JEDDAH: Saudi Arabia has made a remarkable leap, climbing 15 places to rank 12th in global tourist spending for 2023, according to the latest UN Tourism report. This is the largest jump among the top 50 countries.

The ranking follows a September report from the UN Tourism, which highlighted the Kingdom’s leadership among G20 nations with a 73 percent increase in international visitor growth and a staggering 207 percent rise in international tourism receipts from January to July 2024 compared to the same period in 2019.

These achievements reinforce Saudi Arabia’s status as a premier global tourism destination, showcasing travelers’ growing confidence in the Kingdom's diverse and appealing offerings. In a bid to capitalize on this momentum, the tourism sector has raised its target for 2030 from 100 million to 150 million visitors, with potential for further increases if this goal is met ahead of schedule, according to Mahmoud Abdulhadi, deputy minister of destination enablement at the Ministry of Tourism.

Speaking at the Future Hospitality Summit in Riyadh last week, Abdulhadi noted that targets are continually assessed and adjusted based on sector performance.

The UNWTO praised the Kingdom’s tourism progress as a “significant milestone” in its quest to become a global leader in the industry. The report indicated that tourism-related spending surpassed $37 billion in 2023, accompanied by substantial growth in hotel capacity across the country.

In the first seven months of 2024, Saudi Arabia welcomed approximately 17.5 million international tourists. For 2023, the Kingdom hosted 27.4 million visitors, marking a 56 percent increase from 2019. This surge has placed Saudi Arabia at the top of the UN’s list for tourism growth among major destinations.

Additionally, the Kingdom’s tourism surplus reached a record SR48 billion ($12.8 billion) in 2023, a 38 percent year-on-year increase.

The International Monetary Fund, in its 2024 Article IV Consultation report released in September, commended the significant progress made by Saudi Arabia’s tourism sector under the Saudi Vision 2030 initiative. The IMF underscored the sector’s vital role in diversifying the Kingdom’s economic base, particularly within the services sector, where it has become a key growth driver in terms of visitor numbers, spending, job creation, and contribution to GDP.

According to the latest UNWTO Barometer report, global international tourist arrivals have rebounded to 96 percent of pre-pandemic levels from January to July 2024, totaling approximately 790 million — an 11 percent increase compared to the same period in 2023. The UNWTO also noted that the Middle East led global growth with a 26 percent rise in international arrivals compared to 2019 levels.

RIYADH: French start-up Newcleo is progressing in the clean energy sector, aiming to transform nuclear technology with a focus on safety and sustainability, said the company’s CEO. 

Speaking to Arab News on the sidelines of the Future Investment Initiative in Riyadh last week, Stefano Buono outlined the company’s approach to safer, more sustainable nuclear energy as an alternative to fossil fuels. 

Founded in 2021, Newcleo specializes in small, advanced reactors designed to tackle key nuclear sector challenges, including waste management and plant safety.

Backed by the French government’s France 2030 plan, Newcleo has developed a lead-based cooling technology that enhances reactor safety and facilitates waste recycling, setting it apart from many competitors. 

“I started working on new technologies in the 1990s, especially after the Chernobyl accident,” Buono told Arab News. “Since then, we have been working to develop technologies that can deal with any nuclear accident, with an emphasis, of course, on the safety of facilities, to develop solutions that guarantee that nuclear accidents cannot happen.” 

One of Newcleo’s innovations is the use of lead as a coolant, which Buono says allows for cost-effective cooling while enabling compact reactor designs and recycling of radioactive waste. “This is why we have chosen to develop equilibrium solutions for reactor cooling,” Buono said. 

“It’s now possible to cool reactors with liquid metals like lead,” he said, adding that this method allows for the cooling of compact batteries at a very low financial cost. “Our technology also makes it possible to recycle radioactive waste.” 

According to the International Energy Agency, the nuclear sector could help reduce global greenhouse gas emissions by providing an alternative to fossil fuels. 

A key strength of nuclear power is its ability to generate electricity without emitting carbon dioxide during operation, making it a valuable ally in the push to meet emissions reduction targets. 

However, nuclear energy also presents challenges. Radioactive waste management, plant safety, and public perception are issues that demand clear solutions and technological innovation — areas where French start-up Newcleo aims to make a difference. 

Buono highlighted Newcleo’s distinct approach to waste recycling, describing it as a competitive advantage over American companies. “Recycling is one aspect, and the fact that there is no nuclear waste is a good thing,” he said, adding that the company’s methods make it easier to collaborate with industrial partners and data centers. 

Buono emphasized the importance of implementing technology already established in the region, citing the example of Italian company Fincantieri, a key partner for Newcleo. “These platforms also represent a meeting point between nuclear technology and industry, two worlds that have everything in common to make this collaboration a success,” he said. 

According to Buono, Newcleo’s technology is designed not only to generate electricity but also to provide heat and support industrial processes, which he described as “the beauty” of their approach. 

Commenting on the FII, Buono said Newcleo aimed to gain insights into Saudi Arabia’s nuclear landscape. “Our company is very European, and our aim is to raise awareness of our technology because we want to see it developed in the Kingdom,” he said. “For us, this was really a reconnaissance mission.” 

While nuclear sector growth is relatively slow, Buono believes demand for decarbonization is growing faster. “Growth and competition in the nuclear sector are slow, but we need to decarbonize a lot,” he added. “The demand is faster than the sector’s growth, and I do not think there are many players capable of innovating in these systems.” 

Newcleo’s ambitions are further bolstered by French government support, which Buono considers essential for its global aspirations. “Our start-up is directly supported by the French government as part of its France 2030 plan,” he said. “This is crucial support, and when we go to other countries, we can count on government backing through embassies, export ministries, and Business France.” 

As Newcleo looks to expand internationally, its innovative reactor technology aims to position nuclear energy as a viable, safe solution for future energy needs.