Business

GCC bloc accepts unified visa system to explore untapped tourism market

Published

1 year ago

Farwa

The proposed unified tourism visa system for the Gulf Cooperation Council (GCC) states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) — was unanimously accepted, ushering in a new era in the critically important economic sector.

The GCC Secretary General Jassim Al Budaiwi announced the system, which is expected to come into effect between 2024 to 2025 across the six-nation bloc, on November 9 (Thursday) at the 40th meeting of GCC interior ministers in Oman.

He said that the decision is expected to streamline travel logistics and underpin the “continuous communication and coordination” between the GCC states, The National reported.

“The unified Gulf tourist visa is a project that will contribute to facilitating and streamlining the movement of residents and tourists between the six GCC countries and will, undoubtedly, have a positive [impact] on the economic and tourist sectors,” Al Budaiwi said.

In order to “contribute to the fight against [its] scourge,” Al Budaiwi stated, the council has also approved the electronic linking of traffic offences between GCC states and is currently developing a comprehensive strategy to combat illegal narcotics.

Recently, UAE Minister of Economy Abdulla bin Touq highlighted the unified visa as a key component of the GCC 2030 tourism strategy, aiming to boost the sector’s economic contribution through increased regional travel and higher hotel occupancy rates.

The UAE aims to increase its visitor count to 128.7 million by 2030, a 137% increase from the 39.8 million recorded in 2021.

The region’s total number of hotels reached 10,649 by the end of last year, a 1.2% growth from 2016. The UAE, with 1,114 hotels, ranks second in the region after Saudi Arabia, according to bin Touq.

According to HSBC, the Middle East’s tourism sector has experienced the strongest post-coronavirus rebound globally, with a “total recovery” in tourist arrivals in the first quarter of 2023, despite global economic challenges, particularly in the Arab economies of Saudi Arabia and the UAE.

Industry operators predict a significant tourism programme in the GCC bloc, highlighting an untapped market due to visa restrictions, which have hindered travellers from reaching certain nations.

A single GCC tourism visa will be a “fantastic development” for tourism in the region, making it more attractive for visitors and businesses, Dubai Airports chief executive Paul Griffiths told The National last week.

“The more cities there are on the tourism map that encourages people to visit the Middle East, the better the world’s perception of the region,” Griffiths said.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.