Travelers from the Kingdom prefer staycation to foreign tours to avoid hassles
Updated 26 May 2021
May 25, 2021 23:51
JEDDAH: The official announcement allowing vaccinated individuals to travel abroad as of May 17 came as a huge sigh of relief to many Saudis who were forced to stay grounded due to the ongoing coronavirus disease (COVID-19) pandemic.
However, the ever-changing COVID-19 measures in different countries could still cause problems, even for vaccinated Saudi travelers.
One concern is the potential extra costs involved as some countries may require visitors to quarantine upon arrival.
Some young Saudis say they would prefer to stay at home this summer. Twenty-five-year-old Ali Hussain feared spending his entire vacation in quarantine: “Your vacation is a limited number of days to begin with, and such sudden measures are a hindrance.”
MBS Wants Saudi Arabia Fund to Reach $2 Trillion in Assets
The crown prince’s ambitious plan for the Public Investment Fund would change the kingdom’s dependence on oil while creating the world’s largest pool of institutional money, but questions remain.
Saudi Arabia Crown Prince Mohammed bin Salman has unveiled an ambitious plan that would make the Public Investment Fund (PIF) the largest sovereign wealth fund in the world, increasing its roughly $400 billion in assets to $1.1 trillion by 2025 and $2 trillion by 2030.
Analysts question whether the plan is feasible, but one thing is certain: The 35-year-old de facto ruler of Saudi Arabia doesn’t think small.
JEDDAH: A determination to strengthen the contribution of Saudi women to society and the economy is one of many bold ambitions outlined in the Kingdom’s Vision 2030.
Women’s economic empowerment is critical to achieving gender equality and strengthening sustainable development cooperation. It includes women’s ability to participate equally in existing markets, having a louder voice and more agency, and their meaningful involvement in economic decision-making at all levels.
This can be achieved by ensuring women’s financial inclusion, technical inclusion, entrepreneurship empowerment and participation in decision-making.
For the second year in a row, Saudi Arabia has made notable progress in advancing women’s economic opportunities, according to the World Bank Group’s latest report.
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Saudi Wealth Fund Commits $3 Billion for Mountain Resort Bloomberg 2/25/2021 Matthew Martin
(Bloomberg) Saudi Arabia’s sovereign wealth fund will invest almost $3 billion on a tourism project in a mountainous region near the kingdom’s border with Yemen.
The Public Investment Fund will provide 11 billion riyals to Soudah Development Co., which will build 2,700 hotel rooms and 1,300 homes in an area that includes Al-Soudah, the tallest peak in Saudi Arabia, according to Husameddin AlMadani, Soudah’s chief executive officer.
The kingdom has been largely shut off to foreign tourists for decades, while citizens preferred to go on holiday abroad. That’s changed with the rise of de facto ruler Crown Prince Mohammed Bin Salman, who’s trying to open up the country and diversify the economy from oil.