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GCC bloc accepts unified visa system to explore untapped tourism market

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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.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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