’s international tourism revenue soars by 148%, leading G20 nations 

’s international tourism revenue soars by 148%, leading G20 nations 
In 2024, international tourist arrivals surged to 29.7 million, up from 18.04 million in 2016, while domestic travelers nearly doubled to 86.2 million during the same period.  Shutterstock
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Updated 09 May 2025

’s international tourism revenue soars by 148%, leading G20 nations 

’s international tourism revenue soars by 148%, leading G20 nations 

RIYADH: ’s tourism sector achieved a historic milestone in 2024, with international tourism revenue surging 148 percent compared to 2019 — the highest growth rate among G20 nations. 

This achievement reflects the success of Vision 2030, which has firmly positioned the Kingdom as a global leader in tourism, entertainment, and innovation.  

The 2024 annual performance report highlighted record-breaking pilgrim numbers, cultural milestones, and major international events, all driven by strategic investments, regulatory reforms, and transformative mega-projects.   

Tourism boom 

Vision 2030 unlocked ’s vast tourism potential, establishing it as one of the fastest-growing global destinations. 

In 2024, international tourist arrivals surged to 29.7 million, up from 18.04 million in 2016, while domestic travelers nearly doubled to 86.2 million during the same period.  

Surpassing its target of 100 million visitors seven years ahead of schedule, the Kingdom has now set a bold new goal of attracting 150 million annual tourists by 2030. 

’s tourism strategy is driven by mega-projects aiming to transform the travel and hospitality industry.  

Pioneering projects like The Red Sea — home to carbon-neutral resorts including Shebara, St. Regis, and Ritz-Carlton Nujuma — are redefining sustainable luxury tourism. The adjacent Red Sea International Airport, the region’s first carbon-neutral terminal, strategically connects over 250 million people within a three-hour flight radius. 

In Diriyah, the birthplace of the first Saudi state, 3 million visitors experienced a seamless blend of heritage and hospitality, with developments like the Bab Samhan Hotel offering modern luxury rooted in history. 

Meanwhile, at Qiddiya, major entertainment attractions are nearing completion, with Aquarabia Park 81 percent finished and Six Flags Park 87 percent completed. 

The Kingdom’s global tourism profile continues to rise, with accolades including AlUla being named Best Cultural Tourism Project in the Middle East, Madinah ranking among the world’s top 100 destinations, and the Asir region earning four awards for excellence in culinary and cultural storytelling. 

To enhance accessibility, the Kingdom expanded its e-visa program to 66 countries by 2024, simplifying entry for millions of travelers.  

Additionally, has emerged as a global leader in safety, ranking highest among G20 nations in security indicators, further solidifying its reputation as a welcoming and secure destination for international visitors. 

Pilgrimage services 

Serving pilgrims remains a cornerstone of ’s responsibilities. Vision 2030 has transformed the Hajj and Umrah experience into a model of efficiency, accessibility, and safety. 

In 2024, the Kingdom welcomed 16.9 million foreign Umrah pilgrims and 1.61 million foreign Hajj pilgrims, reflecting significant growth from 2016 levels. 

Innovations like the Makkah Route Initiative, which fast-tracks visa issuance and pre-clearance in eight countries, served 322,900 pilgrims in 2024 — a rise from just 1,700 in 2017. 

The Nusuk platform played a key role in improving pilgrimage planning, helping achieve an 81 percent satisfaction rate on the Pilgrim Experience Index. Transportation infrastructure, including the Haramain High-Speed Railway, the Makkah Bus Network, and the Al-Mashaer Metro Line, facilitated the movement of 69.5 million passengers between holy sites. 

The Kingdom’s commitment to pilgrims’ well-being is evident in its healthcare services. In 2024, 390,000 pilgrims received medical care, and 40,000 medical staff were mobilized. Adding to that, 189 hospitals, centers, and mobile clinics were deployed, and 28 open-heart surgeries and 720 cardiac catheterizations were performed. 

About 153,000 volunteers supported pilgrimage operations in 2024, up from just 3,352 in 2021, showcasing the growing culture of community service.  

Hosting mega-events  

’s global influence expanded across sports, esports, and entertainment in 2024. 

The Kingdom secured the rights to host the 2034 FIFA World Cup, which will feature 48 national teams competing across 15 stadiums in Riyadh, Jeddah, NEOM, Al Khobar, and Abha. 

The tournament will be backed by 134 training facilities and 230,000 hotel units, contributing to infrastructure development, job creation, and long-term economic impact. 

In the digital realm, hosted the inaugural Esports World Cup, the largest tournament of its kind, featuring 1,500 professional players, 500 elite clubs, and 22 competitions. Team Falcons emerged as champions, and the Kingdom further solidified its leadership by winning hosting rights for the Olympic Esports Games.  

Meanwhile, Riyadh Season 2024 drew 19 million visitors, with a total attendance of 76.9 million across 423 entertainment attractions. 

The festival featured top-tier performances, immersive themed zones, and vibrant cultural displays, reinforcing its reputation as a global entertainment event. 

Cultural renaissance 

Vision 2030 has revitalized ’s cultural identity, merging ancient heritage with modern creativity. 

The Kingdom now boasts eight UNESCO World Heritage Sites, including the newly listed Al-Faw Archaeological Site, and 16 UNESCO Intangible Cultural Heritage elements celebrating traditions like Arabic calligraphy, Saudi coffee, and falconry.  

Groundbreaking discoveries such as the Bronze Age Village of Al-Natah in AlUla have further illuminated the region’s rich history. 

In arts and entertainment, the critically acclaimed film "Norah" became the first Saudi production selected for the Cannes Film Festival’s official lineup, while the Kingdom’s first Arabic opera, Zarqa Al Yamama, premiered to acclaim.  

The King Salman Global Academy for Arabic Language trained 782 international students, promoting Arabic language and culture across three continents.  

Economic impact 

Tourism is a major driver of ’s economic diversification, with sector employment reaching 966,500 workers in 2024, up from 683,000 in 2020. Women now play a critical role, with 112,000 Saudi women employed in tourism, marking a 67 percent increase. 

Investment in the sector has surged from $314.67 million in 2021 to $3.95 billion by the third quarter of 2024, fueling massive infrastructure expansion, including the Kingdom’s hospitality capacity growing to 475,900 hotel rooms. 


FDI into developing economies slumps to lowest level since 2005: World Bank 

FDI into developing economies slumps to lowest level since 2005: World Bank 
Updated 5 sec ago

FDI into developing economies slumps to lowest level since 2005: World Bank 

FDI into developing economies slumps to lowest level since 2005: World Bank 

RIYADH: Foreign direct investment flows into developing economies dropped to $435 billion in 2023, the lowest level since 2005, as rising trade barriers, geopolitical tensions and growing fragmentation curbed cross-border investment. 

In its Global Economic Prospects report, the World Bank said FDI into advanced economies also dropped, sinking to $336 billion — the weakest level since 1996. 

While data for the 2023 calendar year is the latest available from the World Bank, net FDI into — one of the world’s top emerging markets — reached SR22.1 billion ($5.89 billion) in the fourth quarter of 2024, representing a 26 percent increase compared to the previous three months, according to the Kingdom’s General Authority for Statistics. 

is aiming to attract $100 billion in FDI annually by the end of this decade, as it seeks to make significant strides in diversifying its economy and reducing its decades-long dependence on oil revenues. 

Commenting on the findings, Indermit Gill, chief economist and senior vice president of the World Bank Group, said: “What we’re seeing is a result of public policy. It’s not a coincidence that FDI is plumbing new lows at the same time that public debt is reaching record highs.” 

He added: “Private investment will now have to power economic growth, and FDI happens to be one of the most productive forms of private investment. Yet, in recent years, governments have been busy erecting barriers to investment and trade when they should be deliberately taking them down. They will have to ditch that bad habit.” 

FDI inflows to developing countries in 2023 accounted for just 2.3 percent of their combined gross domestic product — about half the share recorded in the 2008 peak.

The report noted that inflows had expanded rapidly in the 2000s, peaking at nearly 5 percent of GDP in 2008, but have since steadily declined. 

Between 2012 and 2023, two-thirds of FDI into developing countries was concentrated in just 10 markets. China captured nearly a third of the total, while Brazil and India accounted for about 10 percent and 6 percent, respectively. 

Advanced economies accounted for nearly 90 percent of total FDI in developing economies over the past decade, with about half of that originating from the EU and the US, the World Bank noted. 

Earlier this month, global credit rating agency S&P Global said FDI inflows into Gulf Cooperation Council countries are expected to slow in 2025 due to rising investor uncertainty. The outlook reflects shifting US trade policies, lower oil prices, and a more gradual rollout of economic diversification projects in the region. 

S&P Global also forecast a net negative impact on global FDI in the near term, driven by the indirect effects of US tariffs, a weaker oil price outlook, and declining global investor confidence. 

Combating challenges and easing restrictions 

The World Bank urged developing nations to ease investment restrictions that have accumulated in recent years, promote trade integration, and broaden participation in their economies. 

Ayhan Kose, the World Bank Group’s deputy chief economist and director of the Prospects Group, said the sharp drop in FDI for developing countries “should sound alarm bells.” 

He added: “Reversing this slowdown is not just an economic imperative — it’s essential for job creation, sustained growth, and achieving broader development goals. It will require bold domestic reforms to improve the business climate and decisive global cooperation to revive cross-border investment.”

The report also outlined policy priorities for developing economies to increase FDI, including accelerating improvements in the investment climate — progress that has stalled in many countries over the past decade. 

is among the countries making notable strides to attract FDI by introducing regulatory reforms aimed at easing restrictions. 

In August, the Kingdom approved an updated investment law designed to boost transparency and simplify the investment process, as part of broader efforts to facilitate and expand FDI. 

The updated rule also promises enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, alongside robust safeguards for intellectual property and seamless fund transfers. 

In April, rose to 13th place in Kearney’s 2025 Foreign Direct Investment Confidence Index, up from 14th in the previous year’s ranking. 

The Kingdom also retained its position as the third-most attractive emerging market, signaling continued global confidence in its transformation strategy. 

Kearney noted that the ranking reflects ’s bold, reform-driven approach to building an internationally competitive, future-ready economy. 

The World Bank emphasized that countries should amplify the economic impacts of foreign investment by promoting trade integration, improving institutional quality, fostering human capital development, and encouraging broader participation in the formal economy to maximize FDI benefits. 

“Governments can also amplify the benefits by channeling FDI to sectors where the impact is greatest. FDI can also help increase job opportunities for women: the domestic affiliates of multinational enterprises, for example, tend to have a higher share of female employees than domestic firms,” the report stated. 

is also among the global frontrunners in efforts to bridge the gender gap in the workforce. 

Speaking during the Future Investment Initiative in Riyadh in October, ’s Minister of Finance, Mohammed Al-Jadaan, said the nation aims to achieve 40 percent female workforce participation by the end of the decade, having already surpassed its Vision 2030 target of 30 percent. 

He added that 45 percent of small and medium enterprises in the Kingdom are headed by women. 

Underscoring the importance of global cooperation, the World Bank urged all countries to work together to accelerate policy initiatives that can help direct FDI flows to developing economies with the largest investment gaps. 

“Technical and financial assistance to support structural reform efforts in developing countries — especially low-income countries — are critical for facilitating FDI inflows,” the bank concluded. 


World oil demand to keep growing this decade despite 2027 China peak, IEA says

World oil demand to keep growing this decade despite 2027 China peak, IEA says
Updated 17 June 2025

World oil demand to keep growing this decade despite 2027 China peak, IEA says

World oil demand to keep growing this decade despite 2027 China peak, IEA says
  • IEA forecasts oil demand peak at 105.6 million bpd by 2029
  • China’s oil demand to peak in 2027 due to EV growth

LONDON: Global oil demand will keep growing until around the end of this decade despite peaking in top importer China in 2027, as cheaper gasoline and slower electric vehicle adoption in the United States support oil use, the International Energy Agency said on Tuesday. 

The IEA, which advises industrialized countries, did not change its prediction that demand will peak this decade, a view that sharply contrasts with that of producer group the Organization of the Petroleum Exporting Countries, which says consumption will keep growing and has not forecast a peak.

Oil demand will peak at 105.6 million barrels per day (bpd) by 2029 and then fall slightly in 2030, a table in the Paris-based IEA’s annual report shows. At the same time, global production capacity is forecast to rise by more than 5 million bpd to 114.7 million bpd by 2030.

A conflict between Israel and Iran has highlighted the risk to Middle East supplies, helping send oil prices up 5 percent to above $74 a barrel on Friday. Still, the latest forecasts suggest ample supplies through 2030 if there are no major disruptions, the IEA said.

“Based on the fundamentals, oil markets look set to be well-supplied in the years ahead,” said IEA Executive Director Fatih Birol in a statement. “But recent events sharply highlight the significant geopolitical risks to oil supply security,” Birol said.

After decades of leading global oil demand growth, China’s contribution is sputtering as it faces economic challenges as well as making a big shift to EVs. The world’s second-largest economy is set to see its oil consumption peak in 2027, following a surge in EV sales and the deployment of high-speed rail and trucks running on natural gas, the IEA said.

In February, it predicted China’s demand for road and air transport fuels may have already peaked.

China’s total oil consumption in 2030 is now set to be only marginally higher than in 2024, the IEA said, compared with growth of around 1 million bpd forecast in last year’s report.

By contrast, lower gasoline prices and slower EV adoption in the United States, the world’s largest oil consumer, have boosted the 2030 oil demand forecast by 1.1 million bpd compared with the previous prediction, the IEA said.

Since returning to office, US President Donald Trump has demanded OPEC lower oil prices and taken aim at EVs through steps such as signing resolutions approved by lawmakers barring California’s EV sales mandates.


Oil Updates — prices rise as Iran-Israel conflict keeps floor under prices

Oil Updates — prices rise as Iran-Israel conflict keeps floor under prices
Updated 17 June 2025

Oil Updates — prices rise as Iran-Israel conflict keeps floor under prices

Oil Updates — prices rise as Iran-Israel conflict keeps floor under prices
  • No visible production impact from conflict, ENI says
  • ‘War risk’ continues to underpin market

SINGAPORE: Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict for now.

Brent crude futures climbed 54 cents, or 0.7 percent, to $73.77 a barrel as of 9:30 a.m. Saudi time. US West Texas Intermediate crude was up 58 cents, or 0.8 percent, at $72.35. Both contracts rose more than 2 percent earlier in the trading session but also notched declines before bouncing back in volatile trading.

Prices traded higher as there was still risk of further unrest and potential disruption of oil supply from the key Middle East producing region.

However, there were no visible signs of supply loss for now, industry sources said.

The Israel-Iran conflict has not led to a loss in oil production, and the Organization of the Petroleum Exporting Countries still has spare production capacity, the chief executive of Italy’s Eni said on Tuesday.

Meanwhile, all the facilities of energy services firm Baker Hughes are operating normally in the Middle East, its chief executive Lorenzo Simonelli told Reuters on Monday.

The benchmark oil contracts settled more than 1 percent lower on Monday amid hopes that the conflict would ease after media reports Iran was seeking an end to hostilities.

However, concerns remained as US President Donald Trump in a social media post urged “everyone” to evacuate the Iranian capital of Tehran.

Entering its fifth day on Tuesday, the fighting has continued with Iranian media reporting explosions and heavy air defense fire in Tehran. In Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles.

“The conflict between Iran and Israel is still fresh and brewing, and investor sentiments may still be holding on to the ‘war risks’,” Priyanka Sachdeva, senior market analyst at Phillip Nova, said in an email.

“Added volatility and caution ahead of the Fed policy decision are further ensuring higher-paced price reactions in oil,” Sachdeva added, referring to the US Federal Open Market Committee meeting, which guides interest rate decisions, that begins on Tuesday.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. The concern is the fighting could disrupt its oil supply and raise prices, or Iran could retaliate by blocking shipping through the Strait of Hormuz.

US media on Monday night reported Trump was proposing renewed talks with Iran on a nuclear deal, even as shipping sources said a vessel collided with two other ships sailing near the Strait of Hormuz, highlighting risks to companies moving oil and fuel supplies in the region.


Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 
Updated 16 June 2025

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 
  • Deal includes 25 firm orders and purchase rights for an additional 25 aircraft
  • A350-1000s will enable long-haul connections ahead of high-profile events

JEDDAH: ’s Riyadh Air has signed a deal to acquire up to 50 Airbus A350-1000 aircraft as it gears up to launch operations later this year. 

The agreement, signed at the 55th Paris Air Show, includes 25 firm orders and purchase rights for an additional 25 aircraft. The deal supports Riyadh Air’s plan to build a wide-body fleet capable of serving over 100 destinations globally by 2030.  

Owned by the Public Investment Fund, Riyadh Air was unveiled in March 2023 by Crown Prince Mohammed bin Salman as part of ’s strategy to become a global aviation hub by expanding connectivity to over 250 destinations and tripling annual passenger traffic to 330 million. 

In a statement, Yasir Al-Rumayyan, PIF governor and chairman of Riyadh Air, said: “Our new national carrier is set to take to the skies in the near future, and as a fundamental element of the Kingdom of ’s infrastructure, will connect our capital city to over 100 international destinations around the globe by 2030.

He added: “With its outstanding range, adding the Airbus A350-1000 to our fleet demonstrates the strategic contribution of Riyadh Air in positioning as a global aviation hub.” 

The A350-1000s, with an operational range exceeding 16,000 km, will enable long-haul connections ahead of high-profile events such as Riyadh Expo 2030 and the FIFA World Cup 2034. 

In April, the airline received its Air Operator Certificate from the General Authority of Civil Aviation, authorizing it to commence flight operations after meeting all regulatory, safety, and operational requirements. 

“Riyadh Air is making significant progress as we move towards our first flight later this year and agreeing this deal for up to 50 Airbus A350-1000 aircraft is an important statement of intent,” said Tony Douglas, CEO of Riyadh Air. 

The airline’s launch supports ’s broader efforts to diversify its economy. According to the General Authority for Civil Aviation, the aviation industry generated $32.2 billion in tourism receipts and supported more than 958,000 jobs in 2023 — 241,000 in aviation and 717,000 in tourism-related sectors. 

“We play an important role in the evolution of the Saudi aviation ecosystem with the aim to create 200,000 direct and indirect jobs and contribute almost $20 billion to the Kingdom’s non-oil GDP,” added Douglas. 

The sector is a key pillar of the National Transport and Logistics Strategy, which aims to raise its gross domestic product contribution from 6 percent to 10 percent by 2030. 

Christian Scherer, CEO of commercial aircraft at Airbus, said: “This partnership reflects our shared commitment to innovation and decarbonization whilst connecting the vibrant Kingdom of to the world!”  


Closing Bell: TASI gains 135 points after positive market breadth 

Closing Bell: TASI gains 135 points after positive market breadth 
Updated 16 June 2025

Closing Bell: TASI gains 135 points after positive market breadth 

Closing Bell: TASI gains 135 points after positive market breadth 
  • Market breadth was strongly positive with 223 gainers and 23 fallers
  • Trading activity remained robust with a total value of SR4.87 billion

RIYADH: ’s Tadawul All Share Index closed higher on Monday, advancing 135.45 points, or 1.26 percent, to end at 10,867.04. 

Market breadth was strongly positive with 223 gainers and 23 fallers. Trading activity remained robust with a total value of SR4.87 billion ($1.2 billion), supported by optimism across key sectors. 

Among the top gainers, Red Sea International Co. rose 10 percent to SR36.85, while CHUBB Arabia Cooperative Insurance Co. added 9.98 percent to end at SR33.60.  

National Gypsum Co. and Saudi Enaya Cooperative Insurance Co. gained 9.97 percent and 8.02 percent, respectively, closing at SR19.42 and SR9.29. 

ACWA Power Co. also rose 6.94 percent to close at SR262.00. 

Among the worst performers, MBC Group Co. led losses with a decline of 3.11 percent to close at SR35.80.

Dr. Sulaiman Al Habib Medical Services Group followed, shedding 2.30 percent to settle at SR255, while Gulf Union Alahlia Cooperative Insurance Co. fell 1.63 percent to SR14.52.  

Middle East Specialized Cables Co. ended the session down 1.13 percent at SR30.55, and Dr. Soliman Abdel Kader Fakeeh Hospital Co. edged 0.75 percent lower to SR39.85. 

On the announcement front, ASAS Makeen Real Estate Development and Investment Co. began trading on the Nomu-Parallel Market on June 16, with shares priced at SR80 each. 

The company’s stock rose 14.38 percent to close at SR91.50 after it confirmed the signing of an SR240 million real estate development agreement with the National Housing Co. 

The stock is subject to daily and static price fluctuation limits of plus or minus 30 percent and 10 percent, respectively. 

The 42-month project includes the construction of 470 residential units in Riyadh and is expected to impact financial results in the fourth quarter following the issuance of the required license. 

ASAS Makeen offered 10 percent of its SR100 million capital, or one million shares, in an initial public offering that was nearly 1,949 percent oversubscribed. 

Tabuk Agricultural Development Co. closed 1.90 percent higher at SR10.18 after announcing it had received the full SR14.85 million operational financing loan from the Agricultural Development Fund.

The two-year facility is secured by a mortgage on the company’s land and investment shares.