Qatar tourism sector accounts for 8% of GDP, official says 

Qatar tourism sector accounts for 8% of GDP, official says 
Chairman of Qatar Tourism Saad bin Ali Al-Kharji speaking during a business forum in Doha. QNA
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Updated 22 May 2025
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Qatar tourism sector accounts for 8% of GDP, official says 

Qatar tourism sector accounts for 8% of GDP, official says 
  • Qatar anks among the highest spenders on healthcare, allocating up to 12% of its annual budget
  • Gulf nation welcomed over 1.5 million international visitors in the first quarter of 2025

RIYADH: Qatar’s tourism industry contributed 55 billion Qatari riyals ($15.1 billion) to the country’s gross domestic product in 2024, accounting for 8 percent of total economic output, according to a senior official.  

The figure marks a 14 percent increase compared with 2023, Chairman of Qatar Tourism Saad bin Ali Al-Kharji said during a high-level business forum in Doha, the country’s news agency reported. 

The uptick aligns with the Gulf nation’s broader Tourism Strategy 2030, which aims to boost the sector’s contribution to 12 percent of GDP and attract 6 million visitors by the end of the decade. 

The report stated: “His Excellency highlighted some of 2024’s achievements, which saw international visitor arrivals reached 5 million, a 25 percent year-on-year increase, with in-destination spend totaling nearly QAR 40 billion.”  

It added: “The hospitality sector also achieved a key milestone, recording 10 million room nights sold during the year.”  

Speaking during a panel discussion titled “Tourism in Focus” at the 5th edition of the Qatar Economic Forum, Al-Kharji emphasized the global shift in travel demand toward lifestyle-oriented and purpose-driven experiences, such as wellness retreats, cultural immersion, and luxurious nature-based getaways. 

He further noted that travelers are increasingly prioritizing experiences like personalized accommodations, culinary adventures, and curated cultural activities over traditional material purchases. 

“Qatar’s strategy aligns with these trends, focusing on six high-potential demand spaces and delivering 54 strategic projects across product development, regulation, and visitor experience enhancement,” the QNA report stated.  

The chairman highlighted that his organization is working closely with the Ministry of Public Health to develop a dedicated health tourism strategy, with several plans already approved. 

The Gulf nation ranks among the highest spenders on healthcare, allocating up to 12 percent of its annual budget to the sector, and Al-Kharji added that further investments will boost tourism related to the industry.

Qatar is also gearing up to host several major international sporting events in the coming years, including the FIFA U-17 World Cup annually from 2025 to 2029, the FIBA Basketball World Cup in 2027, and the 2030 Asian Games. 

The chairman underscored Qatar’s commitment to combining luxury with sustainability across all projects, citing examples such as the Ras Abu Aboud Resort and the Qatar National Convention Centre. The center was the first venue in the region to be certified for both luxury and sustainability, alongside Msheireb Downtown Doha, which was developed to embody both eco-consciousness and upscale living. 

According to figures released in May, Qatar welcomed over 1.5 million international visitors in the first quarter of 2025, as the country continues to advance its tourism strategy built on major events, strategic partnerships, and diverse travel experiences. 

While slightly below the 1.6 million visitors recorded during the same period in 2024, the latest figures underscore Qatar’s sustained momentum in attracting global travelers.


Housing support opens to Saudis aged 20 in major policy shift

Housing support opens to Saudis aged 20 in major policy shift
Updated 47 sec ago
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Housing support opens to Saudis aged 20 in major policy shift

Housing support opens to Saudis aged 20 in major policy shift

JEDDAH: In a significant move to broaden access to homeownership, Saudi Arabia has reduced the minimum age for housing support eligibility from 25 to 20.

The policy shift is designed to accelerate homeownership among younger citizens and aligns with the Kingdom’s broader economic and social development goals.

Announcing the update on social media platform X, Minister of Municipal, Rural Affairs and Housing Majid bin Abdullah Al-Hogail expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for endorsing the changes.

“This step will contribute to enabling more families to benefit from diverse housing and financing options, in line with the goals of the Housing Program and Saudi Vision 2030 to raise the homeownership rate to 70 percent,” the minister said.

The reform marks a continued commitment by Saudi Arabia to expand the reach and impact of the Saudi Housing Program, or Sakani, a key initiative driving social welfare and economic growth. The program was recently lauded by the International Monetary Fund in its September Article IV Consultation report, which cited notable accomplishments including a rise in the homeownership rate to approximately 64 percent, a 90 percent satisfaction rate among beneficiaries, and a wide variety of housing options.

According to the Saudi Press Agency, Al-Hogail stated: “The move reflects the leadership’s continued commitment to strengthening the Kingdom’s housing sector and enabling more citizens to own their first homes with ease and flexibility.”

He added that the updated regulations would offer a wider array of options tailored to the needs of different Saudi households.

One of the landmark reforms includes removing the financial dependency requirement previously applied to wives and divorced mothers, ensuring equal access to housing support regardless of gender.

The eligibility period for divorced women has been also revised, with details to be clarified in forthcoming implementing regulations. Previously, divorced mothers were subject to a two-year waiting period before qualifying for support.

Another notable change reduces the mandatory holding period for housing support assets—from 10 years to five—allowing beneficiaries to transfer or sell their supported assets more quickly. This is intended to provide greater flexibility and reflect the changing economic and social landscape of Saudi families.

The amendments also include enhanced accountability measures. Stricter penalties have been introduced for submitting false information, and authorities will now be able to reclaim any type of housing subsidy—including financial aid, residential units, or land—if an applicant is found to have provided misleading data.

Citizens will be able to apply under the new criteria once regulatory procedures are finalized and officially announced.


PIF’s HUMAIN to launch $10bn AI fund in global tech push

PIF’s HUMAIN to launch $10bn AI fund in global tech push
Updated 18 min 12 sec ago
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PIF’s HUMAIN to launch $10bn AI fund in global tech push

PIF’s HUMAIN to launch $10bn AI fund in global tech push
  • Kingdom targets 7 percent of global model training by 2030

RIYADH: HUMAIN, Saudi Arabia’s artificial intelligence startup backed by the Public Investment Fund, is set to launch a $10 billion venture capital fund this summer as part of the Kingdom’s ambitious push to become a global AI hub, the company’s CEO has revealed.

In an interview with the Financial Times, CEO Tareq Amin said the new fund—HUMAIN Ventures—will target startups across the US, Europe, and parts of Asia, leveraging Saudi Arabia’s financial strength to assert influence in the rapidly evolving AI industry.

The initiative aligns with projections from the Saudi Data and Artificial Intelligence Authority, which estimate that AI will contribute $15.6 trillion to the global economy by 2030 and create 98 million jobs by 2025.

HUMAIN’s expansion strategy includes establishing 1.9 gigawatts of data center capacity by 2030, with plans to scale up to 6.6GW within four years.

“HUMAIN is seeking to use Saudi Arabia’s financial might to gain a central role in almost every aspect of the burgeoning AI industry — from investing, infrastructure, and chip design. That sprawling strategy is unmatched outside a handful of US and Chinese Big Tech companies, which have had years, if not decades, to build their businesses and technical expertise,” the company said in a statement.

“US tech firms increasingly view Gulf states and their powerful sovereign wealth funds as critical sources of investment, with American tech executives in talks with regional officials about investments and raising capital,” it added.

Amin confirmed ongoing discussions with prominent US tech players, including OpenAI, Elon Musk’s xAI, and venture capital firm Andreessen Horowitz, regarding potential equity partnerships.

HUMAIN was launched in early May, just before US President Donald Trump’s visit to Riyadh, an event attended by major tech leaders such as Musk, OpenAI CEO Sam Altman, and Nvidia’s Jensen Huang.

Since its launch, HUMAIN has signed deals worth $23 billion with US tech giants, including Nvidia, AMD, Amazon Web Services, and Qualcomm. Based on current market rates, the cost of the overall project is estimated at $77 billion, according to Amin.

The company aims to handle 7 percent of global AI model training by 2030, focusing on both model development and inferencing capabilities.

“There are two paths you could take: you take it slow, and we are definitely not taking it slow, or you go fast. Whoever reaches the end line first, I think, is going to secure a good chunk of the market share,” Amin said.

Saudi Arabia, like the UAE, is prioritizing collaboration with US tech companies to address American concerns over potential technology transfers to China — despite China being the region’s largest trading partner.

Amin stressed the strategic value of US partnerships, noting, “If you go and look at our suppliers, you’ll discover that we were deliberate on the partnerships and the choices that we have picked . . . we did not want to make mistakes.”

The initial phase of HUMAIN’s data center park will include a 50-megawatt facility powered by 18,000 Nvidia chips, expected to be operational by next year. Future expansions aim to scale capacity up to 500MW, ultimately requiring 180,000 chips.

In a $10 billion joint venture with AMD, the company plans to deliver 500MW of capacity over five years. HUMAIN is also investing $2 billion with Qualcomm to build data centers and strengthen chip design capabilities in the Kingdom. As part of the agreement, Qualcomm will establish a chipset design center in Riyadh, employing 500 engineers, although the firm has no plans to manufacture chips.

Amin stated that chip procurement from US suppliers will begin within the next 30 days and expressed confidence that the initiative will gain support from the Trump administration.

This development follows Washington’s recent announcement to revoke a Biden-era regulation restricting AI chip sales to countries such as Saudi Arabia. A replacement rule is expected to be introduced.

Addressing data privacy and security concerns, Amin said HUMAIN will provide real-time inventory access for clients to audit data usage instantly. He added that new legislation in Riyadh is expected to ensure data centers comply with the legal framework of the client’s home country.

HUMAIN’s launch supports Vision 2030, Saudi Arabia’s sweeping economic diversification plan. The company is expected to foster local innovation, drive intellectual property development, and attract leading global AI talent and investment.


Syria to re-open stock market starting June 2, finance minister says

Syria to re-open stock market starting June 2, finance minister says
Updated 28 May 2025
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Syria to re-open stock market starting June 2, finance minister says

Syria to re-open stock market starting June 2, finance minister says

CAIRO: Syria is set to re-open its stock market starting June 2, the state news agency SANA reported on Tuesday, citing Finance Minister Yisr Barnieh.
Syria’s stock market stopped trading on Dec. 5, SANA said, citing the need to assess the operational and financing status of contributing companies.
In December, rebels ousted former President Bashar Assad.


Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains

Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains
Updated 28 May 2025
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Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains

Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains
  • Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel
  • US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel

SINGAPORE: Oil prices inched up on Wednesday as investors considered supply risks after the US barred Chevron from exporting crude from Venezuela under a new asset authorization, though expectations of more output from OPEC+ continued to limit gains.
Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel by 08:40 a.m. Saudi time, while US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel.
The Trump administration has issued a new authorization for US-major Chevron that would allow it to keep assets in Venezuela but not to export oil or expand its activities, Reuters reported on Tuesday, citing sources.
“The loss of Chevron’s Venezuazelan barrels in the US will leave refiners short and thus relying more on Middle Eastern crude,” Westpac’s head of commodity and carbon strategy Robert Rennie wrote in a note.
US President Donald Trump had revoked the previous license on February 26.
In recent years, the licenses to Chevron and other foreign companies supported a slight recovery in sanction-hit Venezuelan oil output to about 1 million barrels per day.
However, price gains were capped on Wednesday amid expectations that OPEC+ will decide to increase output at a meeting this week.
A full meeting of the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, is scheduled for Wednesday, though market watchers expect no change to their policy of increasing output.
A July output hike could be decided on Saturday when eight members of the group hold talks, according to sources.
“Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Sachdeva added that OPEC members’ failure to comply with production quotas and Trump’s trade policies negatively impact global oil demand.
The market also found some support after Trump said earlier this week he was weighing new sanctions on Russia.
“This increases the risk of further sanctions against Russia, putting Russian energy flows at risk,” said ING commodities strategists on Wednesday.


Saudi Arabia’s weekly POS spending holds above $3bn as apparel sales climb: SAMA 

Saudi Arabia’s weekly POS spending holds above $3bn as apparel sales climb: SAMA 
Updated 28 May 2025
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Saudi Arabia’s weekly POS spending holds above $3bn as apparel sales climb: SAMA 

Saudi Arabia’s weekly POS spending holds above $3bn as apparel sales climb: SAMA 

RIYADH: Consumer spending in Saudi Arabia remained resilient, staying above $3 billion for the fourth consecutive week, as strong demand for clothing and footwear helped offset broader declines in other sectors.  

According to data from the Saudi Central Bank, also known as SAMA, point-of-sale transactions totaled SR11.71 billion ($3.12 billion) in the week ending May 24, down 5.5 percent from the previous week, while the number of transactions dipped 5.3 percent to 205.98 million.  

Despite the overall drop, the apparel sector posted a 2.1 percent increase, reaching SR702.61 million, the only category to record weekly growth. 

POS refers to transactions made using electronic payment methods — such as credit or debit cards — at retail outlets, restaurants, and service providers. 

The sustained spending momentum highlights consumer confidence and the ongoing digital transformation of payments, driven by initiatives under the Kingdom’s Vision 2030 strategy. 

The food and beverage category remained the largest in value at SR1.65 billion, though it saw an 8.4 percent decrease. Spending at restaurants and cafes declined 6.7 percent to SR1.65 billion, while transactions at gas stations fell 6.2 percent to SR872.03 million. 

POS activity in health services dropped 6.1 percent to SR742.22 million, while miscellaneous goods and services fell 4.4 percent to SR1.46 billion. Recreation and culture remained relatively stable, down just 0.8 percent at SR227.67 million. 

Geographically, Saudi Arabia’s capital city Riyadh dominated POS transactions, with a value amounting to SR4.31 billion. However, compared to the previous week, the value of transactions in Riyadh declined by 4.1 percent. 

Jeddah followed with a 2.9 percent decrease, reaching SR1.69 billion, while Dammam came third with transactions amounting to SR620.65 million. 

Hail experienced the most significant decrease in spending, dropping by 11 percent to SR172.08 million. Tabouk followed with a 10.1 percent reduction to SR213.94 million. 

POS spending in Makkah witnessed a drop of 3.5 percent to SR379.61 million. 

In Madinah, POS spending stood at SR408.84 million, marking a weekly decline of 6 percent. 

In Khobar, the value of transactions amounted to SR365.15 million, a drop of 3.2 percent, while Abha registered SR146.08 million in transaction value, registering a weekly decline of 4.9 percent.