AMMAN: From the guesthouse roof, the panorama takes in three countries, meandering from the ruins of ancient Gadara on a Jordanian hilltop, over the Sea of Galilee with the city of Nazareth visible in the distance, and across green fields to the Golan Heights.
It’s one of the main reasons visitors make their way up to the small village of Umm Qais in north Jordan, which is also home to one of the Decapolis cities of ancient Rome.
Yet few stay overnight and the village derives little profit from those coming to take in its extraordinary sites. Most tourists dash up on a day trip from Amman before making their way down to Petra, according to Roddy Boyle, Lodge Manager at Beit Al Baraka guesthouse.
“The destinations in the south (Petra, Aqaba, the Dead Sea) are more publicized, but Umm Qais is quite unique, there’s nothing like it in Jordan,” said Boyle, who has spent a year living among the community here and experiencing Jordanian hospitality firsthand.
Visitors planning to take in Jordan’s Roman ruins would more likely head to Jerash just outside Amman, rather than making the 90-minute drive up to Umm Qais in the north, put off perhaps by its proximity to the border with Syria.
There seemed little call for tourist accommodation in the village, but Baraka, the sustainable tourism company behind Beit Al Baraka guesthouse, is determined to push Umm Qais higher up the visitor agenda and harness the area’s tourism potential for the benefit of the local community.
“By creating a cluster of tourism experiences, we have been able to increase the length of stay of visitors in Umm Qais from an average of two hours to two days,” said Muna Haddad, Managing Director at Baraka.
“The benefit goes both ways,” she added, with travelers gaining an opportunity to interact with local Jordanians while contributing to the creation of much-needed jobs in the area.
So far, the project has impacted 38 families, who have taken up employment as guides, cooks and farmers on activities from hiking and cycling to bee-keeping and camping.
The project feeds into the 2017-2021 National Tourism Strategy, which outlines Jordan’s aims to attract more tourists to the country and increase the sector’s revenues while responding to the requirements of each governorate to drive growth at the local level.
Regional turmoil has hit Jordan’s tourism industry hard in recent years, but the industry is showing signs of recovery. Ministry of Tourism figures indicated a 10.5 percent increase in the first five months of 2017 compared to the same period last year.
With tourism revenues up 14.5 percent in the first half of 2017, buoyed by new growth markets, including North America and Europe, Jordan is positioning itself for a comeback, promoting lesser-known sights alongside the headline attractions.
In particular, the Jordan Tourism Board (JTB) is developing a new adventure tourism strategy to promote the country as a destination for climbing, hiking, diving, canyoneering and other outdoor pursuits.
“We’re trying to break the stereotype that equates Jordan with Bedouin tribes, Petra and deserts,” said Hakim Ahmad Al-Tamimi, head of the Adventure Tourism Department at JTB. The focus now, he said, is on “mountains, greenery and waterfalls.”
The department is also publicizing existing action-adventure events, such as the annual Dead to Red race, a 242-kilometer relay running from the Dead Sea to the Red Sea in Aqaba, and the Full Moon Marathon in Wadi Rum, one of Jordan’s most spectacular landscapes,
A grant has also been given to the Jordan Trail Association (JTA) to market a new 400-mile hiking route that runs from the top of the country to the bottom.
“It’s a great way to experience the real Jordan,” said Bashir Daoud, General Manager at the Jordan Trail Association. The route passes through 52 local villages and organisers are working to engage communities with homestays and cooking experiences among other tourism-related enterprises.
“This is the other side of tourism that you don’t get to see. Visitors can go in and interact directly with locals, meet Bedouin people and see a different way of life,” Daoud added.
JTA is also working with The Royal Society for the Conservation of Nature (RSCN) in Jordan to pass through a greater number of national parks and “show tourists more of Jordan’s best side.”
To illustrate the scope of Jordan’s unsung attractions, JTB recently launched a series of promotional videos that take viewers on hikes through deep desert canyons, abseiling down 100-foot waterfalls, climbing to the summits of Wadi Rum peaks and winding along the forest trails of verdant Ajloun in the north.
The campaign taps into a broader global trend towards adventure tourism, with Middle East countries like Jordan poised to take advantage of people’s desire to head off the beaten track in lesser-known locations.
“The demand for experiential and meaningful travel is growing, and Jordan is at the forefront of this movement,” said Haddad.
Jordan attracts tourists with the promise of adventure
Jordan attracts tourists with the promise of adventure
Saudi Venture Capital invests in VC fund by Global Ventures
- Fund will include supply chain technology, agritech, enterprise software as a service, and emerging technologies
- Partnership underscores growing commitment to innovation and entrepreneurship
RIYADH: Startups in Saudi Arabia’s technology sector are poised to benefit from a new investment announcement by Saudi Venture Capital, which has committed funds to Global Ventures III, according to a press release.
The early-stage venture capital fund managed by Global Ventures exceeds $150 million in size and will primarily target investments in technology and tech-enabled sectors across Saudi Arabia, the Middle East and North Africa, and Sub-Saharan Africa.
The focus areas for the VC fund will include supply chain technology, agritech, enterprise software as a service, and emerging technologies such as artificial intelligence and deep-tech.
Established in 2018, SVC is a subsidiary of the Small and Medium Enterprises Bank, which is part of Saudi Arabia’s National Development Fund.
The investment is in line with SVC’s broader goal of boosting venture capital activity in the Kingdom and supporting the growth of startups and small and medium-sized enterprises in the region.
Nabeel Koshak, the CEO and board member at SVC, highlighted the strategic importance of this investment, saying: “Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stage.”
Noor Sweid, founder and managing partner at Global Ventures, emphasized the significance of the investment in strengthening Saudi Arabia’s startup ecosystem.
“The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through,” Sweid said.
The partnership underscores the growing commitment to innovation and entrepreneurship in Saudi Arabia’s rapidly evolving tech landscape.
Saudi Arabia allocates 5 sites for mining complexes to boost investments
RIYADH: Saudi Arabia has allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of its strategy to attract quality investments, enhance transparency, and support local communities.
The initiative, led by the Ministry of Industry and Mineral Resources, aims to position mining as a cornerstone of the Kingdom’s industrial base.
The designated sites include four in Taif Governorate — North Nimran Mining Complex No. 1, covering 3.47 sq. km, North Nimran Mining Complex No. 2, covering 2.77 sq. km, South Nimran Mining Complex, covering 5.12 sq. km, and East Nimran Mining Complex, covering 15.76 sq. km.
Additionally, South Wadi Ya’ra Mining Complex in Khamis Mushait Governorate spans 15.08 sq. km.
This allocation is part of the Kingdom’s efforts to establish mining as the third pillar of its industrial economy, alongside oil and petrochemicals, the Ministry said in a post on X.
This initiative seeks to capitalize on the Kingdom’s mineral wealth, valued at approximately SR9.4 trillion ($2.5 trillion) and distributed across more than 5,300 identified sites. By safeguarding resources and ensuring regulatory compliance, the ministry aims to foster sustainable investment and deter unauthorized mining activities.
In November 2024, Saudi Arabia awarded 11 exploration licenses for six sites spanning a total of 850 sq. km across Riyadh, Makkah, and Asir. These permits, issued under the Accelerated Exploration Program, are part of a competitive initiative to unlock underutilized resources and attract domestic and international investors.
Earlier this week, the ministry launched the Innovative Industrial and Mining Products Program, described as a significant step toward enhancing development and supporting the digital transformation of these sectors.
The program “represents a key step toward fostering innovation in the industrial and mining sectors,” the ministry said on X, adding that it reflects its commitment to “developing innovative solutions that support the Kingdom’s industrial transformation and stimulate the growth and sustainability of the mining sector.”
Saudi Arabia’s measures highlight its ambition to diversify the economy, leverage untapped resources, and solidify its position as a global leader in mining and industrial development.
Closing Bell: Saudi Arabia’s key benchmark index begins 2025 with gains
RIYADH: Saudi Arabia’s Tadawul All Share Index began the year on a positive note, gaining 0.34 percent or 40.81 points to close at 12,077.31 points on Wednesday.
The total trading turnover for the benchmark index reached SR3.3 billion ($882.8 million), with 152 stocks advancing and 71 declining. The MSCI Tadawul Index also saw a slight increase, rising 5.30 points (0.35 percent) to finish at 1,514.61 points.
Meanwhile, the Kingdom's parallel market, Nomu, experienced a decline, falling 481.86 points (1.53 percent) to close at 30,993.86 points. The market saw 24 stocks gain, while 45 retreated.
Salama Cooperative Insurance Co. led the day’s gains, with its share price climbing 9.54 percent to SR19.98. Other top performers included Wataniya Insurance Co., which saw a 6.04 percent increase to SR26, and Allied Cooperative Insurance Group, which rose 5.65 percent to SR14.22. Fawaz Abdulaziz Alhokair Co. saw a 4.54 percent rise to SR13.82, while Shatirah House Restaurant Co. gained 3.44 percent, closing at SR21.68.
On the other side, Nayifat Finance Co. was TASI’s worst performer, with a 3.75 percent drop to SR14.88. Riyad REIT Fund fell 2.79 percent to SR6.61, and Al-Babtain Power and Telecommunication Co. saw a decline of 2.31 percent, settling at SR38.10. Savola Group and Gulf Insurance Group also posted losses, with their share prices falling by 1.91 percent to SR36 and 1.58 percent to SR31.20, respectively.
On the announcements front, the General Authority for Competition approved the economic concentration process for BinDawood Holding’s acquisition of 100 percent of Zahret Al Rawda Pharmacies Co. Ltd.
The decision, dated December 31, 2024, marks a significant step in the acquisition process. BinDawood has announced it will provide updates on the completion of the transaction and any material developments as they arise. By Wednesday’s close, BinDawood’s share price had risen 1.08 percent to SR6.54.
Separately, First Avenue for Real Estate Development Co. disclosed the signing of a non-binding Letter of Intent with Awj Real Estate Development and Investment Co. to establish a real estate fund focused on commercial, office, and hospitality projects.
The fund will invest in four key assets: West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land. First Avenue is expected to hold between 40 percent and 50 percent of the fund, with Awj holding between 50 percent and 60 percent. First Avenue’s shares dropped 1.71 percent, closing at SR8.60.
Egypt signs $120m deal to establish pharmaceutical industrial zone
RIYADH: Egypt is set to establish a $120 million pharmaceutical industrial hub in the Suez Canal Economic Zone, marking a significant move toward localizing medicine production and bolstering its regional manufacturing position.
The agreement was finalized between SCZONE’s investment arm, SCZONE Istithmar, and the Arab Pharmaceutical Materials Co., or Arab API, which will oversee the new facility. The deal was signed in the presence of Khaled Abdel Ghafar, Egypt's minister of health, alongside other high-ranking officials.
The deal outlines plans for a new facility in Sokhna Industrial Area, spanning 96,828 sq. meters. It will focus on producing key raw materials for the pharmaceutical industry, further strengthening Egypt's self-sufficiency in medicines. The site will produce active and inactive ingredients, intermediate materials, and chemicals essential for drug manufacturing.
“This project reflects SCZONE’s commitment to localizing the pharmaceutical industries in Egypt and strengthening its position in this field to become a regional hub for this industry based on the capabilities of SCZONE,” said Waleid Gamal El-Dien, chairman of SCZONE.
He added that SCZONE is dedicated to fostering an attractive investment environment with the infrastructure needed to ensure the success of such projects. “This project marks a significant shift in Egypt's pharmaceutical industry sector,” he continued.
“It is not just an industrial project, but it is an implementation of Egypt’s vision based on integration between all concerned parties to achieve self-sufficiency in essential medicines, and reduce the gap between supply and demand in the local market,” Gamal El-Dien said.
The partnership will see SCZONE Istithmar collaborate with Arab API to build, manage, and operate the plant. The contract was signed by Ahmed Saeed Kilani, chairman of Arab API, and Mohamed Abdel Gawad, SCZONE’s vice chairman for investment and promotion affairs, on behalf of their organizations.
The facility aims to meet local pharmaceutical needs while positioning Egypt as an exporter, strengthening the country’s manufacturing capacity.
Ghafar noted that the investment in the facility is a vital step in enhancing public health services and contributing to the national economy. He emphasized the government’s focus on achieving self-sufficiency and reducing pharmaceutical imports.
The new plant will support Egypt’s rapidly growing pharmaceutical industry, meeting rising domestic demand and positioning the country as a key player in the global market.
The $120 million investment is part of a broader pharmaceutical initiative within SCZONE, which includes other factories such as Ateco Pharma and Genavex Egypt, further strengthening local production capabilities.
In addition, SCZONE has earmarked 4 million sq. meters for the creation of a larger pharmaceutical industrial zone in partnership with the Egyptian Authority for Unified Procurement. This initiative underscores the government’s push for collaboration across stakeholders to achieve long-term self-sufficiency in medicine production.
The new plant is expected to reduce Egypt's reliance on imported pharmaceuticals, boost local production, and expand exports. It is part of the government’s broader strategy to modernize and expand the pharmaceutical sector, improve health services, and contribute to Egypt’s economic development.
SCZONE has played a key role in attracting investment to Egypt’s pharmaceutical sector, leveraging its strategic location and competitive advantages. The Sokhna Industrial Zone, where the new plant will be located, already hosts successful pharmaceutical projects, including Ateco Pharma’s intravenous injection drugs factory and Genavex’s vaccine manufacturing facility.
Saudi weekly PoS transactions close 2024 with $3.6bn in value: SAMA
RIYADH: Saudi Arabia’s consumer spending soared in the final week of 2024, with point-of-sale transactions climbing 17.2 percent week-on-week to SR13.8 billion ($3.6 billion), official data showed.
Figures from the Saudi Central Bank, also known as SAMA, revealed significant growth across all sectors between Dec. 22 and Dec. 28, with the total number of transactions hitting 211.97 million during the week.
The telecommunications sector led the growth in transaction value, reporting a 29.6 percent week-on-week increase to SR132.5 million.
The recreation and culture sector followed closely, with a 27.7 percent rise, amounting to SR286.3 million. Seasonal gifting trends also contributed to a 26.1 percent increase in the jewelry sector, which recorded SR315 million in transactions.
The food and beverage sector posted a 22.9 percent jump, reaching SR2 billion.
Other sectors also saw substantial increases in transaction values. The education sector rose 20.7 percent, while health and furniture reported growth of 16.4 percent and 16.2 percent, respectively.
Miscellaneous goods and services, as well as clothing and footwear, recorded similar growth at 16.2 percent and 16 percent. The restaurants and cafes sector grew by 14.4 percent, with transportation close behind at 14.2 percent.
In terms of transaction volume, the jewelry sector led with a 25.4 percent week-on-week increase, reaching 231,000 deals.
Telecommunications saw a 13.9 percent rise, followed by recreation and culture with a 13.3 percent increase, and transportation with an 11.8 percent growth.
Clothing and footwear transactions rose by 11.5 percent, furniture by 10.6 percent, and miscellaneous goods and services by 8.9 percent.
Regionally, Hail reported the highest growth in transaction value, with a 29.1 percent increase to SR218.9 million. The city also saw a 15 percent rise in the number of deals, reaching 3.65 million.
Tabuk followed, posting a 28.9 percent growth in transaction value to SR270.5 million and an 11.3 percent rise in the number of transactions, totaling 4.57 million.
Madinah recorded a 23.3 percent increase in value to SR594.8 million, alongside a 9.9 percent growth in the number of transactions.
Riyadh, however, saw the highest overall transaction value at SR4.7 billion, reflecting a 12.4 percent increase. The capital also recorded a 6.2 percent rise in transaction volume.
Jeddah followed with a 13.4 percent increase in transaction value and a 5.9 percent rise in transaction volume.
