The Authority has distributed various projects under different financing programs, such as the In-Country Value Programme, Industrial Projects Financing Programme, Service Projects, Working Capital Financing Programme, Incubated Institutions and Business Accelerators Financing Programme, Handicraft Products Financing Programme, Home and Production Works, Street Vendor Works, mobile commercial activities, contract financing program, and financing for small and medium enterprises awarded contracts by companies affiliated with Oman Investment Authority.

Out of the 244 projects, 161 were industrial, commercial, and service projects, and 44 were contract projects.

The contract financing program specializes in financing contracts (tenders or purchases) based on the work award letter from the awarding entity.

Meanwhile, 29 projects were working capital financing projects, which cover the daily needs of an organization’s operational expenses.

This includes costs such as purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages, transportation expenses, and other costs necessary to maintain the continuity of the production process from purchasing raw materials to selling the product.

Most of the funded projects were in Muscat Governorate, with 108 projects worth more than OMR 10 million.

This was followed by North Al Batinah Governorate, which financed 31 projects worth more than OMR 3 million, and South Al Batinah Governorate, which financed 19 projects with a total value exceeding OMR 1 million.

The Dhofar Governorate had 19 funded SME projects, South Al Sharqiyah Governorate had 15, Al Dhahirah Governorate had 18, Al Dakhiliyah Governorate had 13, North Al Sharqiyah, Al Wusta, and Buraimi Governorates had six projects each, and Musandam Governorate had three projects.

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The Middle East, traditionally known for its vast oil reserves and as a global energy powerhouse, is increasingly turning towards renewable energy sources.

This shift is driven by the need to address global warming, diversify energy sources, and prepare for a post-oil era. Countries across the region are investing in solar, wind, and other renewable technologies, leveraging their abundant natural resources for sustainable energy production.

Strategies for Overcoming Oil Dependency

Governments are formulating strategic plans to reduce the heavy reliance on oil exports that has characterized the region’s economies for decades.

These strategies include substantial investment in renewable energy infrastructure, regulatory reforms to encourage sustainable practices, and economic diversification efforts aimed at creating new industries and jobs unrelated to fossil fuels.

Major Renewable Energy Initiatives and Their Impact

Several landmark projects highlight the Middle East’s commitment to renewable energy. The Mohammed bin Rashid Al Maktoum Solar Park in the UAE and Saudi Arabia’s Vision 2030 renewable energy targets exemplify major initiatives. These are not only reducing carbon footprints but also, over time, altering the geographic landscape of global energy influence.

The Economic Benefits of Adopting Renewable Energy

The pivot towards green energy is expected to yield significant economic benefits. By diversifying energy sources, Middle Eastern countries can stabilize their economies against oil price volatility. Renewable energy projects also stimulate job creation in new sectors, from technology and engineering to project management and fieldwork.

Barriers to Renewable Energy Adoption

Despite the clear benefits, the transition faces obstacles. These include the high initial costs of renewable energy projects, infrastructural challenges, and the need for regulatory and market reforms. Further, the entrenched interests of the fossil fuel industry pose a significant barrier to change.

The Role of International Cooperation in Energy Transition

International partnerships are pivotal for the Middle East’s energy transition. Knowledge exchange, financial investment, and technology transfer from countries with advanced renewable energy capabilities can accelerate regional projects. Multinational agreements on climate change further encourage nations to commit to sustainable energy paths.

Sustainability Goals and Renewable Energy Targets

Many Middle Eastern countries have set ambitious renewable energy targets as part of their sustainability goals. These targets are central to national strategies for reducing greenhouse gas emissions and promoting environmental stewardship while ensuring energy security and economic growth.

Advancements in Renewable Energy Storage Solutions

Innovations in energy storage are critical to overcoming the intermittency of renewable energy sources. Advancements in battery technology and other storage methods enable the efficient capture and dispatch of solar and wind energy, ensuring a consistent and reliable power supply.

Renewable Energy as a Driver for Job Creation

The renewable energy sector is becoming a significant job creator. From research and development in new energy technologies to construction and maintenance of infrastructure, renewable energy is fostering employment opportunities across a wide range of skill levels and disciplines.

Case Studies: Successful Renewable Energy Projects

Success stories from across the region underscore the potential of renewable energy.

Jordan’s Shams Ma’an Power Generation project and Egypt’s Benban Solar Park serve as benchmarks for what can be achieved with commitment and innovation.

These projects not only contribute to their countries’ energy needs but also serve as a model for other nations considering similar paths.
The Middle East’s journey towards renewable energy is a clear indication of the region’s commitment to sustainable development and environmental responsibility.

By embracing green technologies, these nations are not only securing their own futures but are also contributing to global efforts against climate change.

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Research conducted by Oxford Economics predicts that outbound travel from China will nearly double this year, compared to 2023, and will only be 22% below its pre-pandemic peak of 155 million tourists in 2019.

These tourists spent over $250 billion overseas. Full recovery of Chinese tourism is expected to happen in 2025, with the MENA being the first region globally to recover its Chinese inbound market.

Arabian Travel Market (ATM) 2024, which will be held from 6-9 May at Dubai World Trade Centre (DWTC), is expected to welcome twice the number of Chinese exhibitors and travel professionals compared to its 2019 show, underscoring the prediction of the MENA becoming the first region to recover its Chinese inbound market.

China lifted its COVID-related travel restrictions on January 8, 2023, allowing Chinese tourists to travel abroad without having to quarantine upon their return.

Bookings for overseas travel during the Chinese New Year reportedly soared by 540% compared to the same period in 2022, according to data from the Chinese travel site Trip.

Danielle Curtis, Exhibition Director ME, Arabian Travel Market, commented, “Last year, some analysts were predicting that the Chinese outbound market would recover to around six million per month by the summer of 2023, driven in part by the pent-up demand especially from young, affluent Chinese.

However, that rebound wasn’t as great as many tourism professionals had hoped for, and now analysts are confident that this year we could see Chinese visitor numbers double year-on-year, with major destinations in the Middle East recovering quicker than any other internationally, especially for luxury travel.”

Curtis added, “That sentiment has also been borne out by the latest spending data for the 2024 Chinese New Year. According to Chinese payment platform Alipay, the number of Chinese overseas transactions was 7% higher than those recorded in 2019.

The most popular MENA destinations include Dubai, Saudi’s AlUla, Egypt, and Jordan – Dubai alone welcomed more than one million Chinese visitors in 2019.”

Chinese participation at ATM 2024 is expected to more than double compared to ATM 2019, with new exhibitors that include private sector companies such as Heytrip International, Jiangsu Intelligence Equipment Co, Flightroutes24 Travel Company Ltd, Feeyo Technology, and anticipated destination representation from Macao Government Tourism Office, China Cultural Centre in the UAE, and the Hongkong Tourism Board.

ATM is also organising a dedicated conference session on this key market in its Global Stage, entitled ‘Capitalising on China’s Predicted Tourism Surge’, in association with Huawei.

This session, which takes place on Monday 6th May from 15:10 to 15:50, will explore the changing trends, cultural preferences, and the role of mobile marketing and tourism predictions in the Chinese tourism market.

In line with this year’s show theme ‘Empowering Innovation: Transforming Travel Through Entrepreneurship’, other highlights at the 31st edition of ATM include entrepreneurship-focused sessions as well as dedicated sessions for other key source markets such as India and the Americas.

As well as showcasing a range of event features based around the theme, informative content will be delivered across the Global Stage and the new Future Stage at ATM 2024, led by respected industry keynote speakers and thought leaders.

Held in conjunction with Dubai World Trade Centre, ATM 2024’s strategic partners include the Dubai Department of Economy and Tourism (DET), Destination Partner; Emirates, Official Airline Partner; IHG Hotels & Resorts, Official Hotel Partner, and Al Rais Travel, Official DMC Partner.

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According to the IBM Global AI Adoption Index 2023, 42 percent of businesses in the UAE have already incorporated artificial intelligence (AI) in their day-to-day operations.

This indicates the country’s continuous efforts towards technological advancement and digital transformation.

IBM conducted two studies that revealed the growing acceptance of AI in business operations and the retail sector, not only in the UAE but also in the wider Middle East and Africa (MEA) region.

The first study, the 2023 Global AI Adoption Index by Morning Consult, provides insights from companies in the UAE. The second study, ‘Revolutionize retail with AI everywhere: Customers won’t wait’, focuses on the retail sector.

These studies demonstrate the transformative effect of AI on reshaping business strategies, enhancing operational efficiency, and revolutionizing the retail landscape to meet evolving consumer expectations.

The IBM Global AI Adoption Index 2023 surveyed over 8,500 IT professionals, including some from the UAE. The study shows a rapid adoption and integration of AI into different business sectors, with 65 percent of IT professionals in the UAE reporting an increase in AI adoption over the past two years.

This has resulted in reshaping the way businesses operate, and increased efficiency, innovation, and competitiveness in the UAE market.

With 42 percent of companies already using Artificial intelligence, the UAE is emerging as a frontrunner in technological advancement in the region.

The study also reveals that 34 percent of companies in the UAE have a comprehensive AI strategy, while an additional 30 percent are in the process of developing one.

The reasons for Artificial intelligence adoption in the UAE include the increasing integration of AI in standard business applications, cost reduction, and automation of essential processes.

In addition to the UAE findings, IBM’s retail and AI research highlights consumer preferences and demands in the MEA region. Despite a preference for physical stores, only three percent of MEA consumers are satisfied with the in-store experience.

However, 75 percent of MEA consumers are supplementing their in-store experiences with mobile applications, indicating a shift towards a digitally integrated shopping experience.

It has immense potential to enhance the shopping journey, with nine out of every ten consumers expressing interest in AI applications for shopping.

Meanwhile, 75 percent of MEA respondents are eager for AI applications, and 67 percent for Artificial intelligence enhancements like virtual assistants.

IBM:

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The Kingdom of Saudi Arabia has seen inflation increase from 1.5% in December 2023 to 1.6% in January 2024.

Price Increase:

The General Authority for Statistics (GASTAT) announced in a report that the monthly consumer price index was influenced by a 1.1% increase in prices for housing, water, electricity, gas and fuel.

The increase was mainly due to the uptick in housing and rent prices, where the market saw a 1.2% increase.

The price of refined petroleum products increased by 12% compared to last year.

This rise in the wholesale price index was driven by basic chemical prices which went up by 34%

Food and beverage prices increased by 0.3% while restaurant prices increased by 0.2% while prices for personal goods decreased by 0.5% in January compared to December.

Additionally, compared to January of 2023, housing, water, electricity, gas and other fuel prices increased by 7.8% last month.

Price decline:

The Price of furnishings, maintenance and household equipment decreased by 3.3%.

The price of clothing and footwear dropped by 4.1%.

Transport and delivery fees decreased by 1.1%.

Quotes:

Announced in the GASTAT report, “Prices for rents were the main driver of the inflation rate in January 2024 due to their high relative importance in the Saudi consumer basket with a weight of 21%”

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The country has topped the United Nations Tourism ranking for the growth of international tourist arrivals in 2023 compared to 2019 among the countries hosting major tourism destinations.

Saudi Arabia saw a 56% rise in inbound tourism in 2023, compared to 2019, as per the January report by the United Nations Tourism.

The report also indicated that the Kingdom has achieved a remarkable tourism recovery rate of 156 percent in the number of tourist arrivals during the year 2023 compared to 2019.

The tourism sector in Saudi Arabia has achieved remarkable success and played a vital role in positioning the country as a leader in the Middle East region’s global tourism recovery. In fact, the Mideast region has outdone all other regions by surpassing pre-COVID-19 growth levels and achieving a 122 percent recovery rate in international tourist arrivals during the year 2023, compared to the year 2019.

According to the UN Barometer report, there was a noticeable increase in inbound and domestic visitors to several tourist destinations in the Kingdom in 2023.

According to the balance of payments data issued by the Saudi Central Bank (SAMA), inbound tourists and visitors spent over SR100 billion in Saudi Arabia during the first three quarters of 2023. This marks a new record for the country in terms of tourist spending.

According to a UN report, the Kingdom’s tourism industry has experienced a significant increase in the number of tourist arrivals. This growth is attributed to the country’s diverse and attractive tourism options, which have garnered the confidence of travelers worldwide..

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Dubai’s 81st meeting of the Supreme Council of Energy was chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, the council’s Chairman.

The meeting was held virtually and attended by Saeed Mohammed Al Tayer, the Vice Chairman of the Dubai Supreme Council of Energy.

Other attendees included Ahmed Buti Al Muhairbi, the Secretary-General of the Dubai Supreme Council of Energy, and board members from various organizations.

The council discussed the Demand Side Management Strategy for 2030 and 2050, which aims to reduce water and electricity consumption through green building activities, building retrofits, efficient operation of industrial and government facilities, and the use of treated wastewater, external lighting, and cooling.

The council is committed to making Dubai a leading example in efficient energy and water demand management.

Al Tayer mentioned that the council regularly reviews programs to reduce water and electricity consumption with the participation of public and private organizations, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to promote a green economy and sustainable development.

The council’s efforts aim to achieve standards and mechanisms that demonstrate the effectiveness of implementation and the percentages achieved in energy resource management.

Al Muhairbi noted that updating the council’s existing strategies reflects the degrees of achievement of the set goals to ensure the effectiveness of the existing programs, aligned with the desired goals in the areas of sustainable development for Dubai.

The council also discussed recommendations to increase the infrastructure for electric vehicle charging stations across the Emirate.

The council looks forward to supporting private companies in building and installing charging stations in line with the public-private partnership model.

As of the end of January, the number of electric and hybrid vehicles in Dubai reached 49,300, and more than 390 charging stations were installed.

The number of charging stations will increase in the coming years.

More on Visions:

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Shell has recently released its first progress report on energy transition, after the implementation of its Powering Progress strategy in 2021.

During the Capital Markets Day event in June 2023, Shell emphasized how its strategy is designed to generate more value while producing fewer emissions, with a particular emphasis on the “more value” aspect.

This energy transition update focuses on how the strategy effectively delivers “fewer emissions.”

Shell aims to achieve net-zero emissions across all operations and energy products by 2050, which marks a significant shift for the business.

The company is confident that this commitment aligns with the ambitious objectives of the Paris Agreement, which aims to limit global warming to 1.5°C above pre-industrial levels.

Shell’s approach advocates for a balanced and orderly transition from fossil fuels to low-carbon energy solutions, ensuring that energy remains secure and affordable.

According to Wael Sawan, Shell’s CEO, “Energy has significantly contributed to human progress, enabling many worldwide to lead more prosperous lives. Currently, the global community faces the dual challenge of meeting increased energy demands while addressing the pressing issue of climate change. The swift advancements in energy transition observed in recent years across various countries and technologies bolster my firm belief in our strategic direction.”

Sawan further remarked, “Our investment of $10-15bn between 2023 and 2025 in low-carbon energy solutions positions us as a major player in the energy transition.

“Moreover, in 2023, our expenditure on low-carbon solutions reached $5.6bn, accounting for over 23% of our total capital investment” He added.

Shell’s investments in emerging technologies, including electric vehicle charging infrastructure, biofuels, renewable energy, hydrogen, and carbon capture and storage, are instrumental in reducing emissions for both Shell and its customers.

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The company aims to scale these technologies to ensure they become an economical option for consumers.

Shell’s advocacy efforts are now focused on pivotal areas deemed essential for the energy transition, such as supporting policies that align with national net-zero goals, including carbon pricing, providing the secure energy supply the world requires, influencing demand shifts, and expanding low-carbon solutions.

In 2023, Shell surpassed 60% of its objective to cut emissions from its operations in half by 2030, relative to its 2016 levels.

This exceeds the commitments made by the signatories of the Oil and Gas Decarbonization Charter established at COP28.

Shell was among the pioneers in setting a goal for near-zero methane emissions by 2030.

In 2023, the company attained a methane emissions intensity of just 0.05%, well below its target of 0.2%. Additionally, Shell contributed to the World Bank’s Global Flaring and Methane Reduction Fund in 2023, further endorsing collective efforts to minimize methane emissions and flaring.

“In 2023, we met our objective to lower the net carbon intensity of the energy products we offer, achieving a 6.3% reduction from 2016 levels – marking the third year in a row we’ve reached our goal,” Sawan observed. “To further the decarbonization of the transport sector, we’ve set a new goal to reduce emissions from the use of our oil products by 15-20% by 2030, in comparison to 2021 divs.

He exclaimed that “We are expanding our power business, including renewable energy ventures, in regions such as Australia, Europe, India, and the USA, and have ceased direct energy supply to residential homes in Europe.”

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Saudi Arabia has recently attracted around $13 billion in private investments for its developing tourism industry, positioning the country as an upcoming travel destination.

These investments are expected to bring in between 150,000 to 200,000 new hotel rooms within the next two years, as part of the country’s ambitious plans to expand its tourism offerings.

Princess Haifa Al Saud, Saudi Deputy Minister of Tourism, mentioned in an interview with Bloomberg that the Kingdom aims to increase tourism revenues to $85 billion this year, up from around $66 billion in 2023.

This initiative aligns with Crown Prince Mohammed bin Salman’s broader economic vision, which seeks to diversify the nation’s income streams beyond oil and include sectors like sports and technology.

Currently, the tourism sector contributes 4.5% to the GDP, and the country aims to increase its contribution to 10% by 2030 by including ways to add a to Boost in tourism.

The government is investing heavily in large-scale development projects such as the Qiddiya Entertainment City and has also made significant investments in football, further enhancing its global appeal as a travel destination.

Saudi Arabia is the only bidder for hosting the 2034 World Cup. In 2023, the country welcomed 100 million tourists, mostly domestic travelers, with international visitors accounting for about 27 million.

The majority of these arrivals were for religious or business purposes, although leisure travel is expected to increase as several major tourism projects are still underway.

The government’s vision is to secure up to $80 billion in private tourism investment by 2030, along with a plan to invest about $800 billion in the sector over the next decade.

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Jubail, a member of UNESCO’s Global Network of Learning Cities in Saudi Arabia, is set to host the sixth International Conference on Learning Cities from December 3rd to 5th. 

During the announcement on Thursday, Isabell Kempf, the director of the UNESCO Institute for Lifelong Learning, emphasized the unique position of UNESCO learning cities to instill climate consciousness and equip local residents with the necessary green skills for a sustainable society. 

The event will take place at the offices of the Royal Commission for Jubail and Yanbu in the Jubail Industrial City, which is preparing to celebrate its 50th anniversary. 

King Salman will be the patron of the conference, in keeping with his views on the importance of international cooperation in efforts to confront global challenges and achieve sustainable development through education. 

The conference provides an opportunity to exchange experiences and ideas with cities around the world and develop joint action plans to enhance the role of learning cities in facing global challenges, especially climate change. 

Jubail was chosen to host the conference in recognition of its commitment to the event, the initiatives it has developed to enhance lifelong learning opportunities for all, and its active participation in the network since joining in 2020. 

In 2021, Jubail Industrial City received the UNESCO Learning Cities Award for its efforts to enhance sustainable development, boost entrepreneurship, and improve skills, in keeping with the spirit of the network. 

The theme of the conference will be “Learning Cities at the Forefront of Climate Action,” which aligns with the aims of the Saudi and UNESCO’s commitment to sustainable development. Middle East Green Initiatives launched in 2021 by Crown Prince Mohammed bin Salman, chairman of the Supreme Committee for Green Saudi Arabia.  

“The UNESCO Learning City pointed to national programs launched as part of the Saudi Vision 2030, such as the Human Capability Development Program, aimed at building a national strategy for the development of citizens’ capabilities,” the Institute for Lifelong Learning said.  

“Adopting a lifelong-learning perspective and involving the participation of government agencies, the private sector and the non-profit sector, this strategy stretches from early childhood through to general education, The upcoming conference in December will bring together municipal officials, people interested in the field of learning and education, and representatives of the UNESCO Global Network of Learning Cities. The goal of the conference is to exchange information, ideas, solutions, and best practices that promote lifelong learning, which includes university education, technical and vocational training, and continuous training.  

The UNESCO Global Network of Learning Cities is composed of 356 cities in 79 countries that promote learning within families and communities, facilitate learning in the workplace through modern technologies, and foster a culture of lifelong learning among member cities. This helps promote individual empowerment, social inclusion, economic development, cultural prosperity, and sustainable development.  

The Institute for Lifelong Learning said that during the conference, participants, including policymakers, learning city mayors, lifelong learning and sustainability experts, private-sector representatives, NGOs, civil society, researchers, educators, and United Nations entities, will work together to identify and strengthen lifelong learning policies for climate action, resilience, and the establishment of sustainable cities. 

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