PRESERVING THE KINGDOM
Saudi Arabia's tourism sector has attracted billions of dollars worth of investment for religious and luxury tourism, but leaving the country's cultural treasures largely underdeveloped until recently. Now, the Saudi Commission for Tourism and Antiquities and other government entities are working to restore and preserve the Kingdom's cultural heritage.
While the clear star of Saudi Arabia's tourism sector is its religious attractions—Hajj and Umrah pilgrimage-related investment pulled in over $27 billion in 2014—Saudi Arabia also boasts a number of ancient and cultural sites that have until recently been relatively ignored. Now, the Saudi Commission for Tourism and Antiquities (SCTA), other government stakeholders, as well as international bodies such as the French Institute for Heritage are working together to properly restore these sites and develop them for sustainable tourism.
MADA'IN SALEH
Also known locally as Al-Hijr, Mada'in Saleh is a pre-Islamic archaeological site that was designated as Saudi Arabia's first UNESCO World Heritage site in 2008. Mada'in Saleh dates back to the 1st Century AD, under the Nabatean Kingdom, the same civilization responsible for the more world-renown Petra in nearby Jordan. While Mada'in Saleh does not match the sheer size of Petra, the city was the second most important for the Nabatean Kingdom during its heyday, and current visitors can enjoy the Nabatean Kingdom's breath-taking architecture without large throngs of tourists. In total, the site contains 131 monumental tombs carved directly onto the rock face, as well as other traces of the subsequent Lihyyanite and Roman occupation. The most famous of these tombs is Al Fareed Palace, a colossal stone mass with a separate but extremely intricately carved façade.
HISTORIC DIR'IYAH
Located outside of the current capital city of Riyadh, Dir'iyah was the original seat of the House of Saud and the capital of the First Saudi dynasty from 1744 to 1818. In 2010, Dir'yah's Turaif district became a UNESCO World Heritage site. The proximity to the densely populated Riyadh and the historical significance to the royal family and background of the modern state of Saudi Arabia are key factors contributing to the development and potential of Dir'iyah as a tourist destination. Beyond Turaif and its historical buildings, other touristic draws in Dir'iyah include Salwa Palace, Bait Al-Mal, as well as high-rise mud house that date back hundreds of years. As of 2015, the Riyadh Development Authority announced that over 150 mud houses had been restored, while the overall rehabilitation project would take another two and a half years.
HISTORIC JEDDAH
Saudi Arabia's third and final UNESCO World Heritage Site is the historic district of Old Jeddah. The seaport had always been an important trade link; however, its function as the gateway to Mecca and Medina for Muslim pilgrims greatly propelled the status and importance of the city. To preserve Jeddah's historically important heritage, Old Jeddah is the site of on-going renovation and rehabilitation work. The UNESCO World Heritage site features the distinct Old Jeddah wall and gates, a wide range of historically significant and architecturally unique houses, numerous important mosques, as well as traditional markets. All together, the area within the old walls is 1.5sqkm.
FARASAN ISLAND
Farasan Island is the largest of the Farasan Islands chain, located about 50km from the southern city of Jazan in the Red Sea. Unlike most of the Saudi mainland, Farasan Island enjoys a moderate climate throughout the year. The picturesque island, surrounded by bright blue water, is also home to diverse wildlife and marine life. Those looking to relax can do so on the island's pristine beaches, while more adventurous visitors can take advantage of Farasan's spectacular diving locations. Other attractions on the island include an old Ottoman castle, the ancient Al Qasser village, the Gendel mangrove forest, as well as an annual Hareed (parrotfish) Festival, celebrated each year in April or May.
PRESERVING THE KINGDOM
TABLE OF CONTENTS
Focus: Regional Security
Solid as a Rock
Saudi Arabia's fast-growing economy and young population have helped to attract billions of dollars in FDI in recent years. But the Kingdom's longest standing draw is perhaps its well-earned stable and secure reputation in the midst of a region marred by conflict.<span></span>
read articleInterview
HE Dr. Abdul Latif bin Rashid Al Zayani, Secretary General, GCC for the Arab States of the Gulf
TBY talks to HE Dr. Abdul Latif bin Rashid Al Zayani, Secretary General of the GCC for the Arab States of the Gulf, on collaboration between the members and how Saudi Arabia plays a key role in the bloc.
read articleFocus: Chambers of Commerce
Rooms for Growth
Beginning with the establishment of the Jeddah Chamber of Commerce in 1946, the various chambers of commerce and industry have worked to represent the private sector and coordinate their efforts toward the development of the national economy.
read articleInterview
HE Sheikh Saleh Abdullah Kamel, Chairman, Jeddah Chamber of Commerce and Industry
TBY talks to HE Sheikh Saleh Abdullah Kamel, Chairman of the Jeddah Chamber of Commerce and Industry, the Islamic Chamber of Commerce, Founder and Chairman of the Dallah Al Baraka Group, on foreign investment, hiring women, and the increasing role of manufacturing in the regional economy.
read articleFocus: Economic Diversification
Beyond Oil
Although on the agenda for decades, the low price of oil has highlighted the urgent need for Saudi Arabia to make serious gains in its diversification plans. Oil revenue still makes up roughly 80% of the government budget and 90% of the Kingdom's total exports; however, many of the country's long-term investments are beginning to bear fruit.
read articleInterview
Hisham Ali Al-Bahkali, President & CEO, Saudi Arabia and Bahrain for General Electric (GE)
TBY talks to Hisham Ali Al-Bahkali, President & CEO of Saudi Arabia and Bahrain for General Electric (GE), on integrating with local manufacturers, using Saudi Arabia as a base for international services, and developments in manufacturing.
read articleInside Perspective
Adel S. Al-Ghamdi, CEO, Saudi Stock Exchange (Tadawul)
Adel S. Al-Ghamdi, CEO of the Saudi Stock Exchange (Tadawul), on capital market developments, strategies that helped the country deflect global market downturns, and how the exchange plans to develop the national economy.
read articleInterview
Ibrahim A. AlHedaithy, Executive Board Member & Managing Director, MEFIC Capital
TBY talks to Ibrahim A. AlHedaithy, Executive Board Member & Managing Director of MEFIC Capital, on product development, new investors entering the Tadawul, the outlook for the local finance sector.
read articleFocus: King Abdullah Financial District
A Good Investment
At nearly $8 billion, the King Abdullah Financial District is one of the most ambitious projects in the region. The KAFD is the centerpiece in the government's plan to transform Riyadh into a major regional and eventually global financial center, but the project itself has faced delays and criticism over its lavish excessiveness.
read articleInterview
Patrick Van Daele, Vice-President and Country Chairman, Saudi Arabia & Bahrain of Shell Overseas Services Ltd.
TBY talks to Patrick Van Daele, Vice-President and Country Chairman of Saudi Arabia & Bahrain of Shell Overseas Services Ltd., on joint ventures to develop downstream capabilities, exploration challenges in the “Empty Quarter," and economical alternatives in energy generation.
read articleFocus: Oil Refining Capacity
Refine By Me
The Kingdom's strategy of becoming a stronger global downstream player reached important milestones earlier in 2015, as the new YASREF refinery in Yanbu began exports in diesel, gasoline, and petcoke. Combined with the SATORP refinery in Jubail, which reached full capacity in mid-2014, Saudi Arabia added an impressive 800,000 bpd refining capacity in less than two years.
read articleInterview
HE Dr. Abdulrahman M. Al-Ibrahim, Governor, Saline Water Conversion Company (SWCC)
TBY talks to HE Dr. Abdulrahman M. Al-Ibrahim, Governor of the Saline Water Conversion Company (SWCC) on Saudi Arabia's water needs, the role of privatization, and opportunities for investment in the sector.
read articleInterview
HRH Prince Saud Bin Abdullah Bin Thunyan Al Saud, Chairman, Royal Commission for Jubail and Yanbu
TBY talks to HRH Prince Saud Bin Abdullah Bin Thunyan Al Saud, Chairman of the Royal Commission for Jubail and Yanbu and Chairman of SABIC, on attracting international investors, developments in Ras Al-Khair city, and opportunities to diversify.
read articleInterview
Dr. Mohammad Saud Al-Badr, General Manager and Managing Director, Saudi Chemical Company
TBY talks to Dr. Mohammad Saud Al-Badr, General Manager and Managing Director of Saudi Chemical Company, on diversifying its business operations, involvement in the defense sector, and the effects of international oil price fluctuations.
read articleFocus: Defense Industry
Operation Protect
As a defense market, Saudi Arabia remains one of the world's strongest and fastest growing; however, key appointments and developments have invigorated the Kingdom's longstanding mission of domestic military industrialization and strengthening the local supply chain.
read articleInterview
Fawwaz Bin Abdullah Al-Khodari, CEO, Abdullah A. M. Al-Khodari Sons Company
TBY talks to Fawwaz Bin Abdullah Al-Khodari, CEO of Abdullah A. M. Al-Khodari Sons Company, on recent drivers of success, how oil prices have affected business, and what he expects the remainder of 2015 to look like.
read articleFocus: Kingdom Tower
Touch the Sky
Kingdom Tower, one of the country's most ambitious projects, is set to become a major landmark not just in Saudi but the region. The one kilometer race to the sky is well underway, which, if completed by the slated 2018 finish line, would wrestle the title of world's tallest building from Saudi Arabia's neighboring Dubai.
read articleInterview
Khalid M A Al Shaibani, Former CEO, King Fahad Specialist Hospital-Dammam (KSFHD)
TBY talks to Khalid M A Al Shaibani, Former CEO of King Fahad Specialist Hospital-Dammam (KSFHD) and current Director General, East Region Health Affairs, Dammam, Saudi Arabia, on the highlights of the past 10 years and how to effectively develop human capital.
read articleInterview
Masood Jaffery, Vice President & General Manager, GlaxoSmithKline
TBY talks to Masood Jaffery, Vice President & General Manager of GlaxoSmithKline, Saudi Arabia, on nuances in the Saudi market, the difficulties of attracting the right talent, and what the future holds for the local pharmaceutical industry.
read articleInterview
Bashir Shakib Al-Jabri, General Manager, Medical & Pharmaceutical Services (BASHIRCO)
TBY talks to Bashir Shakib Al-Jabri, General Manager of Medical & Pharmaceutical Services (BASHIRCO), on the long-term dynamics of the dental care sector, new opportunities in the Kingdom, and plans to implement new technology and systems.
read articleInterview
HE Dr. Khaled S. Al-Sultan, Rector, King Fahd University of Petroleum and Minerals (KFUPM)
TBY talks to HE Dr. Khaled S. Al-Sultan, Rector of King Fahd University of Petroleum and Minerals (KFUPM), on the challenge of human resources, R&D partnerships, and the creation of SMEs.
read articleInterview
Randa Bessiso, Middle East Director, Manchester Business School (MBS)
TBY talks to Randa Bessiso, Middle East Director for the Manchester Business School (MBS), on the challenges of providing professional training to executives in Saudi Arabia, addressing the needs of the country's young population, and plans for the future.
read articleInterview
HE Maher Saleh Jamal, Chairman, Makkah Chamber of Commerce and Industry
TBY talks to HE Maher Saleh Jamal, Chairman of the Makkah Chamber of Commerce and Industry, on how to best tackle the issue of unemployed youth, the potential role of Makkah, and how long-term plans are shaping its development strategy.
read articleFocus: Cultural Tourism
Preserving the Kingdom
Saudi Arabia's tourism sector has attracted billions of dollars worth of investment for religious and luxury tourism, but leaving the country's cultural treasures largely underdeveloped until recently. Now, the Saudi Commission for Tourism and Antiquities and other government entities are working to restore and preserve the Kingdom's cultural heritage.
read articleReview: Legal & Accounting
The Thick of It
Saudi Arabia has implemented a number of laws and procedures to ensure that establishing or operating a business in the Kingdom is as easy as possible. Here, Rupert Agius-Pease of KPMG in Saudi Arabia discusses accounting and legal facts every investor should know.
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