Saudi tourists get visa exemption to visit Turkiye

Saudi tourists get visa exemption to visit Turkiye
The citizens of the US, Canada, Bahrain, the UAE and Oman can also visit Turkiye for tourism without obtaining a visa in advance. Shutterstock
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Updated 24 December 2023
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Saudi tourists get visa exemption to visit Turkiye

Saudi tourists get visa exemption to visit Turkiye

RIYADH: Saudi tourists traveling to Turkiye can avail of visa-free entry thanks to the transcontinental nation’s efforts to encourage tourism. 

According to the Turkish Official Gazette, President Recep Tayyip Erdogan issued a decision on Friday granting citizens of Saudi Arabia, the US, Canada, Bahrain, the UAE and Oman with ordinary passports a visa exemption. 

The policy allows citizens of these nations to visit Turkiye for tourism without obtaining a visa in advance. They are allowed a stay of up to 90 days within six months. 

The move comes less than two months after Saudi Arabia’s Ministry of Tourism announced that it has expanded access to its electronic tourist visa to nationals from six new countries, including Turkiye, taking the total to 63. 

Nationals of these countries can request the tourist visa online or upon arrival at one of the Kingdom’s international airports. 

Holders of the tourist visa can visit Saudi Arabia for tourism purposes or to perform Umrah outside the Hajj season. They can also travel to the country to see friends and relatives and attend events, exhibitions, and conferences. 

Speaking to Arab News in June, Fatih Ulusoy, Turkish ambassador to Saudi Arabia, said that his country is focusing “very much” on tourism.  

“Last year, after the high-level visits between Turkiye and Saudi Arabia, as President Recep Tayyip Erdogan visited the Kingdom in April and Crown Prince Mohammed bin Salman visited Ankara in June, we had around 500,000 Saudi tourists visiting Turkiye in the second half, until the end of the year,” Ulusoy pointed out. 

He added: “And this year, our target for Saudi tourists visiting Turkiye is at least 1 million. We are hoping to see Turkiye become the number one destination for Saudi tourists.” 

It is noteworthy that Turkiye’s tourism income increased by 13.1 percent in the third quarter of 2023, reaching more than $20 billion, with 16.5 percent of tourism income obtained from its citizens resident abroad. 

Expenditure by Turkish citizens residing in Turkiye and traveling abroad for tourism purposes increased by 74.8 percent compared to the same quarter of the previous year, reaching $1.9 billion. 


Saudi Arabia approves new commercial registration, trade name laws

Saudi Arabia approves new commercial registration, trade name laws
Updated 13 sec ago
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Saudi Arabia approves new commercial registration, trade name laws

Saudi Arabia approves new commercial registration, trade name laws

JEDDAH: Saudi Arabia has approved new laws for commercial registration and trade names, aiming to streamline business operations and improve the overall working environment.

The endorsements were announced at the weekly Cabinet session in Riyadh on Sept. 17, chaired by Crown Prince Mohammed bin Salman.

The Kingdom’s trade industry witnessed 104,000 commercial registrations in the first quarter of 2024, marking a 59 percent year-on-year growth, as the Ministry of Commerce issued 65,363 permits during the same period in 2023.

Some 44 percent of those awarded in the first three months of the year were assigned to women, according to the quarterly business sector bulletin.

The spike in numbers brings the total number of certificates issued to more than 1.45 million across all country regions.

The Minister of Commerce, Majid bin Abdullah Al-Qasabi, commented that approving the commercial register and trade name regulations aims to facilitate business operations and reduce burdens on commercial establishments by providing a single national business registration.

“It also organizes the procedures for reserving and registering trade names to protect and enhance their value, aligning with the economic and technological advancements outlined in Vision 2030,” Al-Qasabi said in a post on his X account.

The Minister of Municipalities and Housing, Majed Al-Hogail, said that issuing the new commercial registration and trade names systems is a key enabler for businesses to facilitate operations and enhance transparency.

He added in his post on X: “This step reflects an ambitious vision toward a more advanced and prosperous business environment under Saudi Vision 2030.”

Abdulrahman Al-Hussein, spokesman for the Ministry of Commerce, stated that the new commercial registration system has been designed based on the best international practices.

Explaining the advantages of the new commercial registration system, Al-Hussein said that these include that business owners can now have a single registration, regardless of the number of activities or businesses they manage across the country.

He added that the business registers will remain valid for an unlimited or unspecified period as long as the owners fulfill the requirement of annually updating the information of their establishments.

The spokesman further emphasized that every business is required to have a designated bank account for handling all its financial transactions.

Regarding existing sub-registers, Al-Hussein said that their owners will have a five-year grace period to resolve their status by either transferring or canceling their registrations.

The Cabinet also approved the real estate transaction tax system along with various decisions taken by the Ministerial Council.


Kuwait trade surplus with Japan hits $543m

Kuwait trade surplus with Japan hits $543m
Updated 56 min 23 sec ago
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Kuwait trade surplus with Japan hits $543m

Kuwait trade surplus with Japan hits $543m

RIYADH: Kuwait’s trade surplus with Japan rose 15 percent year on year to 76.9 billion Japanese yen ($542.8 million) in August, official data showed. 

This marks the first increase in two months, driven by a surge in Kuwaiti exports to Japan, according to a preliminary report by the Japanese Ministry of Finance. 

The Gulf nation has maintained a trade surplus with Japan for 16 years and seven months. 

Kuwaiti exports to Japan grew by 11.8 percent in August to 98.4 billion yen, rebounding after two months of declines. Meanwhile, Kuwaiti imports from Japan rose for the fourth consecutive month, increasing by 1.9 percent to 21.5 billion yen. 

In contrast, the Middle East’s overall trade surplus with Japan fell by 4.8 percent to 852.2 billion yen in August, as exports from the region dropped by 1 percent compared to the previous year. 

Shipments of oil, refined products, liquefied natural gas, and other natural resources, which account for 94.7 percent of the region’s exports to Japan, declined by 2.3 percent. 

Imports from Japan to the Middle East, however, rose by 12.8 percent, driven by higher demand for cars and machinery. 

Japan, the world’s third-largest economy, recorded a trade deficit for the second consecutive month in August, totaling 695.3 billion yen. This was influenced by the ongoing depreciation of the yen, which has continued to push up the cost of imports. 

Japan’s exports rose 5.6 percent, supported by shipments of semiconductor manufacturing equipment, while imports increased by 2.3 percent, fueled by rising costs of pharmaceuticals and petroleum products, exacerbated by the weaker yen against the dollar. 

In the energy sector, Japan imported 62.54 million barrels of oil in June, with 96.3 percent or 60.26 million barrels, sourced from the Arab region, as reported by the Agency of Natural Resources and Energy of Japan’s Ministry of Economy, Trade, and Industry in July. 

Saudi Arabia and the UAE dominated Japan’s oil imports, with Saudi Arabia contributing 25.82 million barrels, representing 41.3 percent of the total, and the UAE providing almost the same share with 25.84 million barrels. 

Kuwait was a significant contributor to Japan’s oil imports in June, supplying 5.21 million barrels, or 8.3 percent of the total. 

Other key suppliers included Qatar, with 2.44 million barrels, accounting for 3.9 percent, and Oman, with about half a million barrels, making up 0.8 percent. 

With Japan continuing its ban on importing oil from Iran and Russia in June, the remaining shipments of the fuel were sourced from the US at 1.4 percent, Central and South America at 1.6 percent, Southeast Asia at 0.5 percent, and Oceania at 0.2 percent. 

China remains Japan’s largest trading partner, followed by the US. 


Transport, furniture sectors lead spending as food tops Saudi POS transactions

Transport, furniture sectors lead spending as food tops Saudi POS transactions
Updated 18 September 2024
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Transport, furniture sectors lead spending as food tops Saudi POS transactions

Transport, furniture sectors lead spending as food tops Saudi POS transactions

RIYADH: Furniture and transport spending in Saudi Arabia registered the highest weekly point-of-sales increases from Sept. 8 to 14, according to central bank data.

The weekly bulletin released by the bank, also known as SAMA, revealed that spending on furniture rose to SR314.3 million ($83.74 million), marking a 1.6 percent increase for the week, while expenditure on transportation came in at SR767.6 million – up 1.3 percent on the previous seven days.

The food and beverages sector preserved the biggest share of the POS data at SR1.84 billion, followed by restaurants and cafes at SR1.80 billion and miscellaneous goods and services at 1.46 billion.

Spending in the top three largest categories accounted for SR5.1 billion out of this week’s total value.

The overall value of the POS dipped for the second week in a row, dropping by 8.6 percent compared to the previous week to reach SR12.2 billion.

The latest figures showed that spending in the education sector continued to lead the dip, recording the highest decrease at 43.3 percent, with total transactions reaching SR165 million.

This week marks one month of constant declines in the education sector, after surging for four consecutive weeks, coinciding with the start of the academic year on August 18.

During the first week of September, spending on telecommunication saw the second-largest decline at 18.7 percent to SR98.2 million.

Spending on culture and recreation recorded the third biggest dip with a 15.9 percent negative change, reaching SR246.7 million. 

Expenditure on construction materials and electronic devices recorded the smallest decline at 0.4 percent each, reaching SR348.5 million and SR208.8 million, respectively.

Geographically, Riyadh dominated POS transactions, representing 34.8 percent of the total, with spending in the capital reaching SR4.2 billion — a 6.7 percent decrease from the previous week. 

Jeddah followed with a 6.8 percent decline to SR1.7 billion, accounting for 13.9 percent of the total, and Dammam came in third at SR620.4 million, down 6.3 percent.

Abha saw the largest decrease in spending, down by 13.1 percent to SR152.4 million. Tabuk and Hail also experienced downsticks, with expenditure dipping 13 percent and 11.7 percent to SR230.5 million and SR189.2 million, respectively. 

In terms of the number of transactions, Abha recorded the highest decrease at 4.6 percent, reaching 3,195. Khobar recorded the smallest decrease at 2 percent, reaching 4,373 transactions.


Oil prices set to snap two-day winning streak ahead of Fed decision

Oil prices set to snap two-day winning streak ahead of Fed decision
Updated 18 September 2024
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Oil prices set to snap two-day winning streak ahead of Fed decision

Oil prices set to snap two-day winning streak ahead of Fed decision

TOKYO: Oil prices fell on Wednesday after two sessions of gains, as weak macroeconomic data weighed on demand, offsetting the possible disruption of violence in the Middle East and the potentially bullish impact of an expected US rates cut.

Brent crude futures for November were down 49 cents, or 0.7 percent, at $73.21 a barrel, as of 9:43 a.m. Saudi time. US crude futures for October slid 50 cents, or 0.7 percent, to $70.69 a barrel.

“Weak macroeconomic data are deepening oil demand concerns. Money managers have turned net negative for the first time since 2011. End of the peak summer demand is also weighing on the market sentiment,” analysts at ANZ said in a note.

Prices found some support from the risk increased violence in the oil-producing Middle East could disrupt supply after Israel allegedly attacked militant group Hezbollah with explosive-laden pagers in Lebanon.

“Investors are focusing on Fed’s likely rate cuts, which could revitalize US fuel demand and weaken the dollar,” said Mitsuru Muraishi, an analyst at Fujitomi Securities.

Traders kept bets that the Fed will start an anticipated series of interest rate reduction with a half-percentage-point move downward on Wednesday, an expectation that may put pressure on central bankers to deliver that.

Hezbollah promised to retaliate against Israel after the pagers detonated across Lebanon on Tuesday, killing at least eight people and wounding nearly 3,000 others, including fighters and Iran’s envoy to Beirut.

The market found further support from the expectation of US oil purchases for the Strategic Petroleum Reserve.

Analysts polled by Reuters estimated on average that crude inventories fell by about 500,000 barrels last week. The US Energy Information Administration’s report is due on Wednesday at 5:30 p.m. Saudi time. 


Saudi Arabia sees 14.6% rise in container traffic in 2023: GASTAT 

Saudi Arabia sees 14.6% rise in container traffic in 2023: GASTAT 
Updated 18 September 2024
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Saudi Arabia sees 14.6% rise in container traffic in 2023: GASTAT 

Saudi Arabia sees 14.6% rise in container traffic in 2023: GASTAT 

RIYADH: Saudi Arabia’s ports saw a 14.6 percent increase in both inbound and outbound container traffic in 2023 compared to the previous year, official data showed. 

According to the General Authority for Statistics, inbound container traffic at the Kingdom’s ports reached 3.4 million twenty-foot equivalent units in 2023, while outbound traffic totaled 2.2 million TEUs. 

The report revealed that the quantity of outbound cargo amounted to 203.5 million tonnes in 2023, a strong indication of the Kingdom’s rising exports. King Fahad Industrial Port in Yanbu handled the largest volume of outbound cargo, totaling 89.8 million tonnes. 

Boosting exports, particularly non-oil goods, is crucial for Saudi Arabia as it continues its economic diversification efforts aimed at reducing its dependency on oil revenues. 

The quantity of inbound cargo reached 105.1 million tonnes in 2023, with Jeddah Islamic Port managing the largest share, handling 38.9 million tonnes of imports. 

GASTAT also noted a 33.8 percent rise in ship traffic at Saudi ports in 2023 compared to the previous year. 

“The total ship traffic at Saudi ports was 19,082 ships. King Fahad Industrial Port in Yanbu had the highest ship traffic, with 6,538 ships, followed by Jeddah Islamic Port with 4,411 ships, and King Abdulaziz Port in Dammam with 2,516 ships,” stated GASTAT.  

Total cargo handled at the Kingdom’s ports in 2023 amounted to 334 million tonnes, with 121.3 million tonnes of unloaded cargo and 213 million tonnes of loaded cargo.  

Jeddah Islamic Port recorded the highest unloaded cargo volume at 38.9 million tonnes, while King Fahad Industrial Port in Yanbu had the highest loaded cargo volume at 89.8 million tonnes. 

Passenger traffic at the Kingdom’s ports also rose by 11.5 percent in 2023, with over 1 million travelers arriving and departing. Jazan Port handled the largest number of passengers, totaling 484,598. 

The report highlighted that the number of cranes at Saudi ports reached 989 in 2023, and the total area of the Kingdom’s ports covered 104 sq. km, with Ras Al Khair Port being the largest at 23 sq. km.