Saudi Arabia elected to chair executive council of World Tourism Organization

Saudi Minister of Tourism Ahmed Al-Khateeb attends the 117th session of the UNWTO’s executive council in Marrakesh. (@AhmedAlKhateeb)
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Updated 24 November 2022
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Saudi Arabia elected to chair executive council of World Tourism Organization

  • Saudi Arabia was first vice-chair of the executive council for 2022
  • We look forward to cooperating with countries to support and develop the global tourism sector: Al-Khateeb

RIYADH: Saudi Arabia’s Ministry of Tourism has announced the election of the Kingdom as chair of the executive council of the United Nations World Tourism Organization for 2023.

The announcement was made at the 117th session of the organisation’s executive council being held in Marrakesh, making the Kingdom the first Gulf country to hold the post.

“The Kingdom is honored to be elected as chair of the World Tourism Organization’s executive council and we believe in the importance of the organization’s pioneering role. We look forward to cooperating with all countries to support and develop the global tourism sector,” the Minister of Tourism Ahmed Al-Khateeb said.

He added that the Kingdom has been an active member of the organization by launching initiatives, supporting new ideas, and opening the organization’s first regional office in Saudi Arabia to promote its agenda and work in the Middle East and beyond.

“At the heart of the UNWTO is a desire to promote tourism as a catalyst of economic development, which Saudi Arabia wholeheartedly supports. We have committed $800 billion of government investment into the Saudi tourism industry by 2030.

“Our imperative is that the development we seek, both as a nation and globally, is sustainable, inclusive and resilient. That’s how we will address the fast-changing needs of businesses, communities and the planet,” Al-Khateeb said.

As chair, Saudi Arabia will set the agenda for all meetings, ensuring that it captures the most pressing issues and concerns for the tourism industry. It will facilitate and moderate meetings effectively, chair dialogue and encourage actionable outcomes. 

Saudi Arabia was first vice-chair of the executive council for 2022.


Closing Bell: Saudi main index gains 135 points to close at 11,268 

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Closing Bell: Saudi main index gains 135 points to close at 11,268 

RIYADH: Saudi Arabia’s Tadawul All Share Index opened the week on a positive note, gaining 134.90 points, or 1.21 percent, to close at 11,268.48. 

The total trading turnover of the benchmark index stood at SR4.77 billion ($1.27 billion), with 202 listed stocks advancing and 61 declining. 

The Kingdom’s parallel market Nomu also gained 99.47 points to close at 23,612.74. 

The MSCI Tadawul Index advanced 1.44 percent to 1,517.57. 

The best-performing stock on the main market was Saudi Tadawul Group Holding Co., whose share price rose 9.97 percent to SR161. 

Makkah Construction and Development Co.’s share price increased 9.91 percent to SR87.65. 

Dar Alarkan Real Estate Development Co. also saw its stock climb 8.32 percent to SR19. 

Conversely, East Pipes Integrated Co. for Industry saw its share price decline 2.38 percent to SR126.90. 

On the announcements front, ACWA Power said its board of directors recommended the buyback of 1.19 million shares, which will be held as treasury shares and subsequently granted to eligible employees under the long-term incentive scheme 

In a Tadawul statement, the Saudi utility company said the buyback will be financed through internal resources. 

The company added that treasury shares currently account for 0.11 percent of its total outstanding shares. 

ACWA Power’s share price rose 1.22 percent to SR181.90. 

Saudi Arabian Mining Co., also known as Maaden, said it completed the issuance of $1 billion in US dollar-denominated sukuk, offered to qualified investors inside and outside Saudi Arabia. 

The trust certificates have a par value of $200,000 and offer a return of 5.25 percent, with a maturity of 10 years, according to a Tadawul statement. 

The trust certificates will be listed on the London Stock Exchange’s International Securities Market and may be sold in reliance on Regulation S and Rule 144A under the US Securities Act of 1933, as amended. 

Maaden’s share price increased 7.18 percent to SR77.65.