The Finance World Magazine| Edition: April 2023

Local News
Saudi Arabia expands
tourism visa to all GCC
residents
The expansion of Saudi Arabia’s
tourism visa scheme to include
all GCC residents is a significant
move by the country’s Ministry
of Tourism. The move allows more
individuals to visit the country’s various
tourist destinations, attend entertainment
events, and experience the Kingdom’s
rich heritage and historical depth. The
ministry is encouraging interested
applicants to apply for the tourist visa
online through the designated platform.
The ministry’s regulations also require
tourists to comply with all instructions
and carry identification documents at all
times while in the Kingdom.
Dubai Chamber of
Commerce Unveils
Six Business Groups
to Boost Real Estate
Sector
Dubai Chamber of Commerce
and Industry has launched
six new business groups,
aimed at supporting growth
and development within Dubai’s
real estate sector. The groups will
focus on key areas such as property
management, real estate brokers,
developers, contractors, engineers and
architects, and facility management.
The move is part of the Chamber’s
ongoing efforts to promote economic
diversification, and to provide more
targeted support to businesses in the
emirate. By bringing together experts
from across the industry, the business
groups will facilitate knowledge sharing
and collaboration, while also providing
a platform for networking and business
development opportunities.
Presidents of UAE and Iraq’s Kurdistan Region
review advancing relations
During the meeting, His Highness
Sheikh Mohamed bin Zayed
Al Nahyan, President of
the UAE, and Nechirvan
Barzani, President of Kurdistan
Region, discussed several areas of
collaboration, including economic and
investment opportunities, as well as
cultural and educational exchanges.
They highlighted the importance of
enhancing trade relations and exploring
new avenues for mutual benefit. Both
Saudi Arabia’s finance ministry
has announced a budget surplus
of SAR 103.9B ($27.7B) for the
year 2022, surpassing earlier
projections of SAR 102B. This surplus
was primarily driven by the country’s
strong oil revenues, which totalled
SAR 857.272B in 2022. The positive
budgetary figures reflect the Kingdom’s
ongoing efforts to diversify its economy
and reduce its reliance on oil exports.
The Saudi government has launched a
number of initiatives to promote nonoil
sectors, attract foreign investment
and create employment opportunities
for its citizens. These measures have
helped to strengthen the country’s
leaders expressed their commitment
to strengthening cooperation in the
fight against terrorism and extremism,
and stressed the need for continued
efforts to maintain regional security
and stability. The visit of President
Barzani to Abu Dhabi underscores the
close ties between the UAE and Iraq,
and highlights the UAE’s ongoing efforts
to support Iraq’s stability, development,
and prosperity.
Saudi Arabia posts a 2022 budget surplus of
$27.68B
fiscal position, despite global economic
challenges.
104 www.thefinanceworld.com April 2023