Saudi imports, exports increase despite regional tensions

RIYADH: Tourism license applications in Saudi Arabia have surged nearly fourfold since the Kingdom secured hosting rights for the 2034 FIFA World Cup, a senior official has revealed.

Speaking at a panel discussion during the Sports Investment Forum in Riyadh, taking place from April 7 to 9, the Kingdom’s Vice Minister of Tourism, Princess Haifa bint Mohammed Al-Saud, said applications had surged by 390 percent — highlighting the growing interest of international tourists and boosting economic growth, according to local broadcaster Al-Ekhbariya. 

The increase comes as Saudi Arabia ramps up investments in sports infrastructure as part of Vision 2030, the Kingdom’s strategic framework to diversify the economy and reduce dependence on oil. 

It also aligns with the growing recognition that sports tourism is a key driver of economic development, accounting for 10 percent of global tourism expenditure and projected to grow by 17.5 percent by the end of this decade. 

“Sports tourism has no limits. The number of tourists who came solely to attend sporting events reached 14 million by last year, spending nearly SR22 billion ($5.86 billion),” Princess Haifa said, according to a post on Al-Ekhbariya’s X account. 

“In 2018, visitors from 70 nationalities visited the Kingdom to attend sporting events, and today the number has exceeded 160 nationalities, thanks to various facilities,” she added. 

During the session, the vice minister emphasized the role of the broader tourism ecosystem in supporting the Kingdom’s sporting ambitions and contributing to sustainable economic development through public-private collaboration. 

The inaugural edition of the three-day Sports Investment Forum sees local and international leaders, officials, investors, and entrepreneurs exploring opportunities in the Kingdom’s evolving sports landscape. 

The forum aims to expand the scope of sports investment in Saudi Arabia by fostering effective partnerships, attracting capital, and launching initiatives to drive growth across the sector. 

RIYADH: Egypt and France have signed a €7 billion ($7.6 billion) agreement to develop a large-scale green hydrogen and ammonia production complex near Ras Shokeir on the Red Sea coast. 

The deal, which comes amid heightened economic relations between the two nations, includes the development, financing, construction, and operation of a private-sector-led facility.

EDF Renewables and Zero Waste will lead the project in partnership with the General Authority for the Red Sea Ports and the New and Renewable Energy Authority.

According to a joint statement by the Egyptian Ministries of Industry and Transport, the undertaking will be fully financed and implemented by the private sector consortium, with no financial commitments or infrastructure obligations from the government. 

The initiative will be developed over three phases and is expected to produce up to 1 million tonnes of green ammonia annually, starting in 2029.

Earlier in April, Egypt received French President Emmanuel Macron in an official visit focused on addressing the humanitarian crisis in Gaza and strengthening bilateral economic cooperation.

Macron participated in the Franco-Egyptian Business Forum, where discussions emphasized increasing French investment in Egypt and expanding collaboration in renewable energy, infrastructure, and industry. 

The hydrogen agreement signed during the visit was among the most significant outcomes, aligning with Egypt’s strategy to become a regional hub for clean energy and green fuel exports.

Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir emphasized that the project aligns with national directives to localize the green hydrogen industry and position Egypt as a regional and global leader for progressive environmental practices. 

He stated that this initiative reflects the distinguished relationship between the political leaderships and peoples of both countries and highlights their shared commitment to strategic cooperation for mutual benefit and development.

The first phase of the project will require €2 billion in direct investment and aims to produce 300,000 tonnes of green ammonia per year. 

EDF Renewables Chairwoman Beatrice Buffon and Zero Waste Chairman Amr El-Sawaf signed the agreement alongside Egyptian energy officials. The combined investment across all three phases is projected to reach €7 billion, entirely financed by the project company.

The minister noted that 368 sq. km of land in Ras Shokeir have been allocated for solar and wind energy generation to power the facility, while 1.2 million sq. meters will be used to construct the integrated industrial plant. 

The project also includes the construction of a 400-meter export jetty with a 17-meter draft, as well as a 7-km transmission corridor. A dedicated seawater desalination unit will supply the project’s water needs.

El-Wazir said that this is one of the few long-term projects in Egypt being implemented entirely by the private sector, without any reliance on public infrastructure or electricity grid services, highlighting that the investment is structured to recover costs over a 50-year period. 

The state will benefit from licensing fees, land-use charges, export duties, and taxes— all to be paid in US dollars.

Beyond direct revenues, the undertaking is expected to generate thousands of jobs during the construction and operational phases. 

The consortium has committed to training and employing local labor, with a goal of reaching 95 percent Egyptian participation in the project’s workforce.

El-Wazir added that the initiative will also support the localization of green energy components, including electrolyzers, solar panels, and wind turbines.

This undertaking strengthens Egypt’s position in the global renewable energy landscape and contributes to the country’s transition toward a green economy, El-Wazir explained. 

He also noted its alignment with Egypt’s climate commitments under the Paris Agreement and COP27, as well as its potential to reduce greenhouse gas emissions and preserve natural gas reserves by providing sustainable alternatives for the energy and industrial sectors.

The minister also underscored the strategic importance of providing green fuel for ships transiting the Suez Canal and developing a new Red Sea port under the Red Sea Ports Authority without any fiscal burden on the government.