Investment
Toronto market notches 8-week high as energy shares climb
|
Canada’s main stock index rose on Monday to its highest level in nearly eight weeks, led by gains for energy and financial shares.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 179.89 points, or 0.8%, at 21,537.45, its highest closing level since Nov. 25.
Gains for the index were notched as shares globally recovered some ground after declines at the end of last week.
“Overseas market action has been positive and we’re basically benefiting from it,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The energy sector rose 1.7% as oil prices climbed. U.S. crude oil futures were up 0.6%, with investors expecting that global supply will remain tight despite a rise in Libyan output.
Technology and financials, the Toronto market‘s most heavily-weighted sector, both gained 1.2%, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.5%.
TSX trading volumes were lower than usual as U.S. markets were closed for the Martin Luther King Jr. holiday.
Canadian firms see labor shortages intensifying and wage pressures increasing, with strong demand growth and supply chain constraints putting upward pressure on prices, a regular Bank of Canada survey said, bolstering bets the central bank would hike interest rates as early as next week.
(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Paul Simao)
Investment
Saudi Arabia Highlights Investment Initiatives in Tourism at International Hospitality Investment Forum – Financial Post
Article content
RIYADH, Saudi Arabia — The Saudi Ministry of Tourism is currently taking a prominent stage at the International Hospitality Investment Forum (IHIF), presenting a unique opportunity for global investors to dive into the thriving tourism landscape of the Kingdom. With the spotlight on the Tourism Investment Enablers Program (TIEP), that was recently announced, Saudi Arabia is aggressively pushing towards its Vision 2030 goal of being a top global tourism destination for investors and tourists alike.
Article content
This strategic presentation comes at a time when Saudi Arabia’s tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasizing the sector’s growing contribution to the national GDP. The flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion into the hospitality sector of up to SAR 42 billion in key destinations, which alone is anticipated to create 120,000 new jobs by 2030.
Article content
The IHIF audience is getting a close look at Saudi Arabia’s plans to expand its accommodation capacity dramatically. The Kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030. The HIE stands at the core of these ambitions, designed to energize the hospitality sector by introducing a new wave of supply in targeted tourism hotspots, significantly enriching the Kingdom’s diverse tourism offerings.
The initiative is supported by a suite of strategic enablers, including access to government-owned land under favorable terms, streamlined project development processes, and regulatory adjustments aimed at reducing barriers to market entry and operational costs. This comprehensive approach is expected to catalyze a significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR 42.3 billion and a forecasted annual GDP increase of SAR 16.4 billion by 2030.
Saudi Arabia’s active participation in IHIF aims to showcase the Kingdom as an enticing investment frontier for international investors, emphasizing the lucrative opportunities within the tourism and hospitality sectors. This global stage provides the perfect platform for the Ministry of Tourism to forge lasting partnerships and highlight the Kingdom’s commitment to elevating its tourism industry standards, fostering sustainable growth, and offering robust support to investors.
Through this engagement, the Saudi Ministry of Tourism is not just showcasing investment opportunities; it is inviting the world to be a part of Saudi Arabia’s ambitious journey towards redefining global tourism norms. Investors are encouraged to seize this unparalleled chance to collaborate with the Kingdom, as it paves the way for a new era of tourism excellence aligned with Vision 2030’s transformative objectives.
Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20240417879947/en/
Contacts
Najla Alkhalifa
Media and Communications
Najla@mt.gov.sa
Share this article in your social network
Investment
Web3 investment up 55% in Q1 as crypto VC interest rebounds – Cointelegraph
The number of Web3 venture capitalist deals also rose 36% in the first quarter of 2024, indicating wider interest in Web3 protocols.
Investment
Larry Fink's BlackRock Hunts for Growth in Saudi Investment Boom – Bloomberg
What’s worth your time when you’ve already built the world’s largest asset management company?
For Larry Fink, chief executive officer of BlackRock Inc., courting the billions of dollars in assets up for grabs in Saudi Arabia is part of the answer. His Gulfstream jet lands in Riyadh several times a year, and he’s had at least two private dinners with de facto ruler Crown Prince Mohammed bin Salman, according to a person with knowledge of the matter. Meanwhile, BlackRock has been quietly increasing its presence in the country: It was the first major global investment manager to open an office in Riyadh, and the company now employs about 20 people there, a larger local workforce than its competition. The CEO of state-owned oil giant Saudi Aramco, Amin Hassan Ali Nasser, joined BlackRock’s board last year.
-
Sports15 hours ago
Team Canada’s Olympics looks designed by Lululemon
-
Real eState23 hours ago
Search platform ranks Moncton real estate high | CTV News – CTV News Atlantic
-
Tech22 hours ago
Motorola's Edge 50 Phone Line Has Moto AI, 125-Watt Charging – CNET
-
Politics20 hours ago
Political interference in Canada’s pension funds is wrong
-
Business14 hours ago
Firefighters battle wildfire near Edson, Alta., after natural gas line rupture – CBC.ca
-
Sports20 hours ago
‘BOTTCHER BOMBSHELL:’ Alberta curling foursome set to move forward without skip
-
News20 hours ago
Freeland tables her fourth federal budget — this time with a tight focus on housing
-
News16 hours ago
Richard Chevolleau Short Film “Marvelous Marvin” Set to go to Camera