Saudi Arabia wins bid to host 2029 Asian winter games at NEOM
Saudi Arabia said on Tuesday it has won a bid to host the 2029 Asian Winter Games at a planned mountain resort in the Gulf Arab state’s $500 billion flagship NEOM project.
The TROJENA development is expected to be completed in 2026 and will offer outdoor skiing, a man-made freshwater lake and a nature reserve, according to the project’s website.
“With the unlimited support by the Saudi leadership & HRH Crown Prince to the sport sector we are proud to announce we have won the bid to host AWG TROJENA2029 as the first country in west Asia,” Sports Minister Prince Abdulaziz Bin Turki Al-Faisal said on Twitter.
NEOM is Crown Prince Mohammed bin Salman’s most ambitious project under the kingdom’s Vision 2030 development plan to reduce reliance on oil and transform the economy, including by developing sports.
Bahrain records highest q2 economic growth in 11 years at 6.9pc
Bahrain’s economy grew 6.9 percent in the second quarter of 2022 to record the highest rate of growth in the past 11 years, driven by a strong performance in the country’s non-oil sectors that were targeted under the country’s economic reform plan.
Data from the Ministry of Finance and National Economy shows non-oil growth was led by the Gulf country’s hotels and restaurants sector, which grew 18.1 percent compared with the second quarter of 2021, state-owned Bahrain News Agency reported on Sunday.
The transport and communication industry jumped 15.1 percent and the manufacturing sector grew 7.6 percent, boosted by an increase in total production from the Bahrain Petroleum Company, Bahrain Natural Gas Company and Aluminium Bahrain, the agency said.
“The report showed positive economic growth driven by the strong performances of the non-oil sectors according to the positive results across the sectors targeted by the economic recovery plan,” the ministry said on its website.
UAE non-oil economy activity levels increase
The UAE’s non-oil private sector economy improved at a “robust” pace in September as strong new business growth continued to drive increases in output and employment.
The S&P Global Purchasing Managers’ Index reading for the UAE stood at 56.1 in September, after hitting a three-year high of 56.7 in August.
A reading above the neutral level of 50 indicates growth, while one below it points to a contraction.
Despite the slight decline from August’s nine-month high, the rate of new order growth was sharp and faster than the trend observed since the survey began in August 2009.
The relaunch of Dubai’s palm jebel ali points to a strong economy
The story of Dubai’s major landmarks is, in many ways, the story of the city itself. They are a collection of global, very modern firsts. The Dubai Mall is the most-visited lifestyle destination on earth. The Burj Al Arab has a number of world-records to its name, including the tallest hotel atrium.
They, like the city, are also known for succeeding against tough conditions. An entire artificial island had to be constructed to house the Burj Al Arab. The Burj Khalifa, the world’s tallest building, emerged as the centrepiece of a new district, breaking a slew of its own world records as it did so.
Another project at the heart of the city’s identity is the Palm Jumeirah, an artificial island that now houses some of the city’s most famous hotels and valuable homes. Recently, one of its mansions sold for $82 million, the most expensive house sale in the city’s history.
Kuwait’s Agility to invest $60m to modernize Suez Canal economic zone
Kuwaiti supply chain firm Agility Public Warehousing Co. has committed $60 million to build a customs and logistics center in Egypt’s Suez Canal Economic Zone.
Agility will work with SCZone on implementing its strategic vision in service, logistics, and support by setting up a technical and logistics arm that will automate customs processes and operations, according to a statement by the company.
The project is scheduled for implementation in the second half of 2023, and the statement added that the return on the investment “cannot be assessed at this time.”
PM Madbouly asks Kuwaiti investors to contact him directly
Egyptian Prime Minister Mostafa Madbouly met on Monday a Kuwaiti delegation of about 45 businessmen, economists, and representatives of trade institutions and banks, representing the majority of Kuwaiti economic sectors, at the headquarters of the Kuwait Investment Authority in Cairo.
Madbouly called on Kuwaiti investors to communicate directly with him to expedite the implementation of their upcoming projects or to eliminate any obstacles hindering their business development.
The meeting was attended by Ahmed Samir, Minister of Trade and Industry; Mohamed Abdel Wahab, Executive Director of the General Authority for Investment and Free Zones (GAFI); Mohamed Jassem Al-Sager, President of the Chamber of Commerce and Industry in Kuwait, and head of the Kuwaiti side in the Egyptian-Kuwaiti Cooperation Council; Ghanem Saqer Al-Ghanem, Kuwaiti ambassador to Cairo; Mohamed El-Masry, Vice President of the Federation of Chambers of Commerce; and Alaa Ezz, Secretary-General of the Federation of Chambers of Commerce.
Oman expects huge boost in tourist numbers during winter
Oman is expecting to attract a huge number of international tourists, as the winter season makes it a perfect destination for outdoor activities.
Besides the great weather, the country is expected to welcome more visitors thanks to the Fifa World Cup that will kick off in Doha, Qatar, in November.
National airline Oman Air has already signed a co-operation agreement with Qatar Airways in the lead-up to the event, and per the agreement, 21 daily flights will be operated between Muscat and Doha.
The Ministry of Heritage and Tourism reported that there will be more than 50 events hosted in Oman in the coming months that are expected to attract more than 300,000 people.