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

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

6 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

7 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.