Philippines keeps 2018 tourist arrivals target despite Boracay closure

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A boy makes a sand castle at the beach of Boracay Island in central Philippines one day before its closure. President Rodrigo Duterte ordered the world-famous destination closed to tourists for up to six months from April 26, after describing it as a ‘cesspool’ tainted by raw sewage. (AFP)
Updated 05 June 2018
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Philippines keeps 2018 tourist arrivals target despite Boracay closure

DUBAI: The Philippine government is keeping its target for tourist arrivals this year despite the closure of Boracay Island, one of the country’s major magnets for foreign visitors.

“[Our target tourist arrivals] is still the same, 7.5 million [this year]. We’re hoping we will be able to [reach] the target,” newly appointed tourism secretary Bernadette Fatima Romulo Puyat said during her confirmation hearing on Wednesday.

The world-renowned Boracay Island, located in central Philippines, received over two million tourists last year, with foreign visitors coming mostly from China, South Korea and Taiwan. Tourist spending in the island also rose 14.83 in 2017 to 56.15 billion pesos ($1.07 billion) from 48.9 billion pesos the previous year.

The Philippine government has implemented a six-month closure of Boracay, named in 2016 as the world’s best island by Condé Nast Traveler's 2016 Readers’ Choice Awards, over concerns the island’s famous white sand beaches and turquoise waters have become a ‘cesspool’ because of environmental abuse.

No tourists – domestic or foreign –  are allowed entry into the island during its half-year clean up and rehabilitation.

“Almost all our cancelled bookings were for Boracay; our business was affected by the refunds we have to give our clients,” tourism operator Izrael Felipe G. Nilo, Jr. told Arab News. “Hopefully the closure [of Boracay] will be lifted by October, or even earlier.”

Tourists are now diverting into alternative destinations with Boracay closed, Nilo added.

“There was a definite effect of the Boracay closure on our international markets, particularly the Korean and Chinese markets which typically hits its peak from June onwards,” Jose Clemente III, president of the Tourism Congress of the Philippines, meanwhile told Arab News. “Thousands of bookings and losses into the hundreds of millions for the resorts and other establishments will have been lost due to the closure.”

“[Achieving the tourism target] will be a tall order considering that one of the Philippines’ main destinations was closed,” Clemente added. “We have been trying to divert our bookings to the other destinations like Cebu, Bohol, Palawan and others but since the closure was done on short notice, those other destinations were already full or approaching full capacity.”

Tourism chief Romulo Puyat also said her department would be promoting these alternative destinations and “a lot of them [tourists] have already diverted to Cebu, Siargao and Bohol.”

She also committed “to prioritize improving polices on access, connectivity and security as well as enhance programs on tourism infrastructure.”

Cebu is home to the Sinulog Festival and whale shark watching in Oslob; Siargao is considered the Philippines’ surfing capital while Bohol boasts of the tarsier – the world’s smallest primate – the Chocolate Hills and Panglao’s beaches, which are comparable to that of Boracay’s.

“The Philippines has become a popular in the past few years and our destinations have been experiencing good arrivals which makes diversions from Boracay a bit difficult. While we do have other upcoming destinations like Siargao, Dumaguete and others, they may not yet be ready to take in the massive numbers for a variety of reasons such as accessibility, available accommodations, infrastructure to name a few,” Clemente said.


Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia

Updated 4 sec ago
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Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia

  • PSX welcomes delegation of Malaysian scholars to foster collaboration between Shariah-compliant capital markets
  • Since launching first Ijarah-based sukuk in 2008, Pakistan has issued Ijarah sukuk worth over Rs6.5 trillion as of August 2024

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday welcomed a delegation of Malaysian Shariah scholars and professionals as the country seeks to advance its Islamic finance sector and foster cross-border collaboration between Shariah-compliant capital markets.
PSX and the Securities and Exchange Commission of Pakistan (SECP) have been striving in recent years to promote an Islamic capital market and create the enabling environment for the growth of Shariah-compliant investment.
Shariah lays down certain principles with regard to financial contracts and the conduct of business and trading in general. In particular, Shariah prohibits any transaction that involves an element of interest (riba). In order to ensure Shariah compliance of a product or service, it must be free from such prohibited elements and conform to other requirements of Shariah. Various stock exchanges, including PSX, have designed and launched products and services that cater to the specific requirements of Shariah.
PSX lists Shariah-compliant shares, sukuk (Islamic bonds), Islamic Exchange Traded Funds (Islamic ETFs), and Islamic Real Estate Investment Trusts (Islamic REITs). It is also deemed permissible as per Shariah for investors to subscribe to the Initial Public Offerings (IPOs) of Shariah-compliant securities. In addition, PSX offers Shariah-compliant indices comprised of shares of listed companies that meet certain predefined Shariah and technical screening criteria. A Shariah compliant facility to finance the purchase of shares is also available, through the National Clearing Company of Pakistan Limited (NCCPL), called Murabahah Share Finance.
Welcoming the visiting delegation from Malaysia, PSX Chairperson Dr. Shamshad Akhtar expressed hope for greater collaboration between the Islamic finance sectors of the two countries.
“Pakistan is also witnessing a growing demand for Shariah-compliant investment avenues,” PSX quoted Akhtar as telling the delegation. “With over 50% of listed companies on the exchange being Shariah-compliant, PSX offers a compelling platform for faith-based investments, including equities, sukuk, Islamic mutual funds, and ETFs.”
Since launching its first Ijarah-based Sukuk in 2008, Pakistan has issued Ijarah sukuk worth over Rs6.5 trillion as of August 2024.%
“The continued expansion of Islamic finance institutions, diversified asset classes, and investor-friendly regulatory frameworks are contributing to the sector’s momentum,” the PSX statement added.
Tariq Naseem, Head of Islamic Finance at SECP, provided an in-depth briefing to the visiting dignitaries regarding the progress and advancements in Islamic finance within Pakistan’s capital markets and non-banking financial sectors, particularly regulatory reforms and developments in the Islamic financial services industry undertaken to cater to both local and international market needs. The discussion also addressed the potential for enhanced collaboration between Malaysia and Pakistan in promoting Islamic finance on a global platform.
Farrukh H. Sabzwari, Managing Director and CEO of the Pakistan Stock Exchange, expressed his aspiration to benefit from Malaysia’s expertise in Islamic finance for the advancement of Pakistan’s capital market.
Sabzwari said only 0.14% of Pakistan’s population constituted the investor base, compared to 1% in Bangladesh, underscoring the significant potential for growth. He said approximately 80% of daily transactions at PSX were Sharia-compliant.
“Concluding the event, PSX management reaffirmed the Exchange’s dedication to building a robust Shariah-compliant capital market while highlighting the efforts of the PSX Shariah Focus Group — a multi-stakeholder platform comprising industry leaders, Shariah scholars, and financial experts — working collectively to foster an inclusive, faith-based financial system,” the PSX statement added. 
Pakistan’s government has failed to achieve a target set by the central bank to increase the share of Islamic banking deposits in the country by 50% by January this year, according to official documents seen by Arab News this week, as Islamabad attempts to rid the country’s banking system of interest.
Pakistan’s Federal Shariat Court (FSC) directed the government in April 2022 to eliminate interest by 2027. Following the order, the government and the State Bank of Pakistan have taken several measures ranging from changing laws in October 2024 to issuing sukuk bonds to replace interest-based treasury bills and investment bonds.
According to a presentation shared by the SBP with bankers in August 2024, a copy of which Arab News has seen, the central bank set an “indicative target” for the government to increase the share of Islamic banking deposits to 50% by January 2025, 65% by January 2026, 80% by January 2027 and 100% by December 2027. 
Pakistan, however, missed this target and was able to increase the market share of its Shariah-compliant banking deposits to only 24.9% by December 2024, the document stated.


Bain & Co. chooses Riyadh for regional HQ amid Saudi business push 

Updated 26 min ago
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Bain & Co. chooses Riyadh for regional HQ amid Saudi business push 

RIYADH: US-based management consulting firm Bain & Co. has announced the opening of its new regional headquarters in Riyadh, as the Kingdom’s capital continues to attract top global firms. 

The new office, located in the King Abdullah Financial District, marks Bain’s third location in the Saudi capital and more than doubles the size of its previous space, the company said in a statement. 

Bain’s move comes amid a broader wave of multinational companies establishing regional bases in the Kingdom, with nearly 600 international firms having set up regional headquarters in Saudi Arabia since 2021, including Northern Trust, Bechtel, PepsiCo, IHG Hotels & Resorts, PwC, and Deloitte, the Saudi Press Agency reported in March. 

Ahmed Boshnak, partner and head of Bain & Co.’s Riyadh office, said: “This investment is a natural next step on our journey in Saudi Arabia. It’s a reflection of the trust our clients have placed in us, the incredible talent we’ve been able to build, and our continued optimism about the market’s future.”  

Riyadh’s regional headquarters program offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom. 

He added: “Being in KAFD puts us closer to many of our clients, and the new space gives our team the right environment to collaborate, grow, and continue delivering meaningful results.” 

Bain has served clients in the Middle East since 1990 and established its first regional office in the region in 2007. The firm’s new headquarters reflects a long-term investment in both local talent and Saudi Arabia’s economic transformation efforts. 

“This milestone is about investing where it matters most: enabling us to be closer to and better serve our clients from the latest infrastructure in the heart of Riyadh,” said Tom De Waele, Middle East managing partner at Bain & Co.  

“We’re grateful for the partnerships we've built in the market and are excited about what lies ahead,” he added. 

Founded in 1973, Bain & Co. has offices in 65 cities across 40 countries. It advises clients across various industries and has committed over $1 billion to pro bono work over the past decade. 

The expansion underscores Saudi Arabia’s growing appeal as a strategic base for global firms looking to tap into regional opportunities, as the Kingdom advances its Vision 2030 economic diversification strategy. 


Saudi Arabia’s date exports rise 15.9% in 2024, reaching $451m

Updated 54 min 14 sec ago
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Saudi Arabia’s date exports rise 15.9% in 2024, reaching $451m

RIYADH: Saudi Arabia’s date exports saw a 15.9 percent year-on-year increase in 2024, reaching SR1.695 billion ($451.7 million), according to newly released data from the National Center for Palms and Dates.

In the same year, the Kingdom produced more than 1.9 million tonnes of dates, underscoring its significant role in the global date industry, the Saudi Press Agency reported.

Home to over 33 million palm trees—representing approximately 27 percent of the world’s total—Saudi Arabia maintains around 123,000 palm agricultural holdings across the country, further solidifying its position as a global leader in date production.

Looking ahead, the global date market is expected to grow from $120 million in 2023 to $220 million by 2032, with a projected compound annual growth rate of 5.22 percent, according to Market Research Future.

The SPA statement said: “Saudi dates have achieved notable expansion across global markets, reaching consumers in 133 countries. The export value represents a 15.9 percent increase compared to 2023.”

It added: “The growth is attributed to sustained efforts aimed at enhancing the quality of Saudi dates and broadening their global marketing presence, highlighting the increasing importance of the palm and date sector in bolstering the national economy and diversifying revenue streams.”

The Kingdom’s date industry has undergone a remarkable transformation since the launch of Vision 2030 in 2016 — a strategic initiative aimed at diversifying Saudi Arabia’s non-oil economy.

According to recent data, the value of Saudi date exports has surged by 192.5 percent over the past eight years, reflecting an impressive compound annual growth rate of 12.7 percent.

This upward trajectory underscores Saudi Arabia’s continued progress in establishing itself as a key player in the global date market, while also highlighting the sector’s growing role in contributing to global food security.

The sector’s success can be attributed to the unwavering support of the Kingdom’s leadership, recognizing the palm and date industry as a cornerstone of Saudi heritage and cultural identity.

This support is complemented by the collaborative efforts of producers, exporters, and government agencies working to streamline export processes and expand international market reach through strategic partnerships with the private sector.

The cultural and economic importance of dates is symbolized by the inclusion of a date palm flanked by crossed swords in the Saudi national emblem. As a symbol of Arab hospitality and a staple in the daily lives of Saudis, the fruit holds deep-rooted significance in the Kingdom.

In recent years, a range of local and international initiatives have helped elevate the market value of Saudi dates. Notably, the establishment of the National Center for Palms and Dates and the International Dates Council—which brings together 11 date-producing countries—reflects the Kingdom’s leadership in shaping the future of the global date industry.


Saudi Arabia, Indonesia sign deal on mineral exploration, mining

Updated 8 min 9 sec ago
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Saudi Arabia, Indonesia sign deal on mineral exploration, mining

  • Indonesia holds the world’s largest nickel reserves and rich deposits of other minerals
  • Saudi and Indonesian export-import banks sign MoU to strengthen economic, trade ties

JAKARTA: Saudi Arabia and Indonesia signed a preliminary agreement to enhance cooperation in the mining and minerals sector during Industry and Mineral Resources Minister Bandar Al-Khorayef’s visit to Jakarta on Thursday.

Indonesia holds the world’s largest nickel reserves and has rich deposits of other minerals, including copper and bauxite. In 2023, its mining sector accounted for about 11.9 percent of the country’s gross domestic product. 

Al-Khorayef arrived in the Indonesian capital for a three-day visit on Tuesday for meetings with both officials and top industry executives. 

On Thursday, he signed a memorandum of understanding with Energy and Mineral Resources Minister Bahlil Lahadalia to boost partnerships in the mining sector, which covers exchange of expertise and knowledge transfer between the two countries.  

“The agreement aims to strengthen strategic cooperation and exchange of expertise between the two countries in the mining and minerals sector,” Saudi Arabia’s Ministry of Industry and Mineral Resources said in a statement. 

“This includes the exchange of expertise and knowledge transfer in the fields of mineral exploration, extraction, geological surveying, sustainable mining practices, modern mining technologies, evaluation of mineral resources, and the development of mining industries and mineral materials.”

Al-Khorayef’s visit aims to attract more investment to the Kingdom and explore mutual investment opportunities in mining, food, pharmaceuticals and auto parts industries, in line with Saudi Vision 2030.

His various meetings in Jakarta included talks with Indonesia’s Industry Minister Agus Gumiwang Kartasasmita and State-Owned Enterprises Minister Erick Thohir, as well as senior officials from Indonesia’s state-owned mining industry holding company, MIND ID, state-owned pharmaceutical firm Bio Farma, and one of the world’s largest instant noodle makers, Indofood. 

Indonesia is also keen to forge closer workforce cooperation, as Al-Khorayef and his delegation visited a training center unit under the Ministry of Industry on Thursday. 

“We are ready to support the sending of skilled workers … to fulfill the workforce needs in Saudi Arabia,” Masrokhan, who heads the ministry’s Industrial Human Resources Development Agency, said in a statement. 

During his trip, Al-Khorayef also witnessed the signing of a preliminary agreement between the Saudi Export-Import Bank and its Indonesian counterpart, aimed at strengthening economic and trade relations between the two countries. 

Trade and investment relations between Saudi Arabia and Indonesia have been on the rise. Non-oil trade was worth about $3.3 billion in 2024, showing a 14.5 percent increase compared to 2020.


Saudi Arabia, Indonesia sign key agreements to boost trade and mining cooperation 

Updated 17 April 2025
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Saudi Arabia, Indonesia sign key agreements to boost trade and mining cooperation 

RIYADH: Saudi Arabia and Indonesia have signed a series of memoranda of understanding aimed at enhancing bilateral trade and expanding cooperation in the mining sector. 

As part of an official visit to Jakarta, Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, signed an MoU with Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, to promote strategic collaboration and the exchange of expertise in mining and mineral resources. 

According to a joint press statement, the agreement will foster cooperation in areas including mineral exploration, geological surveying, sustainable mining practices, mineral production and processing, and the development of modern technologies for the mining and metallurgical industries. 

The deal was signed during Alkhorayef’s official trip to Indonesia, which also saw discussions on deepening industrial ties and enhancing knowledge transfer between the two nations. 

In a parallel move, the Saudi Export-Import Bank signed an MoU with Indonesia Eximbank to establish a framework for strengthening trade relations and promoting joint investment initiatives, the Saudi Press Agency reported. 

The MoU was signed by Saudi EXIM CEO Saad Al-Khalb and Indonesia Eximbank Acting Executive Director Sukatmo Padmosukarso during AlKhorayef’s official visit to Indonesia. Photo/SPA

“This MoU marks a significant step toward improving export and import efficiency and facilitating bilateral trade. It also reflects our commitment to enhancing partnerships and commercial exchange between the two countries,” said Saad Al-Khalb, CEO of Saudi EXIM, as quoted by SPA. 

He added: “The agreement will serve as a catalyst for trade development and joint investment projects across various sectors. We are committed to encouraging Saudi exporters to seize promising investment opportunities, and are fully dedicated to enabling the export of Saudi non-oil products to the Indonesian market.” 

The agreement includes provisions for exchanging best practices related to export credit policies and developing new export products, while also encouraging collaboration between Saudi and Indonesian companies. 

Sukatmo Padmosukarso, acting executive director of Indonesia Eximbank, described the agreement as “more than a ceremonial step,” adding: “It marks the beginning of real, actionable cooperation. We hope to soon realize joint projects in renewable energy, co-financing, and export ventures, supported by dedicated teams from both sides.” 

During the visit, Saudi EXIM officials also held meetings with Indonesian financial institutions, export credit agencies, and trade organizations to explore opportunities for expanding trade, strengthening economic ties, and supporting local exporters in scaling their international operations. 

Trade between Saudi Arabia and Indonesia remains robust. In January alone, Saudi Arabia exported non-oil goods to Indonesia worth SR202.7 million ($54 million), underlining the growing importance of economic collaboration between the two countries.