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

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

3 hours ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

1 day ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

1 day ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.