Of the SR100bn ($26.66bn) that the government’s tourism strategy estimates will be needed over a 10-year period to develop the industry, the state expects to cover about a third, with the remaining two-thirds to be provided by the private sector. Public-private partnerships (PPPs) are seen as the way to achieve this, and thus the government is...
Recognising the important role of tourism in achieving the wider goals of development in Saudi Arabia, including job creation and increased economic diversity, considerable efforts are being made to expand the industry. A new Umrah Plus visa allowing for longer stays after religious pilgrimages has been introduced and, in combination with a focus on expanding and rehabilitating heritage and...
Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
The only monarchy in North Africa, Morocco has one of the more diversified GDP mixes in the region, and the mainstays of the economy include agriculture, tourism, and the textiles industry; higher-end manufacturing, IT and communications, and outsourcing are also all becoming increasingly important. The past few years have seen some significant changes, yet the kingdom has remained stable, even amidst the broader regional turmoil.
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