Qatar surpasses 2024 visitor target welcoming 5m travelers

Qatar’s visitor numbers have steadily increased throughout 2024, with notable growth in both the early and late parts of the year. Shutterstock
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Updated 30 December 2024
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Qatar surpasses 2024 visitor target welcoming 5m travelers

  • Hotel sector now boasts more than 40,000 keys, reinforcing its capacity to cater to an increasing influx of travelers
  • Tourism traffic in the GCC is expected to rise as countries work to reduce their reliance on oil

RIYADH: Qatar welcomed 5 million visitors in 2024, surpassing its target of 4.79 million and marking a 25 percent increase in international arrivals compared to the previous year. 

The growth underscores the country’s rising prominence as a global tourism hub and highlights several key milestones, including surpassing its annual goal of 8.8 million room nights sold, reaching nearly 10 million room nights to date. 

The country’s hotel sector now boasts more than 40,000 keys, reinforcing its capacity to cater to an increasing influx of travelers, according to a press release. 

The achievement aligns with Qatar’s National Tourism Sector Strategy 2030, which aims to welcome over 6 million annual visitors by the end of this decade, positioning the country as the Middle East’s fastest-growing tourist destination. 

“Surpassing five million visitors is a landmark accomplishment for Qatar, bringing us closer to realizing our vision of positioning the country as one of the world’s fastest-growing, family-friendly premier destinations,” said Saad Bin Ali Al-Kharji, the chairman of Qatar Tourism. 

“This milestone is not only a celebration of our accomplishments but also a foundation for future growth as we continue to deliver unique experiences and service excellence across all the tourism touch points for every visitor,” he added. 

The year’s visitor demographics reveal that 41 percent were Gulf Cooperation Council nationals, while 59 percent came from international markets, led by Saudi Arabia, India, the UK, Germany, and the US. 

Qatar also recorded 56 percent of arrivals by air, 37 percent by land, and 7 percent by sea. 

This comes as tourism traffic in the GCC is expected to rise as countries work to reduce their reliance on oil.

The tourism sector’s contribution to gross domestic product is expected to grow from $130 billion in 2023 to over $340 billion by 2030, exceeding 10 percent of the region’s GDP, according to a report released by Fitch Ratings in July. 

The aviation industry will be crucial, with Fitch Ratings forecasting significant growth in passenger traffic, supported by some of the world’s most modern airports, including Dubai International with 87 million passengers, Hamad International in Doha with 45.9 million, and King Abdulaziz International in Jeddah with 42.9 million. 

Qatar’s visitor numbers have steadily increased throughout 2024, with notable growth in both the early and late parts of the year. 

Major events, such as the AFC Asian Cup in January, the Formula 1 Qatar Grand Prix, and the 2024/2025 cruise season, contributed to the surge in arrivals, particularly during the November school holidays when visitor numbers from Saudi Arabia were notably strong. 

“Our tourism goals are ambitious but achievable. Between 2022 and 2030, we aim to nearly triple our visitor numbers and to at least double the tourism in-destination spend,” Al-Kharji said. 

As Qatar continues to attract global travelers, the country remains focused on offering quality experiences and showcasing its cultural heritage. 

By inviting visitors to explore its unique landmarks and family-friendly attractions, Qatar is strengthening its position as a top global tourism destination. 

Looking ahead, Qatar’s tourism strategy aims to triple its visitor numbers by 2030, while also doubling the tourism sector’s contribution to the country’s GDP, targeting a range of 10-12 percent. 


Qatar’s foreign merchandise trade balance surplus slips 5%

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Qatar’s foreign merchandise trade balance surplus slips 5%

RIYADH: Qatar recorded a foreign merchandise trade balance surplus of 57.7 billion Qatari riyals ($15.8 billion) in the third quarter of 2024, down 5 percent year on year, new data revealed.

Merchandise trade balance surplus is the difference between total exports and imports.

According to figures released by the Gulf nation’s Planning and Statistics Authority, the country’s total exports in the third quarter of 2024 — including domestic goods and re-exports — were valued at 87.8 billion riyals. This represents a 2.2 percent decline compared to the same period in 2023.

The value of Qatar’s imports during the same period amounted to 30.1 billion riyals, up 4.1 percent compared to the same quarter in 2023.

The figures fall in with the nation’s trajectory to restore government revenues to pre-2014 oil price shock levels and double its economy by 2031, according to an analysis by Standard Chartered in August.

The data also reflects the steady growth of Qatar’s non-oil economy, contributing to two-thirds of the country’s gross domestic product.

Exports breakdown

The figures further disclosed that the drop in exports is mainly attributed to lower exports of mineral fuels, lubricants, and related materials by 5 billion riyals, or 6.5 percent, and miscellaneous manufactured articles by 100 million riyals, or 22 percent.

Increases were mainly recorded in chemicals and related products by 1.5 billion riyals, or 24.5 percent, machinery and transport equipment by 1.2 billion riyals, or 53.3 percent, and manufactured goods classified chiefly by material by 400 billion riyals, or 17.1 percent.

Exports of crude materials, inedible, except fuels, also witnessed a rise of 100 million, or 24.8 percent.

Imports breakdown

The rise in import values is mainly linked to increases in machinery and transport equipment by 800 million riyals, or 6.7 percent, chemicals and related products by 400 million riyals, or 17.2 percent, and mineral fuels, lubricants and related materials by 320 million riyals, or 58.2 percent.

Imports of food and live animals also jumped by 300 million riyals or 9.8 percent.

Meanwhile, decreases were recorded mainly in miscellaneous manufactured articles by 400 million, or 6.7 percent as well as manufactured goods classified chiefly by material by 300 million, or 7.7 percent.

Principal destinations

The PSA data showed that Asia was the principal destination of exports for the country, representing 75.9 percent, as well as the primary origin of Qatar’s imports, accounting for 39.7 percent.

The Gulf Cooperation Council followed, accounting for 11.6 percent of exports and 11.3 percent of imports, respectively.

The EU came next, with 7.7 percent of exports and 26 percent of imports.


Turkish manufacturing sector nears stabilization in December, PMI shows

Updated 02 January 2025
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Turkish manufacturing sector nears stabilization in December, PMI shows

  • Employment in the manufacturing sector saw a renewed decline, reversing a rise in November
  • Input costs increased sharply due to higher raw material prices

ISTANBUL: Turkiye’s manufacturing sector contracted at the slowest rate in eight months in December, a business survey showed on Thursday, in a sign that the sector is nearing stabilization.
The Purchasing Managers’ Index (PMI) rose to 49.1 last month from 48.3 in November, moving nearer to the 50.0 threshold denoting growth, according to the survey by the Istanbul Chamber of Industry and S&P Global.
“December PMI data provided plenty of hope for the sector in 2025. While business conditions continued to moderate, the latest slowdown was only marginal as signs of improvement were seen in a range of variables across the survey,” said Andrew Harker, Economics Director at S&P Global Market Intelligence.
The survey highlighted a softer moderation in production, which declined at the slowest pace in nine months, suggesting some improvement in demand. The rate of slowdown in new orders and purchasing eased, although demand remained subdued.
“If this momentum can be built on at the start of 2025, we could see the sector return to growth. The prospects for the sector should be helped by a much more benign inflationary environment than has been the case in recent years,” Harker said.
Despite the positive signs, employment in the manufacturing sector saw a renewed decline, reversing a rise in November, the survey showed.
Input costs increased sharply due to higher raw material prices, but the rate of output price inflation slowed to its weakest in over five years as some firms offered discounts to boost sales. 


Oil Updates — crude rises as investors return from holidays, eye China recovery 

Updated 02 January 2025
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Oil Updates — crude rises as investors return from holidays, eye China recovery 

SINGAPORE: Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth, according to Reuters. 

Brent crude futures rose 17 cents, or 0.06 percent, to $74.82 a barrel by 08:47 a.m. Saudi time after settling up 65 cents on Tuesday, the last trading day for 2024. US West Texas Intermediate crude futures gained 19 cents, or 0.26 percent, to $71.91 a barrel after closing 73 cents higher in the previous session. 

China’s Xi said on Tuesday in his New Year’s address that the country would implement more proactive policies to promote growth in 2025. 

China’s factory activity grew in December, according to the private-sector Caixin/S&P Global survey on Thursday, but at a slower than expected pace amid concerns over the trade outlook and risks from tariffs proposed by US President-elect Donald Trump. 

The data echoed an official survey released on Tuesday that showed China’s manufacturing activity barely grew in December, though services and construction recovered. The data suggested policy stimulus is trickling into some sectors as China braces for new trade risks. 

Traders are returning to their desks and probably weighing higher geopolitical risks and also the impact of Trump running the US economy red hot versus the impact of tariffs, IG market analyst Tony Sycamore said. 

“Tomorrow’s US ISM manufacturing release will be key to crude oil’s next move,” Sycamore added. 

Sycamore said WTI’s weekly chart is winding itself into a tighter range, which suggests a big move is coming. 

“Rather than trying to predict in which way the break will occur, we would be inclined to wait for the break and then go with it,” he added. 

Investors are also awaiting weekly US oil stocks data from the Energy Information Administration that has been delayed until Thursday due to the New Year holiday. 

US crude oil and distillate stockpiles are expected to have fallen last week while gasoline inventories likely rose, an extended Reuters poll showed on Tuesday.  

US oil demand surged to the highest levels since the pandemic in October at 21.01 million barrels per day, up about 700,000 bpd from September, EIA data showed on Tuesday. 

Crude output from the world’s top producer rose to a record 13.46 million bpd in October, up 260,000 bpd from September, the report showed. 

In 2025, oil prices are likely to be constrained near $70 a barrel, down for a third year after a 3 percent decline in 2024, as weak Chinese demand and rising global supplies offset efforts by OPEC+ to shore up the market, a Reuters monthly poll showed. 

In Europe, Russia halted gas exports via Soviet-era pipelines running through Ukraine on New Year’s Day. The widely expected stoppage will not impact prices for consumers in the EU as some buyers have arranged alternative supply, while Hungary will keep receiving Russian gas via the TurkStream pipeline under the Black Sea. 


Saudi Venture Capital invests in VC fund by Global Ventures

Updated 01 January 2025
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Saudi Venture Capital invests in VC fund by Global Ventures

  • Fund will include supply chain technology, agritech, enterprise software as a service, and emerging technologies
  • Partnership underscores growing commitment to innovation and entrepreneurship

RIYADH: Startups in Saudi Arabia’s technology sector are poised to benefit from a new investment announcement by Saudi Venture Capital, which has committed funds to Global Ventures III, according to a press release.

The early-stage venture capital fund managed by Global Ventures exceeds $150 million in size and will primarily target investments in technology and tech-enabled sectors across Saudi Arabia, the Middle East and North Africa, and Sub-Saharan Africa. 

The focus areas for the VC fund will include supply chain technology, agritech, enterprise software as a service, and emerging technologies such as artificial intelligence and deep-tech.

Established in 2018, SVC is a subsidiary of the Small and Medium Enterprises Bank, which is part of Saudi Arabia’s National Development Fund. 

The investment is in line with SVC’s broader goal of boosting venture capital activity in the Kingdom and supporting the growth of startups and small and medium-sized enterprises in the region.

Nabeel Koshak, the CEO and board member at SVC, highlighted the strategic importance of this investment, saying: “Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stage.”

Noor Sweid, founder and managing partner at Global Ventures, emphasized the significance of the investment in strengthening Saudi Arabia’s startup ecosystem. 

“The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through,” Sweid said.

The partnership underscores the growing commitment to innovation and entrepreneurship in Saudi Arabia’s rapidly evolving tech landscape.


Saudi Arabia allocates 5 sites for mining complexes to boost investments

Updated 01 January 2025
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Saudi Arabia allocates 5 sites for mining complexes to boost investments

RIYADH:  Saudi Arabia has allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of its strategy to attract quality investments, enhance transparency, and support local communities. 

The initiative, led by the Ministry of Industry and Mineral Resources, aims to position mining as a cornerstone of the Kingdom’s industrial base.

The designated sites include four in Taif Governorate — North Nimran Mining Complex No. 1, covering 3.47 sq. km, North Nimran Mining Complex No. 2, covering 2.77 sq. km, South Nimran Mining Complex, covering 5.12 sq. km, and East Nimran Mining Complex, covering 15.76 sq. km. 

Additionally, South Wadi Ya’ra Mining Complex in Khamis Mushait Governorate spans 15.08 sq. km.

This allocation is part of the Kingdom’s efforts to establish mining as the third pillar of its industrial economy, alongside oil and petrochemicals, the Ministry said in a post on X.

This initiative seeks to capitalize on the Kingdom’s mineral wealth, valued at approximately SR9.4 trillion ($2.5 trillion) and distributed across more than 5,300 identified sites. By safeguarding resources and ensuring regulatory compliance, the ministry aims to foster sustainable investment and deter unauthorized mining activities.

In November 2024, Saudi Arabia awarded 11 exploration licenses for six sites spanning a total of 850 sq. km across Riyadh, Makkah, and Asir. These permits, issued under the Accelerated Exploration Program, are part of a competitive initiative to unlock underutilized resources and attract domestic and international investors.

Earlier this week, the ministry launched the Innovative Industrial and Mining Products Program, described as a significant step toward enhancing development and supporting the digital transformation of these sectors.

The program “represents a key step toward fostering innovation in the industrial and mining sectors,” the ministry said on X, adding that it reflects its commitment to “developing innovative solutions that support the Kingdom’s industrial transformation and stimulate the growth and sustainability of the mining sector.”

Saudi Arabia’s measures highlight its ambition to diversify the economy, leverage untapped resources, and solidify its position as a global leader in mining and industrial development.