Saudi Arabia's revenue from tourism more than tripled in the first quarter of 2023 to 37 billion Saudi riyals ($9.86 billion) as the kingdom seeks to attract more foreign visitors and diversify its economy from oil.
Incoming tourism revenue rose 225 per cent compared to the first quarter of 2022 as visitor numbers increased, state-run Saudi Press Agency (SPA) said.
The kingdom hosted about 7.8 million tourists during the first three months of 2023, its highest quarterly performance, which marked an increase of 64 per cent compared to the same period, before the pandemic, in 2019.
The increase in revenue led the kingdom to post a surplus in the balance of payments for the tourism sector in the first quarter, amounting to 22.8 billion riyals, compared with a deficit of 1.6 billion riyals in the same period last year, the SPA said.
This follows the Ministry of Tourism's “efforts to boost the tourism sector and its contribution to the growth of the national economy, which corresponds to the objectives of the National Tourism Development Strategy,” the agency said.
The kingdom's tourism strategy has set goals including attracting 100 million new visits, a contribution of 10 per cent to the gross domestic production by the tourism sector and 1 million new jobs in the sector by 2030.
Saudi Arabia emerged as the second-fastest growing tourism destination during the first quarter of 2023, according to the World Tourism Organisation’s data issued in May.
The country's travel and tourism sector will grow an average 11 per cent annually over the next decade, making it the Middle East's fastest-growing market, according to the World Travel & Tourism Council (WTTC).
By 2032, the sector’s contribution to Saudi Arabia's GDP could reach nearly 635 billion riyals, representing 17.1 per cent of the kingdom's total economy, it said in a July 2022 report.
In 2022, more than 93.5 million tourists visited Saudi Arabia – 77 million domestic and 16.5 million international visitors.
This year, the kingdom hopes to attract 30 million tourists, Ahmed Al Khateeb, Minister of Tourism for Saudi Arabia, told an investment forum in Paris in June this year.
“The pandemic is behind us … we will grow fast this year, we're optimistic,” he said at the time. He added that the target of 100 million visitors by the end of the decade is “very doable”.
He also called on investors to capitalise on “amazing opportunities in a virgin market with a high rate of growth in the next decade or two”.
Saudi Arabia's Public Investment Fund in July established the Saudi Tourism Investment Company, or Asfar, to support the growth of the sector.
The company will invest in new tourism projects and develop destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across Saudi Arabia, the Arab world’s biggest economy, the PIF said.
Besides offering co-investment opportunities to the private sector, Asfar will aim to create a supportive environment for local suppliers, contractors, and small and medium-sized enterprises to develop tourism projects.
The kingdom is also investing in its aviation sector to ensure the infrastructure is in place to handle the targeted number of international tourists over the coming decade.
The new national airline Riyadh Air aims to connect to more than 100 destinations around the world by 2030 after it begins operations in 2025.
Saudi Arabia is also home to Jeddah-based national carrier Saudia and its low cost subsidiary flyadeal.
Saudi Arabia's Crown Prince Mohammed bin Salman last November announced that a new airport will be opened in the capital Riyadh with six parallel runways and designed to accommodate up to 120 million travellers by 2030.
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Lahore Qalandars 186 for 4 in 19.4 overs
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
UAE currency: the story behind the money in your pockets
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Poacher
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
COMPANY%20PROFILE%20
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
