LONDON: Saudi Arabia wants to be the top global destination for Muslim tourists by the end of the decade according to a top official.
It comes amid a massive push to develop the Kingdom’s Red Sea coastline and maximize tourism spending among the millions of Muslims who already visit the Kingdom each year as part of Hajj and Umrah.
“We want to beat Dubai, Malaysia and Turkey to the top spot,” said a senior official at the Saudi Commission for Tourism and National Heritage (SCNH) in an interview on the sidelines of the World Travel Market in London.
“We have different projects in the pipeline and we are developing our pilgrimage sites. We are opening up our historical sites, we have five UNESCO sites and we are aiming to have 10 by 2020.
“We have everything in Saudi. Our history gives us competitive advantage. We have a beautiful natural landscape and thousands of years of Islamic and pre-Islamic history. We are open to all,” said the spokesman.
“For Muslims, we have the advantage that everything is already halal here.”
Saudi Arabia is planning to develop hundreds of kilometers of its Red Sea coastline as a global tourism destination and has enlisted the help of Virgin Group chief Richard Branson to advise on the ambitious project, which is a key plank of ongoing economic reforms.
The Kingdom is in the “final stages” of ratifying its much-anticipated tourist visas, which would grant unrestricted leisure travel in the country, the spokesman confirmed.
“We expect the tourist visa to be in issuance within six months.”
Currently Saudi Arabia issues two-week visas for those on business, pilgrimage or visiting resident family members — but they can be difficult to obtain. A specific visa for tourists would open up the country to foreign visitors and allow access to destinations beyond the holy sites of Makkah and Madinah.
The tourism official said that the Saudi government is working on ratifying tourist visas for visitors from 165 countries, including 66 Muslim countries.
He said the Kingdom would welcome all nationalities, all religions and female visitors.
“For women, they may not need to wear a headdress but it is thought an abaya will be necessary. The details of the new regulations will be confirmed with the coming months.”
He added, “Many people will be surprised by the heritage and landscapes that Saudi has. We have skiing, diving and beautiful beaches stretching across two seas.”
Dr. Yazeed Al-Shammari, founder of Arabian Nights, a major KSA tour operator, told Arab News he was looking forward to the new tourist visa “widening and developing” his business.
“People are very curious about Saudi Arabia because we have been closed for so long. Some people think that all we’ve got is sand and camels but the reality is we have much more variety and texture than that. I’ve already had many enquiries from European agents.”
Caroline Bremner, head of travel and tourism at Euromonitor, said:
“It will be interesting to see what Saudi does now as previously the focus was only on the Hajj. Saudi Arabia is a beautiful country with a lot to offer. There have been developments lately that make the country seem more attractive to visitors, such as allowing women to drive.
“As KSA opens up it will need to be very clear on what’s allowed and what’s not, so that visitors feel reassured of what the laws and customs are in Saudi, particularly after cases of tourist jailings in Dubai.
“It will also need to pay attention to the quality of its hotels and tourist experiences as it enters the world as an emerging tourist destination.”
Saudi Arabia wants to be top tourism destination for Muslim travelers
Saudi Arabia wants to be top tourism destination for Muslim travelers
UAE debt capital markets grow 13% in Q3 to reach $294.4bn
RIYADH: The UAE’s debt capital markets experienced a 13.1 percent year-on-year growth in the third quarter of 2024, reaching a total of $294.4 billion, according to the managing director at Fitch Ratings.
Bashar Al-Natoor, the firm’s global head of Islamic finance, emphasized the UAE’s growing financial landscape and its significant role in the international sukuk market. By the end of third quarter, sukuk accounted for 20 percent of the UAE’s debt capital market, with the remaining portion in bonds.
“The UAE is a pivotal player in the global sukuk market, holding a 6.6 percent share of the global outstanding sukuk,” Al-Natoor noted in an interview with the Emirates News Agency.
This positions the UAE as the fourth-largest sukuk issuer worldwide, behind Malaysia, Saudi Arabia, and Indonesia. Additionally, the UAE has become a major US dollar debt issuer in emerging markets, excluding China, with an 8.9 percent share in the first half of 2024, trailing only Saudi Arabia and Brazil.
The UAE also ranked as the second-largest issuer of environmental, social, and governance bonds and sukuk in emerging markets outside China during the first nine months of the year, second only to Brazil.
Despite the overall market growth, Al-Natoor acknowledged a decline in issuance levels. Sukuk issuance in the UAE totaled $9.9 billion in the first nine months of 2024, reflecting a 13 percent year-on-year decrease. However, this drop was relatively modest compared to the 25 percent decline in bond issuance during the same period.
Qiddiya launches executive office to strengthen engagement with business partners
RIYADH: Qiddiya Investment Co., fully backed by Saudi Arabia’s Public Investment Fund, has launched an executive office dedicated to overseeing destination marketing and management.
The new office, called “Spirit of Play,” represents the company’s first initiative to build strategic partnerships with businesses, investors, and professionals, according to the Saudi Press Agency.
The development of cities like Qiddiya, designed to elevate entertainment experiences, is a key element of Saudi Arabia’s strategy to diversify its economy and foster growth in sectors such as tourism. Located just 40 minutes from Riyadh, Qiddiya City will offer family-friendly entertainment complexes, sports venues, and cultural facilities.
“This launch underscores our commitment to developing a unique global destination. As one of the Kingdom’s flagship projects, Qiddiya City is central to the goals of Saudi Vision 2030, which aims to build a vibrant society, a thriving economy, and an ambitious nation,” said Abdullah Nasser Al-Dawood, managing director of Qiddiya Investment Co.
He added: “We expect Qiddiya City to welcome millions of visitors annually, accommodate more than half a million residents, and create hundreds of thousands of jobs and opportunities across a range of new industries.”
According to the Saudi Press Agency, the primary goal of the executive office is to promote and manage Qiddiya, positioning the city as a leading global tourism destination.
The office will also focus on establishing strong relationships with travel industry leaders, keeping partners informed and encouraging their active involvement in developing the entertainment hub.
“We are positioning Qiddiya as a destination that offers tourists the opportunity to explore, interact, and grow through immersive, interactive, and adventurous experiences,” said Ross McCauley, general manager of the Spirit of Play executive office.
He continued: “We’ve witnessed how rapidly the travel industry has evolved globally, with travelers booking tickets to concerts, sports events, and festivals. We’re working to create a destination that sets new standards for visitor experiences in ways that haven’t been done before.”
Earlier this month, Qiddiya Investment Co. entered into a partnership with the tech firm Globant to transform Qiddiya City into an immersive hub for entertainment, sports, and culture. Under the agreement, the two companies will collaborate on the Qiddiya PLAY LIFE Connected Experience, a digital ecosystem aimed at revolutionizing how visitors and residents interact with the city’s attractions.
Saudi POS spending hits $4bn as education sector surges with 2nd-semester start
RIYADH: Saudi Arabia’s point-of-sale transactions registered a weekly increase of 36.6 percent between Oct. 27 and Nov. 2, with the education sector leading the growth.
The Saudi Central Bank, also known as SAMA, recorded SR15.1 billion ($4.03 billion) in transactions over the seven-day period, with the education industry posting the highest sectoral increase at 79.3 percent to reach SR177.6 million.
This surge coincides with the start of the second semester on Nov. 17, similar to what was seen before the school year began in August.
SAMA figures showed that the clothing and footwear sector saw the second-largest rise, with a 63.7 percent jump to SR1.07 billion, reflecting a consistent trend in consumer spending during key academic periods.
This growth mirrored a similar pattern observed earlier in August this year, indicating a recurring trend in consumer spending within these two sectors.
Spending on telecommunication recorded the third largest surge, with a 51.9 percent positive change, reaching SR157.1 million.
Expenditure on food and beverages followed with an uptick of 48.1 percent, reaching SR2.5 billion, claiming the biggest share of this week’s POS transaction value.
Recreation and culture followed with a 40.9 percent surge, reaching SR296 million.
Restaurants and cafes accounted for the second-largest POS transaction value, with SR2.1 billion. Miscellaneous goods and services followed at SR1.8 billion.
Spending in the leading three categories accounted for 42.8 percent or SR6.4 billion of the week’s total value.
At 11.8 percent, the smallest increase occurred in hotel spending, boosting total payments to SR328.4 million. Expenditures on construction and building materials came second, surging 19.1 percent to SR386 million.
Geographically, Riyadh dominated POS transactions, representing 33.7 percent of the total, with expenses in the capital reaching SR5.11 billion — a 28.1 percent increase from the previous week.
Jeddah followed with a 27.7 percent surge to SR1.93 billion, and Dammam came in third at SR745.7 million, up 28.8 percent.
Hail experienced the most significant rise in spending, increasing 65.1 percent to SR280.1 million. Tabouk and Abha followed, with expenditure surging 55.9 percent and 43 percent to SR324.8 million and SR187.4 million, respectively.
Regarding the number of transactions, Hail recorded the highest increase at 34 percent, reaching 4,427, followed by Tabouk with a 28.7 percent increase, achieving 5,312 transactions.
Saudi Arabia, UAE invest $26.8m in Pakistan in Q1 of 2024
ISLAMABAD: Pakistan’s foreign investment surged by 48 percent in the first quarter of the current fiscal year, according to state-run media reports on Tuesday.
Saudi Arabia and the UAE contributed a total of $26.8 million during this period. In 2023, Pakistan established the Special Investment Facilitation Council, a joint civil-military body aimed at expediting foreign investment decisions in key economic sectors, including agriculture, mining, minerals, and tourism.
This initiative came amid Pakistan’s ongoing economic crisis, which had pushed the country to the brink of a sovereign default. The crisis was mitigated by a crucial $3 billion bailout from the International Monetary Fund last year, preventing further economic collapse.
According to a breakdown shared by Radio Pakistan, China led foreign investments in the first quarter with $404 million, followed by the UAE’s $25 million and Saudi Arabia’s $1.8 million. Other notable contributors included Hong Kong, with $98 million; the UK, with $72 million; and the US, with $28 million.
Radio Pakistan reported: “A significant increase of 48 percent has been seen in foreign investment in Pakistan in the first quarter of the current fiscal year, reflecting the effective strategies of the Special Investment Facilitation Council.”
During a recent visit to Saudi Arabia and Qatar, Pakistan’s Prime Minister Shehbaz Sharif held talks with leaders from both nations to discuss boosting cooperation in trade, investment, and energy. Notably, in October, Pakistani and Saudi businesses signed 27 agreements and memorandums of understanding valued at $2.2 billion.
During Sharif’s visit to the Kingdom last week, the two countries agreed to increase this figure to $2.8 billion.
The UAE remains Pakistan’s third-largest trading partner, after China and the US, and serves as an important export market due to its proximity, which helps minimize transportation costs and facilitates trade exchanges.
In recent months, Sharif has been actively pursuing economic diplomacy in the region, focusing on securing investments, boosting trade, and improving regional connectivity.
Pakistan has sought to leverage its strategic position as a trade and transit hub, connecting landlocked Central Asian countries with the global market while promoting mutually beneficial economic partnerships with Gulf nations.
Saudi Arabia’s CMF Select holds first-ever market event at LSE
RIYADH: Saudi Arabia’s CMF Select has successfully concluded its inaugural international market event, hosted at the London Stock Exchange.
The gathering marked a key milestone for CMF Select, an initiative under the Saudi Tadawul Group, according to a press release.
The event aimed to strengthen strategic partnerships between the Kingdom and global markets.
Organized by CMF Select, the event attracted more than 245 influential participants, including industry experts and investors from the UK, Saudi Arabia, and other international markets.
CMF Select is a targeted series of events under the CMF umbrella, focusing on specialized topics that are relevant to Saudi Arabia and its global partners.
Sarah Al-Suhaimi, chairperson of the Saudi Tadawul Group, said: “Today’s event is another step towards fostering strategic ties with international capital markets.”
She highlighted that the event “has strengthened the relationship between Saudi Arabia and the United Kingdom, facilitating growth opportunities, and setting the stage for enhanced cross-border investment across both capital markets.”
The chairperson added: “We are keen to continue this journey as CMF expands globally, creating new pathways for innovation in capital markets, and look forward to hosting a full-scale CMF London event in 2026.”
Michael Mainelli, the Lord Mayor of the City of London, saiid the event highlighted the strength of the Saudi-UK partnership, underscoring both countries’ roles as global financial hubs within their regions.
He added: “The dialogue embodied a shared vision for driving growth, connecting capital markets, and unlocking new investment avenues. Together, we are paving the way for more impactful engagement between our financial sectors.”
Discussions throughout the event focused on exploring economic and investment opportunities across a range of sectors, including finance, technology, and sustainable development.
One of the key themes of the event was sustainability and technological innovation – both central to Saudi Arabia’s Vision 2030.
Conversations explored how these areas could be advanced through international investment, with the goal of driving economic growth and resilience in both the Kingdom and the UK.
The press release also revealed that this initiative is part of a broader strategy to position Saudi Arabia as a global financial powerhouse, with the next edition of the event scheduled to take place in Riyadh from Feb. 18-20 2025, bringing together thought leaders and change makers from the world of global finance.
