TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector
TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector/node/2207546/business-economy
TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector
Saudi Arabia's Technical and Vocational Training Corp. has announced it is currently training 6,189 people in preparation for jobs in the tourism and hotel industries. (Shutterstock)
TVTC zeroes in on tourism with more than 6k Saudis training for roles in key Vision 2030 sector
Updated 28 November 2022
Arab News
RIYADH: More than 6,000 Saudis are currently being trained up for technical roles in the Kingdom’s growing tourism industry, according to the government agency leading the charge.
Saudi Arabia's Technical and Vocational Training Corp. has announced it is currently training 6,189 people in preparation for jobs in the tourism and hotel industries.
The Kingdom’s tourism sector continues to grow, with the Kingdom expecting to attract 100 million annual visitors and creating one million jobs by 2030.
TVTC spokesperson Fahad Alotaibi said the entity focuses on designing and providing specialized training programs to train citizens to work in this sector and lead its facilities through diversified training programs in the tourism and hospitality fields.
TVTC's aims align with Saudi Vision 2030, under which efforts are exerted to cut the unemployment rate in the Kingdom from 11.6 percent to 7 percent by 2030.
In August this year, TVTC announced that it had received more than 230,000 trainees — new starters and returnees — in over 260 training facilities and partnership institutes distributed throughout the Kingdom.
To achieve its Vision 2030 goals, Saudi Arabia is not only encouraging the recruitment of nationals to private sector jobs, but is also encouraging adequate investment in their future to ensure their retention by employers as well as their contribution to a vibrant and diverse economy.
Saudization, officially known as the Saudi nationalization scheme, or Nitaqat, is considered a crucial step towards economic success.
Saudi Arabia launched the ‘Saudization’ labor market strategy to enhance the economic participation of its citizens, with the aim of reaching 60 percent by 2030.
Although the process of Saudization has been going on since 1985, major regulatory and economic reforms have accelerated in recent years under the Vision 2030 agenda, with the aim of increasing the participation of young Saudis in the economy, promoting non-oil sectors and improving the overall quality of life.
According to Saudi Arabia's Central Department of Statistics and Information, the unemployment rate in the Kingdom decreased to 5.80 percent in the second quarter of 2022 from 6 percent in the first quarter of 2022.
Vision 2030 promotes Saudi women as an important part of the Kingdom’s strength. It aims to develop their talents, invest their energies, and provide them with the right opportunities to build their futures, contributing to the development of society.
Saudi women now comprise 33.6 percent of the Saudi workforce as of March 2022, according to the General Authority for Statistics. That figure is up from 17.4 percent just five years ago.
The unemployment rate of women was the lowest in 20 years as of the first quarter of 2022, falling to 20.2 percent from 22.5 percent during the fourth quarter of 2021.
Green Horizons: Saudi Arabia’s sustainable tourism drive planting seeds for economic growth
Updated 12 sec ago
Reem Walid
RIYADH: Eco-friendly holiday destinations being developed across Saudi Arabia are positioning the Kingdom as a leader in sustainable tourism, a host of experts have told Arab News.
Aligning with the Vision 2030 strategy to increase visitor numbers to the Kingdom to 150 million a year by the end of the decade, Saudi Arabia is creating a host of new vacation resorts, as well as reinvigorating existing popular spots.
Alongside this, the Kingdom has made environmental preservation a key tenet of its ambitions for the tourist industry, with ecological and cultural safeguards inserted directly into its strategy.
According to Pascal Armoudom, partner at Kearney Middle East & Africa, this balanced approach ensures that tourism expansion enhances, rather than compromises, the Kingdom’s natural and cultural assets.
“A central element is renewable energy investment across giga-projects like NEOM and the Red Sea Project. These destinations are designed to operate entirely on renewable sources, significantly lowering carbon emissions. By aligning economic growth with clean energy, Saudi Arabia not only attracts environmentally-conscious visitors but also creates sustainable jobs, supporting economic diversification away from oil,” Armoudom said.
“Conservation commitments further reinforce this balance. The Saudi Green Initiative aims to plant 10 billion trees and restore millions of hectares of land, reducing carbon while enhancing landscapes that are vital to eco-tourism,” he added.
The Kearney partner went on to note that these commitments ensure that as tourism grows, natural habitats are preserved, making Saudi Arabia’s landscapes more resilient and attractive for long-term tourism investment.
“Cultural preservation and community integration are also prioritized. Projects like Diriyah Gate and AlUla involve local communities in heritage conservation and economic opportunities, allowing residents to benefit economically while protecting cultural authenticity. By prioritizing heritage alongside economic incentives, Saudi Arabia creates a tourism model that is inclusive and respects its historical identity,” Armoudom said.
He added that uniting renewable energy, conservation, and cultural preservation enables Saudi Arabia to build a thriving tourism economy that aligns with global sustainability standards, which will in turn foster growth that sustains both the environment and the economy.
Learning from the mistakes of others
Camilla Bevilacqua, partner at management consulting firm Arthur D. Little, explained that Saudi Arabia has the opportunity to learn from more mature global destinations, where tourism significantly contributes to economic growth but can lead to environmental and social degradation when not designed from a systemic perspective.
“To unlock the full potential of regenerative development, it’s crucial to integrate ecological, social, cultural, and economic understanding into a unified approach, creating a community that becomes steward of the development and a development that contributes to the intrinsic value of natural and heritage assets,” she added.
The ADL partner also suggested that loss of natural and cultural assets requires large investments, especially from the public sector, to restore habitats and communities that can instead drive economic growth.
The notion that economic development in tourism and environmental protection is not a zero-sum game was echoed by Seif Sammakieh, partner in Oliver Wyman’s Government and Public Institutions Practice and the head of the Riyadh office.
He flagged up that Saudi Arabia is already putting this mentality into practice, adding: “Across the ecosystem there is clearly a deep commitment to safeguarding natural and cultural heritage, and a recognition that these resources are essential to the country’s tourism appeal.”
Sammakieh highlighted that part of the attraction of the Red Sea is its rich and diverse coral reef, meaning the economic success of the tourist destination requires a steadfast commitment to environmental preservation.
Innovation is key
Saudi Arabia is leading sustainable tourism through innovative, eco-friendly developments that align with Vision 2030’s commitment to environmental conservation and cultural preservation.
Kearney’s Armoudom highlighted Amaala, a luxury wellness destination on the Red Sea coast, as an example of a project that will be fully powered by renewable energy.
He also focused on Diriyah Gate as a project that blends cultural preservation with sustainable practices.
“This historic site is being developed as a cultural hub, incorporating energy-efficient designs, water-saving measures, and native landscaping, allowing visitors to experience Saudi heritage responsibly,” the Kearney partner added.
From ADL’s side, Bevilacqua noted that Saudi Arabia’s Vision 2030 includes sustainable tourism initiatives across multiple projects and organizations, such as Soudah, AlUla, NEOM, the Red Sea, and several Royal Reserves and National Parks. She also stressed that these efforts target ecological restoration, economic transformation, and community empowerment.
“For Soudah Development, ecological restoration plans to plant over 1 million trees by 2030 aim to restore mountain ecosystems, while wildlife reintroduction programs, such as the rewilding of Nubian ibex, enhance biodiversity. Additionally, over 300 locals have been trained as eco-guides and forest stewards, contributing directly to tourism growth and increasing community engagement,” Bevilacqua said.
With regards to the Red Sea Project, the ADL partner emphasized that the coral reef and mangrove restoration efforts aim for a 40 percent biodiversity increase and sequester 500,000 tonnes of carbon dioxide annually as part of marine and coastal ecosystem restoration. Additionally, over 500 jobs have been created, aligning conservation with economic development through ecotourism initiatives.
The rise of eco-tourism
While integrating sustainability and environmental protection into tourism developments is admirable, these projects do ultimately need to attract visitors in order to deliver an economic return.
Nicolas Mayer, PwC Middle East partner and global tourism industry lead, explained that tourists drawn to nature-based experiences tend to be strong spenders, contributing significantly to the local economy.
“Eco-tourism, in particular, has a profound economic impact on more remote and economically weaker regions, where visitor spending can create jobs, stimulate local businesses, and foster infrastructure development that benefits residents and tourists alike,” Mayer said.
“This type of tourism is especially appealing for domestic travelers, who bring significant economic benefits while generating a lower ecological impact than international visitors. By encouraging domestic tourism, the Kingdom reduces the carbon footprint associated with air travel, thus aligning with its sustainability goals,” he added.
The PwC representative continued to stress that the concept of regenerative tourism is central to Saudi Arabia’s approach.
“Unlike traditional tourism, which may strain resources, regenerative tourism actively restores and enhances natural and cultural sites. This approach ensures that destinations not only maintain their ecological and cultural value but also improve over time, offering a richer experience for future visitors and a lasting legacy for local communities,” Mayer said.
Fitch affirms Saudi Arabia rating at ‘A+’; outlook stable
Updated 01 February 2025
Arab News
RIYADH: Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating at ‘A+’ with a Stable Outlook, the agency said on Friday.
Fitch indicated the rating reflects the Kingdoms strong fiscal and external balance sheets. It said: “government debt/GDP and sovereign net foreign assets considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers in the form of deposits and other public sector assets”.
The agency also noted the Kingdom’s reform program, Saudi Vision 2030, has diversified economic activity in one of the Middle East strongest economies.
And there is positive outlook for growth this year.
“Headline economic growth is set to rebound in 2025 after being held back by cuts to oil production agreed by OPEC+,” a note by the agency said.
In addition Fitch also said that the Kingdom now faces less geopolitical risk.
“Saudi Arabia is exposed to geopolitical risks, but Fitch judges that these have lessened recently, given the dynamics of the regional conflicts.”
Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows
Updated 31 January 2025
Nour El-Shaeri
RIYADH: Startup funding deals across the Middle East and North Africa saw an annual increase of 3.5 percent in 2024, with 610 agreements recorded across the region.
According to a report from Wamada, fintech remained the dominant sector, attracting 30 percent of total funding, or $700 million.
Software-as-a-service saw strong traction in Saudi Arabia, while Web 3.0 saw $256.8 million and e-commerce also gained momentum with $253 million in funding.
Despite the strong showing in these sectors, the overall funding value across the startup ecosystem of $2.3 billion represented a 42 percent year-on-year drop.
When excluding debt financing, the decline stood at just 11 percent.
The UAE led with $1.1 billion raised across 207 deals, followed by Saudi Arabia at $700 million from 186 deals, and Egypt securing $334 million across 84 deals.
Oman ranked fourth with $41.5 million, while Morocco and Tunisia led in North Africa, raising $20.8 million and $13.1 million, respectively. Emerging ecosystems in Jordan, Qatar, and Lebanon also showed modest growth.
Early-stage startups accounted for over $1.2 billion in investments, while later-stage and pre-IPO rounds saw limited activity. Female-founded startups raised $27.6 million, or 1.2 percent of total funding, with mixed-gender founding teams securing $192 million.
Ebana secures $2.66m to expand fintech solutions
Saudi-based fintech startup Ebana has raised $2.66 million in a pre-series A round led by Esnad Legal Consulting and Business Governance.
Founded in 2020 by Ali Al-Shareef, Ebana provides digital services and technical infrastructure for corporate governance affairs.
The newly raised capital will be used to enhance Ebana’s investor relations tools, expand its fintech solutions, and strengthen its services for both public and private enterprises.
Nabeeh secures investment from Ibtikar Fund to grow user base
Saudi-based e-services platform Nabeeh has raised an undisclosed investment from Ibtikar Fund.
Originally founded in Palestine in 2021 by Saber Samara and Fawaz Samara, Nabeeh provides an online platform for booking housekeeping, maintenance, and renovation services.
“Property owners and businesses often struggle with unreliable maintenance and cleaning providers and a lack of transparency. Nabeeh bridges this gap by offering seamless, tech-enabled solutions that prioritize quality, speed, and trust,” Samara said.
With this funding, Nabeeh plans to double its user base, expand its business-to-business portfolio, and introduce new platform features.
Silkhaus raises growth funding to expand into Saudi Arabia
UAE-based proptech startup Silkhaus has closed a seven-figure growth funding round led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and other investors.
Founded in 2021 by Aahan Bhojani, Silkhaus operates a marketplace for short-term rentals across the UAE.
The new funding will support its expansion into Saudi Arabia, where it is now open for bookings. This follows a multi-million-dollar pre-Series A round secured last year by Partners for Growth.
“With the support of our investors and team, we are excited to scale our operations in the UAE and Saudi Arabia, offering innovative solutions to property owners and premium experiences to guests. The short-term rental economy of the GCC (Gulf Cooperation Council) is experiencing a significant growth surge, and we are proud to be leading this growth,” Bhojani said.
UpLevel raises pre-seed funding to enhance corporate coaching
Saudi-based education tech startup UpLevel has closed an undisclosed pre-seed funding round backed by a group of angel investors.
Founded in 2024 by Idris Al-Shayea and Hamad Al-Luhaidan, UpLevel connects companies with professional coaches to enhance employee performance.
The fresh funding will help UpLevel scale its operations and further develop its coaching network for corporate clients.
BioSapien extends pre-Series A round to $7m
UAE-based health tech startup BioSapien has extended its pre-Series A round to $7 million, with new participation from Golden Gate Ventures, marking the first deployment of its MENA-focused fund.
Founded in 2018 by Khatija Ali, BioSapien is developing MediChip, a 3D-printed, slow-release drug delivery platform designed to attach to tissue with minimal systemic side effects.
The extension follows the company’s $5.5 million pre-series A round in December, led by Global Ventures and joined by Dara Holdings.
Retailhub raises funding to expand SaaS platform
UAE-based retail SaaS provider Retailhub has secured an undisclosed investment from Angelspark.
Founded in 2022 by Daniel Alimov and Roman Tikhonov, Retailhub provides an automated platform that synchronizes stock updates from point-of-sale systems to aggregators and consolidates orders into a single application.
The new funding will enable Retailhub to enhance its platform capabilities, strengthen partnerships, and scale operations within the UAE and beyond.
Maalexi secures $3m debt financing from Citi
UAE-based agriculture fintech startup Maalexi has secured a $3 million debt financing facility from Citi to expand its sourcing operations.
Founded in 2021 by Azam Pasha and Rohit Majhi, Maalexi provides a risk management platform that enables small food and agribusinesses to access cross-border trade.
The facility will help build a technology-enabled supply chain linking origin markets to the UAE. This follows a $1 million venture debt round secured in July from Stride Ventures.
Fincart.io raises pre-seed funding to expand logistics platform
Egypt-based logistics startup Fincart.io has raised an undisclosed pre-seed funding round led by Plus VC, with participation from Plug and Play, Orbit Startups, Jedar Capital, and other regional investors.
Founded in 2023 by Mostafa El-Masry and Nihal Ali, Fincart.io provides e-commerce retailers with access to a marketplace of delivery providers and an operations dashboard.
The new funds will support platform improvements, courier network growth, and expansion into the African and Middle Eastern markets.
Dsquares acquires majority stake in Prepit
Egypt-based loyalty solutions provider Dsquares has acquired a majority stake in Prepit, an Egyptian B2B SaaS loyalty platform, for an undisclosed amount.
Founded in 2012 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Dsquares specializes in B2B loyalty programs for industries such as banking, telecom, fast-moving consumer goods, and retail.
Prepit, founded in 2022 by Karim Hussein and Tarek Afia, provides AI-driven tools to streamline food and beverage operations.
The acquisition strengthens Dsquares’ presence in the loyalty sector across key Middle Eastern markets, including Saudi Arabia, Egypt, and the UAE.
Oil Updates — crude set for weekly decline as Trump tariff threat looms large
Updated 31 January 2025
Reuters
LONDON: Oil prices were steady on Friday but on course for weekly declines as markets waited to see if US President Donald Trump will follow through on his threat to impose tariffs on Mexico and Canada on Saturday.
Brent crude futures for March, which expire on Friday, were down 9 cents at $76.78 a barrel by 5:20 p.m. Saudi time. US West Texas Intermediate crude declined 2 cents to $72.71.
For the week, the Brent and WTI benchmarks were set for declines of 2.2 percent and 2.6 percent respectively.
Oil came under pressure from the potential negative economic impact of US tariffs against Canada, Mexico and China, said PVM analyst Tamas Varga, adding that potential dollar appreciation as a result of tariffs also weighed on oil.
Trump has threatened to impose a 25 percent tariff on Canadian and Mexican exports to the US if those two countries do not clamp down on shipments of fentanyl and on illegal migration across US borders.
Canada and Mexico are the two largest crude oil exporters to the US, but it is unclear if oil would be included among the tariffs. Trump said on Thursday he would soon decide whether to exclude Canadian and Mexican oil imports from the tariffs.
Tariffs would likely result in large US refinery run cuts, said Energy Aspects analyst Livia Gallarati.
“Our base case has been that, if tariffs are announced, they will include a grace period for negotiations and that oil is likely eventually to be carved out from any tariffs,” Gallarati added.
The market is also awaiting the OPEC+ meeting scheduled for Monday.
Kazakhstan’s energy minister said on Wednesday that the group is set to discuss Trump’s plans to raise US oil production and take a joint stance on the matter at next week’s OPEC+ meeting.
“OPEC will likely comply with the US demand to increase production to avoid Trump’s ire. And they might announce a gradual unwinding of voluntary cuts, if not from April, then from the second half of the year,”
Saudi Arabian Military Industries appoints new CEO
Updated 30 January 2025
MOHAMMED AL-KINANI
RIYADH: The Saudi Arabian Military Industries has announced the appointment of Thamer M. Al-Muhid as its new chief executive officer, effective Feb. 1, according to a statement released on Thursday.
The decision was confirmed during a meeting of SAMI’s board of directors, chaired by Saudi Defense Minister Prince Khalid bin Salman.
With over 30 years of global leadership experience, Al-Muhid brings extensive expertise in driving organizational transformation, operational excellence, and international expansion.
His diverse background encompasses strategic initiatives, mergers and acquisitions, research and development, and forging key international partnerships—all of which equip him to lead SAMI into a new phase of growth and innovation.
Before his appointment, Al-Muhid served as group CEO and managing director of Saudi Chemical Co. Holding, and has held senior leadership roles at prominent organizations such as SABIC, Almarai, and the Ministry of Commerce and Industry.
Replacing Walid Abu Khaled, Al-Muhid will oversee the company’s efforts to advance cutting-edge technologies, produce world-class defense products, and strengthen strategic partnerships.
His leadership is expected to expedite Public Investment Fund-owned SAMI’s progress toward achieving its ambitious objectives, including localizing 50 percent of the Kingdom’s defense spending and fostering national talent in the defense sector.
This appointment underscores SAMI’s ongoing commitment to positioning Saudi Arabia as a global leader in defense manufacturing and innovation.