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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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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The Qatar Civil Aviation Authority (QCAA) has released its aviation statistics for February 2024, which show a significant increase in the number of aircraft movements and passengers.

According to the preliminary air transport data for the month, there was a 30.1 percent increase in aircraft movement compared to February 2023.

The total number of aircraft movements registered in February was 22,736, while the same period in 2023 saw a total of 17,479 flight movements.

The number of passengers also witnessed a huge surge during the month, with a 34.9 percent increase compared to February 2023.

QCAA reported that the country recorded over 4 million passengers in February, with over 3 million arrivals.

In addition, air cargo and mail showed an increase of 15.4 percent last month compared to the same period in 2023.

The air cargo and mail carried 198,639 tonnes during February 2024, as compared to 172,085 tonnes in February 2023.

The data also showed an increase of 23.8 percent in aircraft movements during January 2024 compared to the same period last year.

The region registered 23,994 flight movements in January 2024, while the same period in the previous year saw 19,377 aircraft movements.

Passengers travelling through Qatar’s Hamad International Airport also significantly increased during the month by over 27 percent compared to January 2023.

The month registered 4.5 million passengers, while last year’s data showed a total number of 3.5 million individuals arriving in Qatar.

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The Majid Al Futtaim (MAF) Group, a shopping malls and retail organization in the UAE, reported a marginal increase in its net profit to AED2.7 billion ($735 million) in 2023, up from AED2.4 billion in 2022.

The group’s revenue was impacted by a decline in the retail business due to geopolitical headwinds.

However, the group recorded a consolidated revenue increase of 1% to AED34.5 billion, with its Lifestyle vertical contributing to the growth by crossing AED1 billion for the first time.

MAF Group’s EBITDA increased by 12% to AED4.6 billion, and total assets increased to AED69.7 billion, up from AED66.1 billion in 2022.

MAF Properties was one of the key performers for the company, with revenue growing by 20% year-on-year to AED6.9 billion and EBITDA increasing by 21% to AED3.6 billion.

The growth was attributed to increased footfall and higher occupancy rates, along with growth in its Tilal Al Ghaf development.

The group’s shopping malls business witnessed tenant sales of AED30 billion, an increase in overall occupancy to 96%, and an 8% rise in footfall, to 232 million visitors.

Revenue for its entertainment vertical grew by 7% to AED1.8 billion, with the group stating that the cinemas business was recovering from delays and adjustments to its content pipeline.

This reflected positively on EBITDA, which increased by 53% to AED193 million in 2023.

The group’s retail arm, on the other hand, saw revenues decline by 4% on a restated basis to AED24.7 billion, primarily due to currency devaluations in Egypt, Pakistan, Kenya, and Lebanon.

EBITDA for the retail vertical also declined by 15% to AED1.1 billion year on year. However, at a constant currency rate, MAF added that its revenue grew by 4%, and EBITDA fell 4%.

The group’s retail digital business saw “significant growth,” with revenue increasing 17% to AED2.6 billion, contributing nearly 10% of MAF Retail’s revenues in 2023.

The group said its net debt increased to AED15 billion, primarily due to investments in working capital.

Additionally, MAF retained its “BBB” credit rating with a stable outlook from Standard & Poor’s and Fitch Ratings.

Commenting on the 2024 outlook, Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim, said, “While we are not immune to the impact of the regional macroeconomic challenges, including currency devaluation in Egypt, Lebanon, Pakistan, and Kenya, and the deeply concerning geopolitical events that are shaping market dynamics and consumer behaviors, we are confident in our ability to navigate the path ahead while delivering value to our stakeholders in 2024 and beyond.”

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According to the Ministry of Tourism and Antiquities, Wadi Rum received a total of 18,359 visitors in the first two months of the year, with the majority being non-Arabs.

In January, 6,814 visitors were recorded, which increased to 11,545 in February.

Out of the total number of visitors, 14,200 were non-Arab tourists, 187 were Arab visitors, and 3,972 were Jordanian visitors.

The Central Bank of Jordan (CBJ) reported an 8.9% increase in tourism revenues in February 2024 compared to the same period in 2023, amounting to JD389.7 million.

In January and February, tourism revenues grew by 4.5%, totaling JD782.6 million. The CBJ also stated that tourism revenues surpassed projections for the first three quarters of 2023, showing a 27.4% increase and setting a “historical” precedent at JD5.2 billion.

Bookings were canceled in the last quarter of the previous year by at least 65%, largely due to the Israeli war on the Gaza Strip.

The Prime Minister, Bisher Khasawneh, had previously made statements regarding this matter.

The government is committed to establishing the Kingdom as a leading tourism and film production hub.

To achieve this, they implemented 260 promotional campaigns in 53 countries last year, resulting in 9.2 million passengers passing through Queen Alia International Airport, marking a 17% increase.

A total of 6.3 million visitors went to the Aqaba and Petra regions, and one million electronic visas were issued.

Additionally, 292 buses were added to the tourist transport fleet.

The Ministry of Tourism also promoted low-cost carriers through partnerships with five new charter and scheduled airlines, leading to an increase of 141% in passengers, carrying a total of 446,000 passengers.

The government inaugurated the development of archaeological sites and the launch of new tourism experiences such as the Ajloun Cable Car, which attracted 268,000 visitors, and the Um Qais Water Tunnel.

Other attractions include diving in Aqaba, the Petra Hot Air Balloon, the Christian Pilgrimage Trail in Mukawer, the restoration of six major tourist and archaeological spots, and the inauguration of film studios.

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Aman, a Swiss-based hospitality brand, is currently developing its first hotel property in Dubai.

The company sees Dubai’s opening as part of a move to expand its presence in the Middle East, along with its sister concern Janu.

The development of the hotel has been partnered with Bright Start, a UAE-based real estate investment company that already owns the Four Seasons in Dubai. H&H Development, a real estate developer, will be leading the delivery of the Dubai project.

While some details are still under wraps, Aman Dubai is expected to be located in Jumeirah 2 neighborhood with an expansive private beach.

The hotel will feature all-suite rooms, a spa of over 2,000 sqm, several restaurants, and an Aman Club.

Additionally, a limited number of Aman branded residences will also be available. The hotel will be designed by Singapore-based Kerry Hill Architects, with a minimal and contemporary design aesthetic while incorporating Arabian heritage.

The property will also have nine acres of gardens.

Aman Dubai is currently in the development phase, and the luxury hotel group has been expanding its pipeline in the Middle East over the last few years.

It has plans to open three properties in Saudi Arabia, including a tented camp, a desert ranch-style resort, and Hegra in AlUla.

Janu, its sister hospitality brand, also has a pipeline that includes a project in the UAE.

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Ras Al Khaimah Art has become a celebration of culture and the arts in the Emirate. The festival, inspired by H.H.

Sheikh Saud bin Saqr Al Qasimi’s vision aims to showcase the Emirate’s artistic talent and promote cultural exchange.

Initially launched as a three-day exhibition in 2013, it has grown into a month-long annual event that attracts over 45,000 visitors and features 106 local and international artists from 35 countries.

The festival’s Founding Executive Director, Dr. Natasha Ridge, identified its potential early on and explored avenues for expansion.

During a visit to La Gacilly, France, she was inspired by a village transformed into an outdoor art gallery and envisioned a similar concept for Ras Al Khaimah Art.

She found the perfect location in Al Jazeera Al Hamra Heritage Village, a UNESCO tentative list World Heritage Site and the UAE’s last-surviving pearl-fishing village.

The site, which represents centuries of architecture, trade, and culture, includes a fort, watchtowers, a mosque, souq, and traditional dwellings, and attracts a much wider audience.

Ras Al Khaimah Art’s repertoire has expanded to include a range of artistic expressions, from workshops and film screenings to live performances and an art exploration program.

Last year, the festival saw 1,000 students participate in workshops and tours, connecting youth with history and culture and adopting a sustainable approach to the arts.

Ras Al Khaimah Art plays a role in promoting itself as a cultural destination.

By providing a platform for local artists alongside international counterparts, the festival contributes to the cultural and economic progress of the UAE.

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