Fahd Hamidaddin, chief executive of Saudi Tourism Authority (left), discusses the kingdom's tourism prospects on an Arabian Travel Market panel alongside Seera Group acting chief executive Majed Alnefaie (centre) and FNN International founder Afnan Alshuaiby. Antonie Robertson / The National
Fahd Hamidaddin, chief executive of Saudi Tourism Authority (left), discusses the kingdom's tourism prospects on an Arabian Travel Market panel alongside Seera Group acting chief executive Majed Alnefaie (centre) and FNN International founder Afnan Alshuaiby. Antonie Robertson / The National
Fahd Hamidaddin, chief executive of Saudi Tourism Authority (left), discusses the kingdom's tourism prospects on an Arabian Travel Market panel alongside Seera Group acting chief executive Majed Alnef
Saudi Arabia, the biggest Arab economy, will deliver on all of its announced mega-tourism projects, the head of Saudi Tourism Authority said.
There has been an increased push from Saudi Arabia’s Crown Prince Mohammed bin Salman and the kingdom’s sovereign wealth fund, the Public Investment Fund, to commit to investment in the local economy, chief executive Fahd Hamidaddin told a panel discussion at Arabian Travel Market on Monday.
All of the major projects announced to date have “great feasibilities” and there is no reason why they should not materialise, he said.
“Let me tell you what is different this time. I think this not about tourism. This is not about those projects; this is about the new Saudi Arabia," said Mr Hamidaddin
"Has there been any project that was announced within the past four years that has not materialised or not progressed? We have a new central leadership that tracks KPIs [key performance indicators], progress, deliveries and what is different about these giga-projects versus all what was announced before is that these are committed to by the government.”
Saudi Arabia, Opec’s biggest oil exporter, is radically transforming its economy under its Vision 2030 programme to cut its dependence on oil. Developing the tourism sector and opening it to foreign investment is a key part of the kingdom's economic overhaul agenda.
The PIF is backing a number of projects, including the $500 billion futuristic city Neom, the Red Sea Development Project containing islands off the city's western coast, Qiddiya entertainment city near Riyadh, Diriyah Gate, Al Ula and others.
In January, the fund unveiled a five-year strategy amid plans to double its assets to $1.07 trillion.
It will invest a minimum of $40bn a year into the domestic economy until 2025 and grow assets under management to over $2tn by 2030.
In February, the fund also launched a new venture that will invest $3bn in tourism and infrastructure projects in a mountainous area of the Asir region.
In total, there are more than dozen major tourism projects being built in the kingdom.
Domestic tourism in the kingdom has grown significantly in the past year and is expected to strengthen further this year, Mr Hamidaddin said.
“There was a lot done [last year] but I would say domestic tourism was our greatest success,” he said.
The rise in domestic travel has also helped the kingdom’s flag-carrier Saudia to boost operations, Ibrahim Koshy, chief executive of Saudia Air Transport Company told the panel.
“We have our 28 domestic [airports] that have been operating close to 80 per cent of our 2019 levels and demand exceeded capacity at times,” he said.
The reopening of the country's borders to international tourists on Monday means tourism numbers are set to "pick up even further”, with a rise in both leisure and business travel expected this year, Mr Koshy said.
The airline will be able to handle any additional demand from the recently upgraded King Abdulaziz Airport in Jeddah.
“This [the Jeddah hub] is something which we did not have. It is our new home and it is the growth of [our] connectivity, growth of the kingdom.”
Asked about when the airline will return to profitability, Mr Koshy said he expects this will be achieved by 2024.
He said there was great potential for Saudi Arabia’s aviation market to grow as the country intends to attract 100 million tourists by 2030 and boost overall airport users to 330 million.
“Don’t be too surprised if you see aircraft orders to meet some of that demand and capacity,” he said. “There is a lot of growth and lot of capacity requirement, which we are going to have to factor in.”
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
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Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area. Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife. Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items. According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”. He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale. Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Tips to keep your car cool
Place a sun reflector in your windshield when not driving
Park in shaded or covered areas
Add tint to windows
Wrap your car to change the exterior colour
Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
