Tourism Tourism businesses on the up in Medina The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […] June 18, 2024
Banking & Finance Edmond de Rothschild to run funding vehicle for Saudi projects The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country. Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […] June 14, 2024
Video length: 07:15 Analysis Tourism Hajj pilgrims feel the pinch as costs rise The costs of Hajj are getting ever higher for pilgrims coming from around the world to perform the annual rites, which are a duty for every able-bodied Muslim to perform once in a lifetime. Even pilgrims coming from within Saudi Arabia, for whom the costs are cheaper, are paying around SAR23,500 ($6,266) for up to […] June 14, 2024
Banking & Finance Tax on foreigners may be axed to boost Saudi bond market The tax on foreign investment in Saudi corporate bonds may be scrapped in an effort to boost the market. Saudi Arabia’s Capital Markets Authority has issued a report describing the 5 percent withholding tax on interest payments to corporate bondholders as “unattractive and discouraging for foreign institutional investors”. It called for “easing tax requirements for […] June 13, 2024
Giga-projects Adventure giga-project The Rig ‘definitely happening’ One of Saudi Arabia’s most headline-grabbing giga-projects is moving ahead with plans for two floating entertainment centres on offshore platforms off the kingdom’s east coast. Many thought the exotic adventure tourism project known as The Rig would be canned as the Public Investment Fund (PIF) reviews its $1.25 trillion portfolio of giga-projects. Insiders remain confident […] June 12, 2024
Economy Saudi Arabia GDP contracts but non-oil growth rises Saudi Arabia’s economy contracted by 1.7 percent year on year in the first quarter of 2024 due to ongoing oil production cuts, but non-oil growth was up 3.4 percent in the same period, according to adjusted figures released this week. Last week Opec+ agreed to extend its existing crude output cuts into 2025 in a […] June 10, 2024
Giga-projects Neom brands its 12 Red Sea resorts as ‘Magna’ Saudi Arabian giga-project Neom said this week that 12 Red Sea coastal resorts for the ultra-rich that it has rolled out over the past year would be branded collectively under the name Magna. Last month Neom announced its twelfth project, Jaumur, the latest in a series of separate announcements of futuristic resorts inside Neom, an […] June 6, 2024
Tech Saudi Arabia campaign aims to attract chipmakers Saudi Arabia has launched a National Semiconductor Hub in a bid to attract international chipmakers. The kingdom is targeting at least 50 semiconductor design companies to set up business by 2030, aiming to cut its reliance on imported computer chips. The global semiconductor industry, once plagued by shortages, is now showing signs of recovery and […] June 6, 2024
Finance Ministry issues record Saudi business licences in Q1 Saudi Arabia’s Ministry of Investment issued a record number of business licences in the first quarter of 2024, as the country tries to drum up foreign investor interest for its economic expansion plans. The ministry issued 3,157 licences, a 9 percent rise from 2,884 issued in the last quarter of 2023, which was the previous […] May 31, 2024
Giga-projects Saudi review says 87% of Vision 2030 projects ‘on right track’ Saudi Arabia’s top economic body discussed the progress of the kingdom’s Vision 2030 plan this week, citing a recent government report that 87 percent of its projects are “on the right track”. The Council of Economic and Development Affairs, which is headed by Crown Prince Mohammed bin Salman, convened on May 28 in a meeting […] May 30, 2024
Tourism Saudi Arabia grants first maritime tourism licence Saudi Arabia has granted its first maritime tourism licence to a Public Investment Fund company ahead of the launch of its own cruise ships off the Red Sea coast this year. The government’s Saudi Red Sea Authority granted the licence on May 28 to Jeddah-based Cruise Saudi, which this month opened bookings for its ship […] May 30, 2024
Opinion Aviation Is Saudi Arabia’s aviation strategy cleared for landing? The masterplan is in place – all the kingdom needs now is passengers May 24, 2024
Analysis Tourism Pressure on Saudi tourism exposes mixed feelings about AI Saudi Arabia is trying to limit the use of artificial intelligence technology in its expanding tourism industry in an effort to boost job numbers, despite strides being made elsewhere in the sector to make the kingdom a leader in digitalisation. Speaking at an economic forum in Doha last week, tourism minister Ahmed Al-Khateeb expressed concerns […] May 22, 2024
Finance Saudi listed companies report Q1 profit rise Businesses listed on the Saudi stock exchange, excluding the state energy giant Aramco, reported an 8 percent rise in first-quarter profits this year, highlighting the continued strength of the non-oil sector as hydrocarbon output is cut. Net profit gains in the banking sector, and for telecoms operator STC and state mining company Maaden, helped to […] May 20, 2024
Tourism Pilgrim air terminal planned for Kuala Lumpur airport Saudi Arabia and Malaysia are planning to build a pilgrimage air terminal in Kuala Lumpur to increase tourism numbers in both countries. Malaysia’s transport minister Anthony Loke told an aviation industry forum in Riyadh that it was looking with the Saudi Arabian government into “building and establishing a Hajj and Umrah hub” in Kuala Lumpur […] May 20, 2024
Giga-projects Diriyah giga-project to open first hotel in November Diriyah, one of Saudi Arabia’s leading giga-projects, will finally open its first hotel in November along with other attractions and sites, its CEO said this week. “This November we’ll open another few kilometres of parks, we’ll open our first Bab Samhan hotel, we’ll open our first museum which is the Diriyah Art Futures Museum, we’ll […] May 16, 2024
Giga-projects Affluent tourists around the globe on Saudi Arabia’s radar Saudi Arabia will invest more than $800 billion in its main giga-projects by the next decade as part of a tourism expansion strategy focused on affluent tourists in China, India and Europe. The kingdom’s tourism minister Ahmed Al-Khateeb, speaking at the Qatar Investment Forum, said: “We’re building and investing in major destinations like Neom, Red […] May 16, 2024
Giga-projects Neom announces superyacht resort on Gulf of Aqaba Plans to build a high-end resort town on the Gulf of Aqaba aimed at the luxury yacht community have been announced by Neom, despite rising doubts about Saudi Arabia’s ability to maintain funding lines for the country’s giga-projects. The new project, Jaumur, was described by Neom as an “exclusive residential community set around an inspiring […] May 9, 2024
Opinion Lifestyle Raising Saudi Arabia’s quality of life is a work in progress Saudi Arabia's QOL programme is spurring investment in culture, heritage, entertainment, tourism and sport May 7, 2024
Analysis Tourism Pilgrims remain bedrock of Saudi tourism plans Saudi tourism is to undergo a massive expansion with religious travellers remaining its bedrock – but some hotel operators are wary of an overheated market. The kingdom is aiming to bring in 150 million visitors per year by 2030, with tourism accounting for 10 percent of non-oil GDP, playing a key role in its economic […] May 7, 2024
Giga-projects Largest water park in Middle East to open in Qiddiya next year The largest water theme park in the Middle East is on target to open in the city of Qiddiya next year, its developer has announced. Aquarabia, the first water park in Saudi Arabia, will have four record holders among its 22 rides, including the world’s tallest “water coaster” and tallest water slide. It will also […] May 7, 2024
Transport Passenger numbers on Saudi trains leap 23% in a year Passenger traffic on Saudi railways rose 23 percent year on year to 2.7 million people in the first quarter of 2024, the state operator said this week, as the kingdom pushes to improve infrastructure before a 2030 deadline. The railway system also saw a 9 percent rise in the volume of minerals and goods transported, […] May 2, 2024
