Tourism Saudi Arabia among biggest gainers in tourism rebound By Andrew Hammond October 4, 2023, 2:08 PM Red Sea Global The Nujuma Ritz Carlton Reserve at the Red Sea resort. Red Sea is just one of Saudi Arabia's new destinations aiming to draw in tourists Global tourism at 84% of pre-pandemic levels Saudi tourism 20% higher than before $5bn tourism revenue in Q2 2023 The Middle East is the best-performing global tourism region as the world undergoes a tourism rebound after the Covid-19 pandemic, and Saudi Arabia the second best-performing country, according to the UN’s tourism body. The United Nations World Tourism Organization said tourism in terms of traveller numbers had rebounded globally to 84 percent of levels before the pandemic, but Middle East arrivals exceeded pre-pandemic levels by 20 percent in the first seven months of 2023. $1bn tourism school to open in Saudi’s Qiddiya UAE announces new visa for GCC in tourism push Israel expects religious tourism to Saudi holy cities “Travel demand continued to show remarkable resilience and sustained recovery, amid economic and geopolitical challenges,” the UN body said. The official Saudi Press Agency said the number of visitors to Saudi Arabia was up 58 percent compared with the same period in 2019, when the government first opened up its e-visa system. The government has cited tourist arrivals of nearly 15 million annually, including religious visitors to Mecca and Medina. Crown Prince Mohammed bin Salman said last month he hopes for 100 million annual visitors by 2030. The rebound means Saudi Arabia’s tourism revenues have grown steadily since January 2022, rising from less than $1 billion in the first quarter of 2022 to more than $5 billion in the second quarter of 2023, according to Riyadh-based Jadwa Investment. The government sees tourism as a growth sector in its plans to develop a non-oil economy by 2030. Tourism forms a key element of giga projects including tech city Neom, the Red Sea Project and the Amaala luxury tourist resort. Neom will host the 2029 Asian Winter Games, in nearby mountains where snow falls in winter, highlighting Saudi Arabia’s diverse climate and attraction as a tourist destination.
Transport Morocco to invest $4bn in airport expansion Morocco will invest MAD42 billion ($4.1 billion) in airport expansion by 2030, the country’s transport and logistics minister has said. The investment aligns with the strategy to strengthen the country’s airports as a global gateway, Morocco World News reported citing Abdessamad Kayouh. The investments intend to modernise major airports, including Casablanca, Rabat, Tangier, Marrakesh, Fez, […] 3 hours ago
Energy Oil slips after Trump calls on Opec to lower prices Oil prices were down on Friday after newly inaugurated US President Donald Trump on Thursday drew a direct link between persistently high inflation and global oil prices during video remarks before the World Economic Forum in Davos, Switzerland. Trump said he intends to address the problem by boosting domestic production and by asking “Saudi Arabia […] 3 hours ago
Finance Global trade will grow in 2025 despite tariff threats, says UAE minister Global trade is expected to grow in 2025 despite threats by US President Donald Trump to impose new import tariffs, UAE’s minister of state for foreign trade Thani Al Zeyoudi has said. The momentum in foreign trade and global trade is growing, he told Bloomberg Television at the World Economic Forum in Davos, Switzerland. “Trump is […] 3 hours ago
Banking & Finance Credit and debit card use rises steeply in Turkey Cash could be dethroned as king in Turkey as consumers increasingly turn to plastic when paying for goods and services. But the rise in card usage also comes at a cost, as more Turks fall behind in servicing their debt. Credit and debit card spending reached a total of TL14.87 trillion ($420 billion) in 2024, […] 3 hours ago
