Saudi mega-events seen as key to boosting Uruguay’s Mideast tourism

Minister of Tourism Pablo Menoni. AN/Loai Elkelawy
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Updated 12 November 2025
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Saudi mega-events seen as key to boosting Uruguay’s Mideast tourism

RIYADH: Uruguay believes Expo 2030 and upcoming FIFA world cups are the perfect opportunities to increase tourism with the Middle East, a senior minister told Arab News.

Speaking on the sidelines of the 26th UN Tourism General Assembly, the country’s Minister of Tourism Pablo Menoni set out how Uruguay is keen to strengthen its tourism industry and opportunities for collaboration with the Kingdom. 

The South American country welcomed 3.3 million tourists in 2024, with the majority coming from Brazil, Europe, and North America.

Menoni pointed to upcoming events as chances to increase relations with and awareness of Uruguay’s tourism industry.

“The calendar is giving us a great opportunity,” he said, adding: “Let me tell you in 2030, we are celebrating the first 100 years of the first football World Cup that was held in Uruguay, that was won by Uruguay. And the kickoff of the World Cup will be held in Uruguay. 

“And you have in 2030, the World Expo, and in 2034 the football World Cup. It’s a great opportunity for us, but for both of us, in order to exchange and learn from each other’s culture.”

The interview was carried out less than a month after Uruguayan Minister of Foreign Affairs Mario Lubetkin visited Riyadh to sign a memorandum of understanding that could redefine economic ties between the two nations. 

Menino believes the visit of Lubetkin, as well as his own, is ushering in a new chapter in bilateral relations. 

Reflecting on Saudi Arabia’s drive to develop its tourism sector, he said: “You (Saudi Arabia) are doing quite well. And in my modest opinion, it is because the minister of tourism has a plan.”

He added: “You can have the budget, you can have the opportunities to invest. But if you don’t have a plan, believe me, you are wasting your money and your time.” 

Saudi Arabia has been bolstering its tourism economy primarily through governmental and private sector investment as part of its Vision 2030 initiative, which aims to grow visitor numbers to 150 million by the end of the decade. 

Commenting on his own country's drive to attract more tourists, Menino said Uruguay struggles to promote some of its more hidden attractions, including gastronomy and culture, which is often overshadowed by larger neighbors such as Brazil and Argentina. 

While he notes that education is one of the crucial elements to a thriving tourism economy, it is also one of their biggest challenges. 

He said that there’s a struggle in “training our workers to get more professional, learn more languages, especially Portuguese, English. And we have a lot of work to do there, and to improve our gastronomy promotion. We do have very good gastronomy, but it is being (over)shadowed by Argentina and Brazil gastronomy.” 

When it comes to Meetings, Incentives, Conferences, and Exhibitions tourism, the minister shared that it’s one of their main strategies in the sector to promote the country and improve its visibility. 

He said: “Not only because it is important in the amount of tourists that come to Uruguay, but because they are the greatest spenders, you know, and that is fantastic for us. But we do have many opportunities (for improvement) in MICE tourism.

“For example, if you want to hold some important events, we must improve air connectivity, not only in the region, but for instance … We only have direct flights from Uruguay to Europe to Madrid. And that’s quite little flights. So we must improve connectivity and we must improve our rooms capacity. We do not have enough hotels to hold events with more than 10,000 people.”

The General Assembly this year focused on digitization under the theme “AI-Powered Tourism: Redefining the Future,” with countries looking for ways to enhance the use of the tool within the sector. 

Menino said Uruguay is using AI for “micro segmentation” when it comes to promotion.

“As you have your own possibilities that may be different than mine, we have to promote our country differently to you than you do to me,” he explained.


Saudi PIF executes 10 investment deals in MENA markets, says official 

Updated 11 December 2025
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Saudi PIF executes 10 investment deals in MENA markets, says official 

RIYADH: Saudi Arabia’s Public Investment Fund has executed more than 10 investment deals across several markets in the Middle East and North Africa over the past two years, according to Muteb Al-Shathri, head of PIF’s Securities Investments Private Equity Section, who described the returns as “rewarding.” 

Al-Shathri said these markets included Egypt, Bahrain, Jordan, and Oman, noting that the search for opportunities continues through collaboration with the fund’s public and private sector partners, provided a suitable investment climate exists in other regional markets. 

Muteb Al-Shathri, head of PIF’s Securities Investments Private Equity Section. AL-EQTISADIAH

He added that the launch of the fund’s regional investment companies reflects the attractiveness and promising opportunities in the MENA region — among the fastest-growing markets globally — while also aiming to strengthen the PIF’s investment partnerships, those of its portfolio companies, and Saudi private sector engagement with targeted regional markets. 

This approach, he added, supports the development of long-term strategic economic partnerships to achieve sustainable returns, enhance the fund’s assets, and diversify Saudi Arabia’s revenue sources in line with Vision 2030 objectives. 

Al-Shathri said: “The PIF’s recent regional activities are fully aligned with Saudi Arabia’s Vision 2030 strategy.” 

The regional investment companies also enable the Saudi private sector to expand its investment footprint across MENA, creating strategic economic collaboration opportunities with private sector players in target markets, while supporting the growth and diversification of the Saudi economy. 

Regarding the scale of the deals, Al-Shathri noted that some were announced as private acquisitions, while many of the companies PIF invested in are now publicly traded, adding that comparing share prices at the time of entry with current levels demonstrates strong returns. 

According to Al-Shathri, PIF has established offices for its regional investment companies in four key markets — Cairo, Manama, Amman, and Muscat — bringing together the fund’s investment expertise alongside national talent from each country. 

“These offices, set up more than two years ago, have been pivotal in identifying suitable opportunities and helping PIF’s companies and the Saudi private sector enter these markets,” he said. 

He further said that over the past two years, they have completed more than 10 investment deals across a range of companies and new projects, all of which have seen growth in size, scope, revenues, and profits. 

On the performance of regional companies, he explained that activity levels vary depending on market conditions, but operations and asset management continue, adding that the Egyptian market remains one of the largest, with many high-performing companies present. 

Highlighting key investments, Al-Shathri pointed to PIF’s 2021 investment in ADES, a well-known oil well drilling company that was traded on the London market before being taken private for two years and later publicly listed. ADES recently signed an agreement with the Syrian Petroleum Co. to develop oil and gas fields and operates in over 20 countries across four continents. 

Diverse and promising acquisitions 

Al-Shathri detailed specific market investments, beginning with the Saudi-Egyptian Investment Co., which initially acquired stakes in three private-sector companies: B.Tech, a leading electronics and home appliance distributor; CERA Group, the largest private education provider in Egypt; and Cleopatra Hospitals Group. 

The company also invested in four public-sector entities: Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., e-Finance for financial and digital investments, and Alexandria Container & Cargo Handling Co., the latter of which was recently fully divested. 

The Saudi-Jordanian Investment Co. invested in three promising Jordanian firms: Opensooq platform, Capital Bank Group, and Al-Youm Bakery, and announced a major project in healthcare and medical education — the Kingdom Healthcare and Medical Education Project. 

The Saudi-Bahraini Investment Co. recently signed an agreement with Mumtalakat, Bahrain’s sovereign wealth fund, to enhance cooperation and investment in strategic sectors. This follows a memorandum of understanding between PIF and Mumtalakat in March 2024 to expand collaboration opportunities. 

Al-Shathri added that the Saudi-Omani Investment Co. acquired a 9.8 percent stake in Abraj Energy Services, 3.75 percent in OQ Basic Industries, and 4.9 percent in OQ Oman Gas Networks, for a total investment of $163 million. The company also signed an MoU with the Oman Investment Authority to expand cooperation and support new investment opportunities in the sultanate. 

Investment based on clear principles 

Al-Shathri emphasized that PIF establishes companies based on strict investment criteria, aiming for sustainable returns in line with calculated risk levels, stressing that returns are received as expected. 

“Our investment policy is open to all sectors in every market, though each market has its own competitive advantages,” he said. 

He added: “We always target quality investments with rewarding, sustainable returns while creating positive social and economic impact in each market.” 

Ongoing market monitoring and research 

As for future announcements, Al-Shathri said: “We are constantly monitoring the markets and have a team of experts at the fund working in the research sector. If we identify opportunities in other markets, they will be presented in line with PIF’s standard procedures.” 

He added that the fund always pays close attention to the capabilities of the company and other shareholders, “ensuring they are of a very high standard not just in terms of the company’s financial value, because financial value can only be preserved and grown by strong management and partners.” 

Domestic focus and strategic partnerships 

Regarding the Saudi economy, Al-Shathri said that domestic matters are a priority for the PIF, especially since Saudi Arabia has the largest economy in the region. 

He added: “We are always keen to allocate most of our investments within Saudi Arabia and attract investment funds to the country.” 

Recently, the fund closed a deal between a consortium of BlackRock investors and Saudi Aramco in the Al-Jafurah field. It is worth noting that BlackRock’s infrastructure investments in Saudi Arabia exceed $20 billion, according to previous announcements. 

On the key companies targeted by the fund, Al-Shathri said some will be announced soon, emphasizing that PIF’s strategy is clear: to seek high-growth companies that serve the fund’s objectives and align with Vision 2030 goals. 

He pointed out that the fund engages with numerous companies that see significant value in partnering with it, adding that PIF’s efforts go beyond launching investment opportunities and providing regional expansion capabilities, emphasizing that they also include contributing to the companies’ growth, improving governance, and enhancing prospects for public listing.