Saudi Arabia surpasses 116m tourists in 2024, exceeds goal for 2nd year 

 Saudi Arabia surpasses 116m tourists in 2024, exceeds goal for 2nd year 
After surpassing its original 100 million visitor goal six years ahead of schedule in 2023, Saudi Arabia has revised its ambitions upward, now aiming to attract 150 million tourists annually by 2030. Shutterstock.
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Updated 22 June 2025
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Saudi Arabia surpasses 116m tourists in 2024, exceeds goal for 2nd year 

 Saudi Arabia surpasses 116m tourists in 2024, exceeds goal for 2nd year 

RIYADH: Saudi Arabia welcomed 116 million tourists in 2024, exceeding its annual visitor target for the second year in a row, the official data showed. 

According to the Ministry of Tourism’s latest annual statistical report, the figure includes 29.7 million inbound tourists, an 8 percent increase year on year, and 86.2 million domestic trips, up 5 percent from 2023. 

The milestone reflects the continued acceleration of the Kingdom’s Vision 2030 strategy, which positions tourism as a central driver of economic diversification.  

After surpassing its original 100 million visitor goal six years ahead of schedule in 2023, Saudi Arabia has revised its ambitions upward, now aiming to attract 150 million tourists annually by 2030. This figure is split between 70 million international and 80 million domestic visitors. 

In a post on X, Minister of Tourism Ahmed Al-Khateeb said: “The 2024 Annual Statistical Report showcases the sector’s remarkable growth and its role in enabling Saudi Vision2030, a record performance achieved with the support and guidance of the Kingdom’s visionary leadership.”

Total tourism spending in 2024 hit SR283.8 billion ($75.6 billion), with inbound tourists contributing SR168.5 billion, up 19 percent from 2023, while domestic tourist expenditure reached SR115.3 billion, a 1 percent rise.  

“The tourism sector continued to achieve record growth, reaffirming its transformation into a key driver of economic development and a fundamental pillar in advancing and diversifying the national economy,” the minister said.   

Inbound tourism also reached a record monthly peak in March with 3.2 million visitors. The average international tourist stayed 19 nights and spent SR5,669 per trip.  

A standout development in 2024 was the continued rise in non-religious tourism, now representing 59 percent of inbound visits compared to 44 percent in 2019.  

Leisure and holiday travel topped this category, with related spending reaching SR36.4 billion.   

Makkah remained the top destination, drawing 17.4 million overnight visitors, and Egypt was the leading source market with 3.2 million arrivals.   

Regional analysis revealed that Asia and the Pacific accounted for the largest share of inbound tourists, at 33 percent, followed by the Middle East and North Africa at 28 percent, and the Gulf Cooperation Council at 27 percent.  

Europe contributed 8 percent, while both the Americas and Africa each made up 2 percent of total visitors.  

The sustained growth reflects the Kingdom’s continued focus on developing its tourism infrastructure and global outreach.   

The ministry noted that this report highlights the exceptional and accelerated growth achieved by the sector through targeted marketing campaigns and support programs, contributing to the sector’s record-breaking performance.  
 


Madinah’s logistics sector grows 190% amid $57bn billion development push

Madinah’s logistics sector grows 190% amid $57bn billion development push
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Madinah’s logistics sector grows 190% amid $57bn billion development push

Madinah’s logistics sector grows 190% amid $57bn billion development push

JEDDAH: Commercial registrations in Saudi Arabia’s Madinah transport and storage sector rose from 970 in 2019 to 2,817 by end-2024, reflecting strong five-year growth in the logistics industry.

The 190 percent growth over the period also translates to an average annual increase of 38 percent, according to a recent economic report issued by the Madinah Chamber of Commerce and Industry.

The analysis, also published by the Saudi Press Agency, emphasized that this expansion reflects growing investor interest and highlights the effectiveness of the region’s investment environment, as well as the local market’s capacity to accommodate increased activity in transport and storage.

It also further affirmed the sector’s pivotal role in supporting commercial, industrial, and tourism-related activities in the region.

Madinah’s emergence as a logistics hub is underpinned by a well-developed infrastructure network, including three airports, an extensive highway system linking five regions, the Haramain High-Speed Railway, and two key ports — one commercial and the other industrial. This strategic connectivity facilitated nearly $1.1 billion in non-oil exports and over SR5.25 billion ($1.40 billion) in imports in 2021.

The region’s broader economy has also shown significant momentum, with the hotel sector recording a 42 percent year-on-year increase in 2024, and tourism-related enterprises, such as organized travel and tour services, expanding by 33 percent.

“The sector’s accelerating activity coincides with the implementation of major development projects in Madinah, with a total estimated value exceeding SR213 billion,” SPA stated.

It added that these projects span multiple sectors, including infrastructure, urban expansion, and tourism services, as well as the Madinah humanization initiative, and transport and logistics, noting that these initiatives aim to streamline supply chain operations and enhance connectivity between development sites within and beyond the city.

The report further stated that the rise in commercial registrations also signals growing interest from investors and entrepreneurs in this field, which serves as a central link in production and distribution chains.

“It provides a favorable environment for the development of logistics services and the advancement of modern transport capabilities.” SPA report added.

The news agency concluded that these indicators confirm that the transport sector has become an integral component of Madinah’s economic structure, contributing to the integration of development projects and supporting stability and growth in the local market.

An earlier report by the region’s chamber on the first quarter of 2025, released in May, highlighted positive transformations in the area’s economy. The region’s gross domestic product reached SR57.6 billion in the third quarter of 2024, reflecting a 2.8 percent growth compared to the same quarter of the previous year.

Madinah also recorded the second-highest growth rate in local demand at 11 percent, based on point-of-sale transactions, following Riyadh.

The first quarter report revealed a drop in the region’s unemployment rate to 8.4 percent in the fourth quarter of 2024, down from 10.3 percent in the previous period, as employment rose to over 458,000, with economic activity concentrated in construction, trade, and manufacturing.

The study also revealed progress in major development projects across the Madinah region, with around 213 projects under implementation, valued at over SR210 billion.

“These include 188 private sector projects and 15 government projects. The total investment land area allocated for these projects exceeds 15 million sq. meters, with expectations of generating over 119,000 future job opportunities,” the release stated.

It added that the commercial sector accounted for the largest share of these projects, with 153 developments, followed by 27 mixed-use residential-commercial undertakings.

Other initiatives spanned the healthcare, education, tourism, and religious sectors.


Saudi Arabia unveils ESG-focused non-profit for industry, mining

Saudi Arabia unveils ESG-focused non-profit for industry, mining
Updated 13 min 17 sec ago
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Saudi Arabia unveils ESG-focused non-profit for industry, mining

Saudi Arabia unveils ESG-focused non-profit for industry, mining

JEDDAH: Saudi Arabia has launched a non-profit association to help industrial and mining enterprises adopt top sustainability, social responsibility, and governance standards, supporting the Kingdom’s economic growth.

The Ministry of Industry and Mineral Resources announced the establishment of the association to raise awareness among industrial and mining enterprises and support their adoption of sustainable and responsible business practices.

Saudi businesses are increasingly embracing environmental, social, and governance principles to drive sustainable growth, in alignment with Vision 2030 and the Kingdom’s target of achieving net-zero emissions by 2060, reinforcing its position as a regional leader in sustainability.

“The initiative also aims to increase the sector’s contributions and its direct impact on the gross domestic product of the national economy, in line with the objectives of Saudi Vision 2030,” the ministry said in a statement.

The press release noted that the undertaking is part of the ministry’s broader efforts to empower non-profit organizations in the industry and mining sectors, underscoring its belief in their role in advancing economic and social development in the Kingdom.

It added that the association will undertake specialized campaigns, implement guidance programs, and hold workshops focused on ESG indicators, and that the establishment aligns with the ministry’s efforts to strengthen the non-profit sector and enhance its role in the industry and mining sector.


Ericsson to scale up graduate hiring, internships in Saudi Arabia, senior official reveals

Ericsson to scale up graduate hiring, internships in Saudi Arabia, senior official reveals
Updated 01 July 2025
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Ericsson to scale up graduate hiring, internships in Saudi Arabia, senior official reveals

Ericsson to scale up graduate hiring, internships in Saudi Arabia, senior official reveals

RIYADH: Telecoms firm Ericsson is expanding its graduate hiring and internship programs in Saudi Arabia as it seeks to strengthen its regional footprint, a senior executive told Arab News.

In an interview on the sidelines of the inauguration of the company’s regional headquarters in Riyadh, Patrick Johansson, president and head of market area Europe, Middle East and Africa at Ericsson, said the Swedish firm is deepening its collaboration with Saudi universities and expanding hands-on training opportunities. 

The Swedish company officially unveiled its new office in the presence of Haytham Al-Ohali, vice minister at Ministry of Communications and Information Technology, Abdullah Al-Dubaikhi, assistant minister at the Ministry of Investment, and Petra Menander, Swedish Ambassador to Saudi Arabia.

This move aligns with Saudi Arabia’s Regional Headquarters Program, which aims to attract multinational companies to establish their Middle East and North Africa bases in the Kingdom by offering tax incentives, regulatory support, and preferential government contracting. 

Global firms such as PepsiCo, Siemens, and Unilever have already set up offices in Riyadh, supporting the Vision 2030 goal of making Saudi Arabia a regional hub for innovation and decision-making. 

Reflecting on Ericsson’s goal to develop a local workforce, Johansson said: “The joint collaboration with universities and bringing on new graduate students and training them on the ground has been part from the very beginning.” 

He added: “Now we’re expanding that even greater while having the regional headquarters here, so it is about bringing even broader numbers of students doing internships.” 

Emphasizing collaboration, talent development, and fifth-generation network leadership, Ericsson highlighted the importance of cross-sector partnerships and technological progress in building an inclusive digital infrastructure for Saudi Arabia and the broader region. 

As part of its long-term commitment to local talent development, Ericsson has been running the Gen-E graduate program at the 5G Innovation Hub in Riyadh since 2018. 

The initiative has trained more than 190 Saudi graduates from both local and international universities, with women making up 50 percent of the participants. 

The program includes technical workshops and hands-on training in Ericsson’s tools and methodologies, led by subject matter experts and the company’s Saudi leadership. 

It has contributed to the development of a range of 5G and Internet of Things applications in areas such as robotics, edge computing, and mixed reality — aligning with the Kingdom’s broader digital transformation agenda. 

Ericsson is scaling up its talent development efforts, which now include broader engagement with students across the region. 

“It is about bringing even broader numbers of students doing internships, but also the graduate programs as part of the activities here in Saudi Arabia,” Johansson said. 

He noted that Saudi Arabia’s rapid digital evolution under Vision 2030 is providing fertile ground for innovation and cross-sector collaboration, saying it has taken “an exponential leap. 

The Ericsson official added: “And of course, we’re leveraging our technology… also working across with academia, and then also into new areas, which is part of the vision.” 

The company's partnerships with major Saudi telecom operators remain central to its operations. “We’re working mainly with the two big operators — with stc and with Mobily — and again, it is about providing the connectivity that builds beyond.” 

He also highlighted that the move to establish its base in the Kingdom was a “very simple choice to make.” 

Johansson pointed to new initiatives extending beyond traditional connectivity. “It’s also about introducing new ways of having technology for good,” he said, referring to the Connected Recycling platform project launched with stc’s IoT subsidiary in February, aimed at improving the efficiency and impact of recycling through digital tools. 

Looking ahead, he stressed the importance of ecosystem-driven progress, stating: “We put the foundation here by opening our real headquarters, but then it’s what we do and achieve together … because it is all about the ecosystem.” 

The inauguration event included discussions on the evolution of network technologies, the roadmap to sixth-generation connectivity, and the role of Vision 2030 in guiding long-term innovation strategies, according to a press release.


Jordan targets 80% debt-to-GDP ratio by 2028 as it backs IMF reforms

Jordan targets 80% debt-to-GDP ratio by 2028 as it backs IMF reforms
Updated 01 July 2025
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Jordan targets 80% debt-to-GDP ratio by 2028 as it backs IMF reforms

Jordan targets 80% debt-to-GDP ratio by 2028 as it backs IMF reforms

RIYADH: Jordan aims to lower its public debt-to-gross domestic product ratio to 80 percent by 2028 under an International Monetary Fund-backed reform program, according to a government official. 

Finance Minister Abdul Hakim Al-Shibli said the plan is designed to strengthen macroeconomic and financial stability, support sustainable growth, and maintain fiscal space without adding burdens on citizens, according to a statement reported by the Jordan News Agency, also known as Petra. 

This comes as the IMF completed the third review of Jordan’s Extended Fund Facility and approved a new 48-month, $700 million Resilience and Sustainability Facility on June 25. 

The new facility is intended to enhance long-term resilience in the energy, water, and health sectors while advancing climate and pandemic preparedness efforts. 

The Petra report stated: “Al-Shibli explained that the reform package aligns with Jordan’s Economic Modernization Vision and encompasses a broad array of structural measures, including enhancements to tax compliance, expansion of the tax base, fiscal sustainability in the electricity sector, improvements in public service delivery, and a more conducive environment for private sector-led job creation.” 

It added: “He underscored that the successful completion of the third review under the national reform program constitutes a strong vote of confidence in Jordan’s economic resilience and the effectiveness of its fiscal and monetary policies, especially amid regional instability.” 

The minister said completing the review will release $134 million from the IMF, helping improve liquidity and boost investor confidence. 

Addressing public concerns that IMF-backed reforms could lead to higher taxes or austerity measures, Al-Shibli emphasized that Jordan’s engagement with the fund is based on a collaborative, nationally driven framework. 

“From the outset, Jordan has insisted that the program’s objectives align with our national strategies particularly the Economic Modernization Vision while ensuring no additional financial burdens are placed on citizens,” he said. 

Al-Shibli noted that the $700 million Resilience and Sustainability Facility, approved by the IMF’s Executive Board, will fund priority capital projects while promoting energy efficiency, water resource management, and pandemic preparedness. 

These funds, deposited with the central bank, were strategically used to redeem maturing eurobonds, helping avoid costly new issuances. Al-Shibli noted that current market conditions could have pushed interest rates as high as 9 percent, compared to the 4.8 percent yield secured through a recent sukuk issuance. 

The IMF praised Jordan’s stronger-than-expected performance in 2024, with full-year GDP growth reaching 2.5 percent, exceeding projections of 2.3 percent. This helped maintain the country’s sovereign credit rating and reflected sound fiscal and monetary management amid geopolitical uncertainty. 

This comes after Jordan’s GDP grew by 2.7 percent at constant prices in the first quarter of 2025, up from 2.2 percent during the same period last year, according to the Department of Statistics, as reported by the Jordan News Agency. 

Addressing rising debt levels, Al-Shibli said public debt stood at 35.8 billion Jordanian dinars ($50.49 billion), or 93 percent of GDP, in early 2025. He attributed the increase to fiscal deficit financing, losses at state utilities, and the inflow of $1 billion in concessional loans. 

However, debt is expected to decline to 35.3 billion dinars by the end of June, with the debt-to-GDP ratio — excluding Social Security Investment Fund holdings — seen falling to about 91 percent. 

On the sectoral front, and according to data from the Department of Statistics, agriculture recorded the highest growth in the first quarter of 2025 at 8.1 percent, followed by the electricity and water sector at 5.8 percent, and manufacturing at 5.1 percent. 

The manufacturing sector made the largest contribution to overall GDP growth, followed by agriculture and the finance, insurance, and real estate sectors.


Qatar’s economy sees annual growth of 3.7% 

Qatar’s economy sees annual growth of 3.7% 
Updated 01 July 2025
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Qatar’s economy sees annual growth of 3.7% 

Qatar’s economy sees annual growth of 3.7% 

RIYADH: Qatar’s economy expanded by 3.7 percent in real terms in the first quarter of 2025 compared to the same period a year earlier, driven primarily by robust gains in non-hydrocarbon sectors. 

According to data released by the National Planning Council, gross domestic product at constant prices rose to 181.5 billion Qatari riyals ($49.8 billion), up from 175 billion riyals in the first quarter of 2024. 

The latest figures reflect the country’s ongoing efforts to reduce reliance on hydrocarbons and foster private sector growth, with the non-hydrocarbon economy accounting for 63.6 percent of real GDP, an increase from 62.6 percent a year earlier. 

Non-hydrocarbon activities grew by 5.3 percent year-on-year, supported by strong performances across manufacturing, construction, real estate, wholesale and retail trade, and services. 

This growth aligns with the ambitions set out in the Third National Development Strategy, which targets an annual 4 percent expansion in non-hydrocarbon GDP by 2030. 

More broadly across the region, Saudi Arabia’s economy grew by 3.4 percent year on year in the first quarter of 2025, driven by a 4.9 percent increase in non-oil GDP and a 3.2 percent rise in government activity.

Commenting on Qatar’s recent data, Secretary General of NPC Abdulaziz Al-Khalifa stated: “These indicators highlight the progress of Qatar’s economy, particularly in terms of non-hydrocarbon economic growth, whose activities have recorded remarkable growth demonstrating greater diversification and stability for Qatar’s economy as the State continues to strive to build a sustainable economy.” 

According to a report by the Qatar News Agency, Al-Khalifa added: “The current growth rates also indicate additional opportunities for development, as there remains significant potential that we seek to unlock through the Third National Development Strategy to continue to build sustainable economic growth that offers unique investment and entrepreneurial opportunities for the private sector.” 

The manufacturing sector expanded by 5.6 percent, while construction grew by 4.4 percent and real estate advanced by 7 percent. 

Wholesale and retail trade saw the sharpest increase, rising by 14.6 percent compared to the same period in 2024. 

Smaller segments of the economy also posted notable gains, including accommodation and food services, which grew by 13.8 percent, and transport and storage, which rose by 3.5 percent. 

These developments indicate broad-based momentum across diverse areas of economic activity. 

Service industries also contributed to the expansion, with professional, scientific and technical activities growing by 7.2 percent, human health and social work by 2.6 percent, and the education sector recording a marginal gain of 0.1 percent. 

The National Statistics Center noted that these trends reflect continued prioritization of human capital development and improvements in quality of life, both central objectives of national policy. 

To enhance the accuracy of economic measurement, the National Statistics Center implemented an updated methodology for calculating GDP and revised quarterly data covering the period from 2018 to 2024. 

The revisions included updated indicators and advanced calculations aligned with international standards. 

Despite persistent global economic uncertainty and fluctuations in energy markets, hydrocarbon activities continued to grow modestly, accounting for 36.4 percent of real GDP, equivalent to 66 billion riyals, and rising by 1 percent compared to the first quarter of 2024. 

The NPC emphasized that this performance demonstrates the resilience of Qatar’s hydrocarbon sector alongside expanding non-hydrocarbon contributions.