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Saudi Arabia’s PIF Takes Charge of $5b Jeddah Corniche Redevelopment to create “New Downtown”
Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a “unique tourist, residential and commercial destination” that aims to become the “New Jeddah Downtown.” The PIF will look to add 12,000 housing units as well as shops and other attractions like museums, a cultural and social area, an activities center, […]
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PIF $2.7b Bet on Entertainment an Investment Toward a ‘Vibrant Saudi Society’
Saudi Arabia’s Public Investment Fund (PIF) announced on September 20 that it is setting up a new company to invest in the entertainment sector, as the Kingdom looks to achieve a more vibrant society – a stated goal of Saudi Arabia’s Vision 2030. The company, which will have $2.67 billion in initial capital to invest, will seek […]
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Plans to Tap Massive Tourism Potential for Saudi Arabia’s Red Sea Unveiled
Saudi Arabia wants to turn hundreds of miles of its Red Sea coastline into a global tourism destination, according to an announcement by the government’s Public Investment Fund (PIF) and reports. The development will include “50 islands and 34,000 square kilometers — an area bigger than Belgium — between the cities of Umluj and Al Wajh […]
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Saudi Female Private Sector Employment Grew 10% in 2016, Ministry of Labor Says
The employment of Saudi women in the private sector increased 10 percent in 2016 over the previous year, according to the Saudi Ministry of Labor and Social Development as reported in the Saudi Gazette. The latest figures show a continuation of a dramatic increase in the last four years for female participation in the workplace. Based on figures provided […]
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Transfer of Tiran and Sanafir Islands Approved by Egypt’s Parliament
Egypt’s parliament has approved the transfer of two key islands in the Red Sea to Saudi Arabia, all but finalizing a deal to restore ownership of the islands to Saudi Arabia after more than half a century. The parliament, after “three days of rowdy and emotional debate” according to the New York Times, approved a […]
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World’s Tallest Building Set for Saudi Arabia Delayed Again After Binladen Group Turmoil, Now Expected in 2019
Saudi Arabia’s under-construction Kingdom Tower Jeddah, set to be the world’s tallest building when finished, has been delayed until 2019, Prince Alwaleed bin Talal said at the building’s construction site yesterday. “The project was delayed… but it’ll open (in) 2019,” Prince Alwaleed said. Alwaleed is chairman of Kingdom Holding Company and consistently listed as the […]
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In-Depth Tourism Report by Colliers Highlights Huge Saudi Potential
In a PDF available here entitled Destination Saudi – Leisure, Culture, and Tourism Potential, Colliers examines the potential for significant opportunities in the tourism sector for Saudi Arabia and whether Vision 2030, as an identifier of the potential for entertainment and cultural development, can be the vehicle for that growth. “There is a positive outlook for tourism […]
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$6.9 billion in Tourist Projects Approved under Saudi NTP
Saudi Arabia approved more than SR26 billion ($6.9 billion) of tourism projects under the Kingdom’s National Transformation Program (NTP) on Sunday, according to reports. The funding will go to existing development projects in the pipeline as well as new efforts to preserve Saudi Arabia’s heritage sites, of which many are seen as underdeveloped and inadequately protected. Previously, […]
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Uber Scores the Largest Single Investment Ever Made in a Private Company from Saudi Arabia’s Public Investment Fund; Snags $3.5b
In what is being called the largest single cash investment ever made into a private company, Saudi Arabia’s Public Investment Fund (PIF) has invested $3.5 billion for 5% of the on-demand car service Uber. The investment is the first of likely many more investments into technology as Saudi Arabia looks to act on its ‘Vision 2030’ […]
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Commentary: Saudi Arabia’s Vision 2030, Don’t Miss the Point
While Saudi Arabia’s Vision 2030 was formally endorsed by the Saudi Council of Ministers and published on April 25, 2016, anticipation about the plan had been building for months. McKinsey & Company’s 165-page Moving Saudi Arabia’s Economy Beyond Oil in December 2015 confirmed the depth of the analysis underway within the Saudi government while Deputy […]
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MUST-READS
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Sommet Education starts training next generation of Saudi Arabia Tourism professionals
The first group of Saudi students arrived at les Roches Global Hospitality Education on its campus in Marbella, Spain. This short program aims at equipping students with the fundamentals of Tourism Business and Operations from understanding housekeeping Operation to Customer Experience or Sales and negotiation skills.
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Will return of Iranian pilgrims revive Iraq’s religious tourism sector?
The corona-virus pandemic has dealt a severe blow to Iraq’s religious tourism sector over the past two years. Back in 2020, the Iraqi government faced the same dilemma as other countries when considering measures to curtail the spread of the virus. Baghdad’s decision to close border crossings and sharply limit the entry of foreign nationals was met with consternation at home, particularly from Iraqis whose livelihoods depend on Shiite pilgrims.
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Saudi Red Sea tourism project signs $400mln JV pact for luxury resort
Saudi Arabia’s The Red Sea Development Company (TRSDC), developer of The Red Sea project, announced on Monday that it has entered into its first joint venture with local investor Almutlaq Real Estate Investment Company (AREIC), a subsidiary of the Al Mutlaq Group (AMG) to develop 159-key Jumeirah The Red Sea luxury resort. The JV with AREIC, valued at over 1.5 billion Saudi riyals ($400 million), is TRSDC’s first partnership with the private sector, the Public Investment Fund-owned company said in a press statement.
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Saudi tourism sector to be Mena’s fastest-growing in next decade, WTTC says
Saudi Arabia's travel and tourism sector will grow an average 11 per cent annually over the next decade, making it the Middle East's fastest-growing market, the World Travel & Tourism Council (WTTC) has said. Annual growth in the industry is set to bolster the overall economic recovery of the kingdom, the global tourism body said in a statement on Monday.
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Princess Haifa Al Saud appointed Saudi Arabia’s deputy minister of tourism
Princess Haifa Al Saud has been appointed Saudi Arabia’s deputy minister of tourism. The news was confirmed by the Saudi Press Agency on Sunday. Princess Haifa told of her happiness at taking on the role on social media.
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Europeans return to Syria, fueling tourism and attracting criticism
Standing high on the castle-like walls of Aleppo’s historic citadel, Nick White was shocked by the destruction to the city. The 63-year-old British tourist could see how large parts had been flattened by Syria’s terrible civil war.
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Weighing the cost of increasing Saudi heritage tourism
"Our study not only identifies the views and concerns of stakeholders located in proximity to Al-Hijr, but sheds light on the potential challenges other regional communities may soon face if heritage tourism is to be rapidly developed elsewhere in Saudi Arabia," says Dr. Butler.
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Bid deadline extended for Saudi Arabia’s Amaala tourism project
Energy & Utilities reported in October 2021 that developers had been issued with tender documents for the planned PPP multi-utilities project at the Amaala development. Prequalified developers invited to bid for the PPP package are believed to include local firms Acwa Power and Alfanar and also a consortium of France’s EDF and UAE-based Masdar.
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Saudi Arabia to invest $100m in training 100,000 young people for tourism
Participants in the program are set to benefit from training scholarships at leading global institutions in France, Spain, Switzerland, the UK, Australia, and Italy. Applications will be accepted not only from fresh graduates, but also from Saudis who already work within the industry and those who aspire to start a career in the tourism, hospitality, culinary, service, and sales fields.
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Saudi Tourism Ministry Launches Global Program to Train 100,000 Young Men, Women
The Ministry of Tourism has selected the highest-rated institutes and educational institutions in the world based on their academic capabilities in the field of tourism and training, such as the Les Roches Marbella, Spain, Global Hospitality Education; SHMS Swiss Hotel Management School; Glion Institute of Higher Education; Cesar Ritz Colleges; Montreal Institute; ESSEC Business School; Ecole Hoteliere in Lausanne; European School of Economics (ESE); NSW Technical and Further Education, and Business and Hotel Management School (BHMS), Switzerland. Selected applicants to join the program will benefit from comprehensive training courses that will enable them to secure employment opportunities in the leading hospitality companies in the Kingdom.
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