Saudi Arabia’s tourism workforce hits 966k amid sector growth push 

Saudi Arabia’s hospitality footprint continued to grow, with the number of licensed establishments rising to 4,425 by the end of 2024. Getty
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Updated 24 April 2025
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Saudi Arabia’s tourism workforce hits 966k amid sector growth push 

RIYADH: Employment in Saudi Arabia’s tourism sector climbed 4 percent year on year in the final quarter of 2024 as the Kingdom accelerated its efforts to expand the industry. 

According to new data from the General Authority for Statistics, the workforce included 242,073 Saudi nationals, making up 25 percent, and 724,458 foreign workers, or 75 percent. 

This aligns with Saudi Arabia’s National Tourism Strategy, which aims to create 1.6 million jobs by 2030, and attract 150 million visitors annually while increasing tourism’s contribution to 10 percent of gross domestic product. 

The figures come in the same week as it was announced that from April 2026 41 tourism roles, including hotel managers, travel agency directors, and tour guides, will be reserved for Saudi nationals under government plans to boost local employment and reduce reliance on foreign labor. 

In its latest report, GASTAT stated that the total number of employees in the sector reached 966,531 during the last three months of 2024, adding: “The number of male employees in tourism activities reached 837,972, with a participation rate of 86.7 percent, while the number of female employees in tourism activities reached 128,559, with a participation rate of 13.3 percent of the total employees in tourism activities during Q4 of 2024.”

The highest employment levels were reported in Riyadh and Makkah regions, which together accounted for nearly two-thirds of the total workforce in tourism-related activities.

Riyadh alone employed 320,617, while Makkah followed with 268,954. The capital also had the highest share of Saudi nationals in the sector at 95,825, or 29.9 percent of its local tourism workforce. 

Saudi Arabia’s hospitality footprint continued to grow, with the number of licensed establishments rising to 4,425 by the end of 2024, including 2,163 hotels and 2,262 serviced apartments and other accommodations. 

The data showed hotel occupancy remained relatively stable at 56 percent, compared to 60.2 percent a year earlier, despite the rapid expansion in licensed capacity. Serviced apartments, meanwhile, saw a modest increase, rising to 55.9 percent from 55.4 percent the previous year. 

The average daily hotel room rate remained competitive at SR440 ($117.31) in the fourth quarter of 2024, slightly easing from SR449 a year earlier. Meanwhile, serviced apartment rates saw strong growth, rising 25.1 percent to SR220 — pointing to increasing demand and limited supply in that segment. 

The data also highlighted the average length of stay for hotel guests, which remained steady at approximately 3.6 nights in the fourth quarter of 2024 — the same as in the corresponding period of 2023. 

In contrast, the average stay in serviced apartments and other hospitality facilities was around 2.1 nights, marking a 12.1 percent decline compared to the same quarter of the previous year.


Saudi investment ecosystem drives growth in Asir region, says top executive

Updated 21 sec ago
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Saudi investment ecosystem drives growth in Asir region, says top executive

ABHA: Saudi Arabia’s integrated investment ecosystem is enhancing the attractiveness of the Kingdom’s business environment across all regions, with Asir standing out as a promising destination, according to a senior executive.

During a panel session at the second Asir Investment Forum in Abha, Khalid Al-Khattaf, CEO of the Saudi Investment Promotion Authority, highlighted the region’s unique natural, economic, and cultural assets that position it for significant potential, the Saudi Press Agency reported.

The session highlighted the region’s tourism transformation and the roles of government entities and the private sector in driving projects and fostering an investment-friendly environment.

Al-Khattaf noted that Saudi Arabia boasts one of the world’s most competitive environments, thanks in part to the efforts of the National Committee for Identifying and Developing Opportunities, which has introduced over 1,900 investment prospects valued at more than SR1 trillion ($266.6 billion) across 22 vital sectors.

These opportunities align with Vision 2030 and the National Investment Strategy, which aims to double investment volume and attract SR12.4 trillion by 2030. Sector-specific strategies also offer long-term visibility and regulatory stability for investors.

“We have presented more than 1,900 opportunities through the ‘Invest in Saudi Arabia’ platform, including sectors such as tourism, hospitality, agriculture, real estate and others,” Al-Khattaf said.

Furthermore, the Kingdom’s strategic geographic location, at the crossroads of three continents and within reach of over half the world’s population in seven hours, positions it as a global hub for business, tourism, and services.

Al-Khattaf emphasized Asir’s unique offerings, including 80 percent of the Kingdom’s forests, its highest mountain peak, more than 4,000 historical villages, and globally recognized heritage sites such as Rijal Almaa.

He highlighted that the region is well-positioned to become a premier tourism and investment destination, particularly as Saudi Arabia channels over $800 billion into tourism projects to help meet its goal of attracting 150 million visitors by 2030.

He also pointed to key investment enablers, such as exemptions from foreign investment fees, accommodation levies, government land charges, and value-added tax.

Al-Khattaf outlined the pivotal role of the Saudi Investment Marketing Authority in promoting investment prospects throughout the Kingdom, particularly in high-potential regions such as Asir. This includes digital platforms, international events, and direct investor engagements.

A dedicated Asir page is featured on the new version of the platform in seven languages, highlighting key indicators, opportunities, and reports, including a special “Invest in Asir” report developed by the Ministry of Investment to inform investors of the region’s advantages.

The authority, in collaboration with its partners in the investment system, continues to improve the legal and regulatory environment, SPA reported.

A new law now allows for 100 percent foreign ownership and guarantees equal rights for both local and international investors.

“We have developed a program to listen to investors and understand their challenges, in addition to focusing on improving the investor experience through comprehensive service centers, relationship managers, the ‘Investor Journey’ guide, and dedicated reports such as ‘Invest in Asir,’ in addition to investor listening programs to ensure that challenges are addressed directly,” Al-Khattaf  said.

He also noted the authority’s close coordination with the Asir Development Authority to align with the region’s strategy and future goals. This collaboration has led to the identification of over 46 high-quality opportunities in the tourism sector.

 As of the end of 2023, direct investments in Asir had exceeded SR7.68 billion, placing it sixth among the Kingdom’s regions in terms of foreign investment stock.

The number of active foreign investment licenses in Asir reached 467 by early 2025, reflecting growing investor interest and confidence in the region’s potential and investment environment.


Saudi Aramco prices three-part bond sale at $5bn

Updated 35 min 43 sec ago
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Saudi Aramco prices three-part bond sale at $5bn

RIYADH: Saudi Aramco has priced its dollar-denominated 3-part bonds at $5 billion and set spread for them, fixed income news service IFR reported on Tuesday.
Aramco priced its five-year debt sale at $1.5 billion with spread set at 80 basis points over US Treasuries, tighter than 115 bps over the same benchmark released earlier in the day.
Meanwhile, the 10-year portion spread was set at 95 bps with a price of $1.25 billion and its 30-year portion spread was set at 155 bps with a price of $2.25 billion, IFR said. The spread was over the same benchmark tightened from 130 and 185 bps.
The proceeds from each issue of bonds will be used by Saudi Aramco for general corporate purposes, the company said in a bourse filing.
Before the pricing was announced, the debt deal was expected to be benchmark-sized, which is usually considered to be at least $500 million.
Earlier this month, Aramco reported a 4.6 percent drop in first-quarter profits, citing lower sales and higher operating costs as economic uncertainty hit crude markets.
Reuters reported last week that the oil giant is exploring potential asset sales to release funds as it pursues international expansion and weathers the impact of lower crude prices.
The company last turned to global debt markets in July when it raised $6 billion from a three-tranche bond sale.
Saudi Arabia, which is seeking funds to invest in new industries and wean its economy away from oil under its Vision 2030 plan, has long relied on Saudi Aramco to support economic growth.
Other Gulf issuers have tapped debt markets in recent months, braving a market turmoil caused by US President Donald Trump’s tariff policies.
They include Saudi Arabia’s $925 billion sovereign wealth fund and Abu Dhabi’s renewable energy firm Masdar, which last week raised $1 billion with a green bond. (Reporting by Hadeel Al Sayegh and Federico Maccioni in Dubai, Mohammad Edrees in Bangalore; Additional reporting by Pushkala Aripaka; Editing by Kirsten Donovan, Barbara Lewis, David Evans and Mark Porter)


New currency in the works, says Syrian economy minister

Updated 43 min 49 sec ago
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New currency in the works, says Syrian economy minister

  • Syria is striving to become an open economy and attract foreign investment

DUBAI: Syrian Economy Minister Mohammad Nidal Al-Shaar has said his country is working on developing a new currency but will not make any hasty decisions.

Speaking at the Arab Media Summit on Wednesday, Al-Shaar said the new Syrian government was “dealing with this calmly and patiently” and pointed to the economy’s flaws under Bashar Assad’s regime.

“The regime had different channels to pay salaries, one was through royalties that were imposed on traders and the other was through captagon production. When the regime fell, these stopped so there is a shortage in liquidity currently,” he explained.

Liquidity was the main challenge faced by Syria’s economy, he added, as the previous regime had retrieved most of the country’s liquid assets from overseas before it fell.

“We are working on retrieving our funds from abroad in cash; unfortunately the regime was able to retrieve most of it but something is better than nothing,” he said.

Earlier this year, the UAE invested $800 million to develop the Syrian port of Tartous after the US lifted sanctions.

Al-Shaar said Syria was striving to become an open economy and attract foreign investment but was being selective to avoid creating economic chaos.

“Brotherly countries of the Middle East are all looking forward to protecting Syria from chaos, the Syrian people are tired of (it) and cannot bear any more,” he added.


Housing support opens to Saudis aged 20 in major policy shift

Updated 21 min 10 sec ago
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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.

Commenting on the Cabinet's decision in a post 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.


Saudi carriers flyadeal, flynas to start flights to Syria

Updated 7 min 29 sec ago
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Saudi carriers flyadeal, flynas to start flights to Syria

  • Many airlines pulled out of Syria during its 14-year civil war

MANILA: Saudi budget carrier flyadeal could start flying to Syria as early as July, CEO Steven Greenway said on Wednesday, joining a handful of foreign airlines introducing or resuming flights to the country as sanctions against it are scaled back.
“We got approvals last week to fly to Syria ... We’re getting ready to hopefully launch that in July,” Greenway told Reuters in Manila, where he announced a deal to lease two jets from Philippine budget airline Cebu Pacific.
Many airlines pulled out of Syria during its 14-year civil war. International flights also stopped for a period after rebels toppled former President Bashar Assad in December 2024, but then resumed with services currently offered by Qatar Airways, Turkish Airlines and Royal Jordanian as well as Syrian carriers.

Saudi low-cost airline flynas also announced it would resume flights to Syria, without specifying which city or date the journeys will set to commennce.
UAE-based FlyDubai has said it will resume services from June.
US President Donald Trump’s administration last week issued orders effectively lifting sanctions on Syria. Trump said he did so at the behest of Saudi Arabia’s crown prince.
EU foreign ministers also agreed last week to lift economic sanctions on Syria. 

(With Reuters)