime Industries Co., listed on the parallel market, advanced by 4.77 percent to SR12.97. 


Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

Updated 15 July 2025
Follow

Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

RIYADH: Saudi Arabia’s private sector is set to gain a boost in AI-driven innovation and data capabilities through a new agreement aimed at accelerating digital transformation across key industries. 

The new deal, signed between the Saudi Data and Artificial Intelligence Authority and the Private Sector Partnership Reinforcement Program, known as Shareek, aims to conduct comprehensive market studies and coordinate with relevant authorities, according to an official statement. 

The memorandum of understanding also includes a mandate to develop AI-aligned business models and provide technical consultation services to private sector entities participating in the Shareek program. 

This comes as the Gulf’s largest economy positions itself as a global AI hub under its Vision 2030 strategy, which targets $135.2 billion in economic value from the technology by the end of the decade. 

The same roadmap aims to raise the private sector’s contribution to gross domestic product to 65 percent by 2030, signaling a shift toward tech-led diversification away from oil dependency. 

In a post on X, SDAIA stated that the MoU also seeks to “develop investment opportunities in cooperation with relevant authorities” and to “develop business models for both parties, in accordance with established procedures.” 

It added that the agreement will also focus on “identifying and prioritizing investment opportunities and providing specialized technical consultations,” as well as “sharing investment opportunities with the sector and relevant authorities to join the Private Sector Partnership Reinforcement Program – Shareek.”

Launched in 2021, Shareek is a flagship public-private partnership program aiming to unlock SR5 trillion ($1.33 trillion) in investments by 2030. It supports large Saudi companies in accelerating growth and driving economic development. Its collaboration with SDAIA highlights its role in advancing large-scale digital transformation.

The development comes as the Kingdom expands its global tech alliances, with SDAIA signing an MoU with Advanced Micro Devices, or AMD, on the sidelines of the Saudi-US Investment Forum in Riyadh in May to strengthen the AI ecosystem. 

The agreement aims to develop specialized AI data centers powered by AMD technologies, supporting the Kingdom’s efforts to build a robust digital infrastructure.

These developments come as Saudi Arabia’s global AI standing continues to rise, with the Kingdom ranking third worldwide in the OECD AI Policy Observatory in December, behind only the US and the UK.