TOKYO: Sony said global sales of its newest PlayStation have surged past the 10 million mark in less than a year, a record for the Japanese electronics giant.
The PlayStation 4 console, released in November, has been a bright spot for the struggling firm, which launched a sweeping restructuring in a bid to claw its way back to profitability.
The release of the PS4 in the United States and other markets has helped to improve Sony's fortunes after a disappointing response to the console's predecessor, the PS3.
Nintendo's Wii U, launched in late 2012, took more than a year to sell just under six million units.
"The responses we have received for the PS4 system's unique gameplay experiences... along with its vast game portfolio, has been phenomenal," Andrew House, president and group CEO of Sony Computer Entertainment, said in a statement.
The PS4 is locked in a battle for dominance of the digital home entertainment market with Microsoft's Xbox One and the Wii U at a time when consoles are under intense pressure to prove their worth in a world where many now play downloadable games on smartphones and tablets.
Sony launched the console in Japan in February, about four months after it debuted in the US and well behind many other markets.
The company said it had wanted to give developers more time to exploit the potential of the console in the Japanese gaming market, where top-selling titles are often markedly different from popular offerings in the US and Europe.
Software sales for the console have also been strong, with more than 30 million copies sold in retail stores globally and through digital downloads as of this week, the company said.
It added that there were plans to release a slate of major titles, including Final Fantasy XV and Bloodborne, while it was also adding new system features to expand players' gaming experience.
Among the new functions was "Share Play", which would allow users to play games with their friends as if they are in the same room, such as letting a player remotely take over another person's controls to help them through tricky sections of a game.
Last month, Sony posted a quarterly profit that it attributed largely to strong demand for the PS4 and a sharp decline in the value of the yen.
Sony's gaming division has emerged as a potential saviour for the company, which is struggling to reinvent itself in the digital age, having been left in the dust by nimbler rivals including South Korea's Samsung.
Sony PS4 sales surge past record 10 million mark
Sony PS4 sales surge past record 10 million mark
Saudi Arabia’s international tourism revenue soars by 148%, leading G20 nations
RIYADH: Saudi Arabia’s tourism sector achieved a historic milestone in 2024, with international tourism revenue surging 148 percent compared to 2019 — the highest growth rate among G20 nations.
This achievement reflects the success of Vision 2030, which has firmly positioned the Kingdom as a global leader in tourism, entertainment, and innovation.
The 2024 annual performance report highlighted record-breaking pilgrim numbers, cultural milestones, and major international events, all driven by strategic investments, regulatory reforms, and transformative mega-projects.
Tourism boom
Vision 2030 unlocked Saudi Arabia’s vast tourism potential, establishing it as one of the fastest-growing global destinations.
In 2024, international tourist arrivals surged to 29.7 million, up from 18.04 million in 2016, while domestic travelers nearly doubled to 86.2 million during the same period.
Surpassing its target of 100 million visitors seven years ahead of schedule, the Kingdom has now set a bold new goal of attracting 150 million annual tourists by 2030.
Saudi Arabia’s tourism strategy is driven by mega-projects aiming to transform the travel and hospitality industry.
Pioneering projects like The Red Sea — home to carbon-neutral resorts including Shebara, St. Regis, and Ritz-Carlton Nujuma — are redefining sustainable luxury tourism. The adjacent Red Sea International Airport, the region’s first carbon-neutral terminal, strategically connects over 250 million people within a three-hour flight radius.
In Diriyah, the birthplace of the first Saudi state, 3 million visitors experienced a seamless blend of heritage and hospitality, with developments like the Bab Samhan Hotel offering modern luxury rooted in history.
Meanwhile, at Qiddiya, major entertainment attractions are nearing completion, with Aquarabia Park 81 percent finished and Six Flags Park 87 percent completed.
The Kingdom’s global tourism profile continues to rise, with accolades including AlUla being named Best Cultural Tourism Project in the Middle East, Madinah ranking among the world’s top 100 destinations, and the Asir region earning four awards for excellence in culinary and cultural storytelling.
To enhance accessibility, the Kingdom expanded its e-visa program to 66 countries by 2024, simplifying entry for millions of travelers.
Additionally, Saudi Arabia has emerged as a global leader in safety, ranking highest among G20 nations in security indicators, further solidifying its reputation as a welcoming and secure destination for international visitors.
Pilgrimage services
Serving pilgrims remains a cornerstone of Saudi Arabia’s responsibilities. Vision 2030 has transformed the Hajj and Umrah experience into a model of efficiency, accessibility, and safety.
In 2024, the Kingdom welcomed 16.9 million foreign Umrah pilgrims and 1.61 million foreign Hajj pilgrims, reflecting significant growth from 2016 levels.
Innovations like the Makkah Route Initiative, which fast-tracks visa issuance and pre-clearance in eight countries, served 322,900 pilgrims in 2024 — a rise from just 1,700 in 2017.
The Nusuk platform played a key role in improving pilgrimage planning, helping achieve an 81 percent satisfaction rate on the Pilgrim Experience Index. Transportation infrastructure, including the Haramain High-Speed Railway, the Makkah Bus Network, and the Al-Mashaer Metro Line, facilitated the movement of 69.5 million passengers between holy sites.
The Kingdom’s commitment to pilgrims’ well-being is evident in its healthcare services. In 2024, 390,000 pilgrims received medical care, and 40,000 medical staff were mobilized. Adding to that, 189 hospitals, centers, and mobile clinics were deployed, and 28 open-heart surgeries and 720 cardiac catheterizations were performed.
About 153,000 volunteers supported pilgrimage operations in 2024, up from just 3,352 in 2021, showcasing the growing culture of community service.
Hosting mega-events
Saudi Arabia’s global influence expanded across sports, esports, and entertainment in 2024.
The Kingdom secured the rights to host the 2034 FIFA World Cup, which will feature 48 national teams competing across 15 stadiums in Riyadh, Jeddah, NEOM, Al Khobar, and Abha.
The tournament will be backed by 134 training facilities and 230,000 hotel units, contributing to infrastructure development, job creation, and long-term economic impact.
In the digital realm, Saudi Arabia hosted the inaugural Esports World Cup, the largest tournament of its kind, featuring 1,500 professional players, 500 elite clubs, and 22 competitions. Team Falcons emerged as champions, and the Kingdom further solidified its leadership by winning hosting rights for the Olympic Esports Games.
Meanwhile, Riyadh Season 2024 drew 19 million visitors, with a total attendance of 76.9 million across 423 entertainment attractions.
The festival featured top-tier performances, immersive themed zones, and vibrant cultural displays, reinforcing its reputation as a global entertainment event.
Cultural renaissance
Vision 2030 has revitalized Saudi Arabia’s cultural identity, merging ancient heritage with modern creativity.
The Kingdom now boasts eight UNESCO World Heritage Sites, including the newly listed Al-Faw Archaeological Site, and 16 UNESCO Intangible Cultural Heritage elements celebrating traditions like Arabic calligraphy, Saudi coffee, and falconry.
Groundbreaking discoveries such as the Bronze Age Village of Al-Natah in AlUla have further illuminated the region’s rich history.
In arts and entertainment, the critically acclaimed film "Norah" became the first Saudi production selected for the Cannes Film Festival’s official lineup, while the Kingdom’s first Arabic opera, Zarqa Al Yamama, premiered to acclaim.
The King Salman Global Academy for Arabic Language trained 782 international students, promoting Arabic language and culture across three continents.
Economic impact
Tourism is a major driver of Saudi Arabia’s economic diversification, with sector employment reaching 966,500 workers in 2024, up from 683,000 in 2020. Women now play a critical role, with 112,000 Saudi women employed in tourism, marking a 67 percent increase.
Investment in the sector has surged from $314.67 million in 2021 to $3.95 billion by the third quarter of 2024, fueling massive infrastructure expansion, including the Kingdom’s hospitality capacity growing to 475,900 hotel rooms.
Passengers in Saudi airports rose 46% in 2024
RIYADH: Saudi Arabia’s airports handled 128 million passengers in 2024, marking a 45.8 percent increase since the launch of Vision 2030 in 2016, according to the Kingdom’s latest annual report.
In 2024, airports across the country operated 905,000 flights and managed 1.2 million tonnes of cargo, underscoring Saudi Arabia’s growing stature as a logistics and aviation hub.
Strengthening the aviation and logistics sector is a key goal outlined in Vision 2030, as the Kingdom aims to establish itself as a global center for business and tourism by the end of this decade.
“Saudi Arabia is transforming its transport ecosystem, positioning itself as a global logistics and aviation hub by 2030,” the report stated.
As part of these efforts, the Kingdom launched over 60 new routes last year under its Air Connectivity Program, with 12 new international carriers beginning operations in Saudi cities. Since its launch in 2021, the program has expanded air links with global destinations, enhancing Saudi Arabia’s prominence in global aviation.
Innovation also took flight in 2024, with Saudi Arabia debuting the region’s first autonomous air taxi pilot project during the Hajj season. Designed to transport pilgrims across holy sites and expedite emergency responses, the air taxi pilot marks a significant step forward for the Kingdom’s smart mobility initiatives. Last year, Saudi authorities also granted the first operational license for drones to clean building facades.
Transportation and logistics
Saudi Arabia’s transportation and logistics infrastructure continued its rapid growth throughout 2024. The Kingdom ranked first regionally and 20th globally in handling commercial tonnage, while its Logistics Performance Index ranking improved to 38th globally, up from 52nd in 2016.
“Saudi Arabia has embraced its strategic location as a global gateway between East and West, transforming logistics and transportation into cornerstones of economic development,” said the report.
The year saw the launch of the $346.6 million Maersk Logistics Hub at Jeddah Islamic Port, and the addition of 34 maritime services across Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port.
Further cementing its leadership, the Saudi Ports Authority, also known as Mawani, won the International Finance Award for infrastructure development, highlighting the sector’s global recognition.
Saudi Arabia also secured membership in the Council of the International Transport Forum in 2024. Commenting on the achievement at that time, Saleh Al-Jasser, minister of Transport and Logistics, noted that it reaffirms the Kingdom’s pivotal role in advancing global transport and logistics services.
Additionally, the master plan for an integrated logistics zone at King Salman International Airport received approval, reinforcing the Kingdom’s ambitions to become a world-class logistics hub.
“Under Vision 2030, the logistics sector has undergone sweeping reforms and infrastructure advancements, aiming to make the Kingdom a world-class logistics hub that enables trade, strengthens regional integration, and supports national economic diversification,” added the report.
Expanding rail transport
Saudi Arabia’s rail sector also recorded significant progress. In 2024, 13 million passengers traveled via the national rail network, a 22 percent increase compared to the previous year, while freight movement reached 28 million tonnes.
“These developments are reinforcing the Kingdom’s position as a regional leader in integrated, sustainable transport, supporting both economic growth and improved quality of life,” said the report.
The Riyadh Metro, one of the world’s largest urban transit projects, was officially launched last year.
Spanning six lines and 176 km, the metro boasts a daily capacity of 3.6 million passengers. In its first week of operation, the network transported 1.9 million passengers.
The Riyadh Metro is a major component of Saudi Arabia’s Vision 2030 strategy, aimed at reducing traffic congestion in the capital and enhancing residents’ quality of life.
Egypt’s annual unemployment rate down to 6.6%
RIYADH: Egypt’s unemployment rate declined to 6.6 percent in 2024, down 0.4 percent from the previous year, driven by lower joblessness across both urban and rural areas and by growth in sectors such as agriculture, retail, and construction, official data shows.
The Central Agency for Public Mobilization and Statistics reported that manufacturing also experienced strong employment growth, further contributing to the overall decrease.
The number of unemployed individuals fell by 77,000 to 2.11 million, marking a 3.5 percent decrease from 2023, while the total labor force expanded by 2.9 percent to 32.041 million.
CAPMAS’s annual labor force survey indicated that youth unemployment among those aged 15 to 29 dropped to 14.9 percent, a decline of 1 percentage point from the previous year. Within this age group, male unemployment stood at 9.8 percent, while the rate for females remained significantly higher at 37.1 percent.
Among teenagers aged 15 to 19, unemployment fell slightly to 12.2 percent from 12.4 percent in 2023. For young people with intermediate, higher, and university-level education, the rate dropped to 18.7 percent, compared to 20.3 percent the previous year.
“The number of entrepreneurs managing their own businesses reached 1.34 million, representing 4.2 percent of the total workforce,” the report stated.
Labor force participation remained higher in rural areas, with 17.96 million individuals compared to 14.07 million in urban centers. Gender disparities persisted, with males accounting for 26.08 million of the labor force and females 5.96 million.
Urban unemployment declined to 9.6 percent from 9.9 percent, while rural unemployment dropped to 4.2 percent from 4.8 percent.
Among males, the urban joblessness rate stood at 6.3 percent, compared to 2.6 percent in rural areas. For females, the figures were notably higher, at 21.8 percent in urban regions and 12.4 percent in rural zones, where greater engagement in agriculture helped boost employment.
The share of unemployed individuals who had previously worked also fell, reaching 42.3 percent in 2024, down from 45.3 percent the year before, suggesting improvements in job retention.
The number of employed individuals rose to 29.92 million, a 3.3 percent increase from 28.95 million in 2023. Of these, 24.98 million were men and 4.93 million were women.
Employment remained more concentrated in rural areas, with 17.20 million workers compared to 12.72 million in urban settings.
Agriculture and fishing continued to dominate as the largest employment sectors, accounting for 5.59 million workers, or 18.7 percent of the total workforce. Wholesale and retail trade employed 4.63 million individuals, or 15.5 percent of the workforce, while the construction sector accounted for 4.04 million workers, or 13.5 percent.
The manufacturing sector saw a 5.4 percent rise in employment, reaching 3.94 million workers, or 13.2 percent of total employment.
Overall economic activity among those aged 15 and older rose to 44.2 percent in 2024, up from 43.4 percent the previous year. Male participation remained substantially higher at 70.3 percent, while female participation increased modestly to 16.9 percent.
Urban participation in economic activity grew to 44 percent from 42.7 percent, and rural participation edged up to 44.4 percent from 44 percent.
Trump says US ships should be allowed to travel through the Panama and Suez canals for free
- “American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform
WASHINGTON: US President Donald Trump on Saturday urged free transit for American commercial and military ships through the Panama and Suez canals, tasking his secretary of state with making progress “immediately.”
Trump has for months been calling for the United States to take control of the Panama Canal but his social media post also shifted focus onto the vital Suez route.
“American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform.
He claimed both routes would “not exist” without the United States and said he had asked Secretary of State Marco Rubio to “immediately take care of” the situation.
Egypt’s Suez Canal, a key waterway linking Europe and Asia, accounted for about 10 percent of global maritime trade before attacks by Yemen’s Houthi rebels on shipping routes in the Red Sea and Gulf of Aden.
The Iran-backed rebels began targeting vessels after the start of the Gaza war, claiming solidarity with Palestinians, forcing ships to take a long and costly detour around the southern tip of Africa.
Egypt said last year its canal revenues had plunged 60 percent, a loss of $7 billion.
The US military has been attacking Houthi positions since January 2024, but those assaults have intensified under Trump, with almost daily strikes in the past month.
Trump has vowed that military action would continue until the Houthis are no longer a threat to shipping.
Saudi PIF assets triple with 390% surge since 2016, 2030 target raised
- Record-breaking growth fuels job creation, sector expansion, and a powerful shift beyond oil
RIYADH: Saudi Arabia’s Public Investment Fund has recorded a 390 percent surge in assets under management since the launch of Vision 2030, according to the initiative’s latest annual report.
PIF’s assets have soared from $160 billion in 2016 to $941.3 billion in 2024, surpassing its annual target of $880 billion and underscoring the fund’s rapid growth trajectory under the Kingdom’s transformative agenda.
Building on this momentum, the wealth fund has revised its 2030 goal, raising its asset management target from $1.87 trillion to $2.67 trillion. The updated ambition reflects the fund’s strengthened position and growing influence in shaping Saudi Arabia’s future economy.
Between 2016 and 2024, PIF posted a compound annual growth rate of 22 percent, highlighting its consistent ability to generate strong returns while advancing national development priorities.
Driving forces behind PIF’s expansion
Following its restructuring under Vision 2030, PIF has transformed from a traditional sovereign wealth fund into a globally recognized driver of economic diversification and innovation.
The fund’s growth has been propelled by a proactive, diversified investment approach, with 40 percent of its portfolio allocated to Saudi companies and giga-projects. Simultaneously, it has made strategic international investments across high-potential sectors.
This balanced strategy has contributed to the expansion of priority industries within the Kingdom, including tourism, mining, culture, logistics, and technology, supporting efforts to build a resilient, diversified economy.
Economic impact and sectoral growth
PIF’s strategic investments have not only boosted economic growth but also stimulated private sector participation, created employment opportunities, and attracted foreign direct investment.
By 2024, the fund’s initiatives had contributed to the creation of 1.1 million jobs, a significant leap from 77,700 direct and indirect jobs recorded in 2021. Over the same period, the number of companies established with PIF’s support more than doubled, rising from 45 to 93 across 13 strategic sectors.
The fund achieved 48 percent local content across its projects by 2024, highlighting its strong commitment to driving domestic economic growth.
Between 2021 and the third quarter of 2024, PIF attracted more than $37.33 billion in private investments across a range of initiatives, according to the report.
Through its Private Sector Hub initiative, it published over 200 opportunities during this period, representing a total investment value of $10.67 billion.
In addition, more than 300 contractors have been pre-qualified, and over 200 small and medium-sized enterprises have been trained to collaborate with companies across PIF’s portfolio.
PIF’s role in strengthening Saudi Arabia’s non-oil economy has been pivotal.
According to the report, non-oil sectors accounted for 51 percent of the Kingdom’s real gross domestic product by 2024, a key milestone in achieving Vision 2030 goals.
The fund’s influence is evident in the launch of several megaprojects aimed at redefining the Kingdom’s economic landscape, ranging from world-class tourism destinations to advanced industrial zones.
PIF also played a crucial role in advancing financial sector reforms. The number of licensed asset managers in Saudi Arabia rose sharply from just five in 2019 to 36 in 2024, reflecting the Kingdom’s growing investment landscape and financial market sophistication.
Strengthening financial resilience
The fund has reinforced its financial base to support its ambitious investment strategy, highlighted by the transfer of 8 percent of Aramco shares. This move reduced the government’s direct ownership in the oil giant to 82.186 percent, enhancing PIF’s asset strength and investment capacity.
In addition, PIF secured $15 billion in syndicated credit facilities from 23 global financial institutions, significantly boosting its liquidity and financial flexibility. These initiatives align with PIF’s strategic objectives of developing new sectors, localizing knowledge and technology, and generating sustainable, high-quality employment opportunities across the Kingdom.
Global recognition
PIF’s transformation has not gone unnoticed on the international stage. The fund was named the world’s No.1 sovereign wealth fund brand by Brand Finance, with its brand value estimated at $1.1 billion.
Adding to its accolades, PIF swept four awards at the 2024 Middle East Bonds, Loans & Sukuk Conference, including Best Sukuk Deal, Best Landmark Deal, Best Semi-Sovereign Treasury and Funding Team, and Best Deal in Islamic Capital Markets.
Capital markets expansion
Saudi Arabia’s capital markets have grown in tandem with PIF’s rise, playing a critical role in broadening the nation’s economic base since the launch of Vision 2030.
Regulatory reforms—such as updates to the Companies Law and Government Tenders and Procurement Law—have enhanced transparency, strengthened investor confidence, and paved the way for a surge in initial public offerings.
The Saudi Exchange has seen remarkable expansion, with the number of listed companies increasing from 205 in 2019 to 353 in 2024. Foreign investor ownership more than doubled, reaching $112.8 billion in 2024 compared to $52.8 billion in 2019, while non-Saudi portfolio ownership grew from $29.3 billion in 2016 to $131.5 billion.
The number of individual portfolios on the Saudi Exchange also rose sharply, climbing from 9.2 million in 2016 to 13 million by 2024.
Meanwhile, Tadawul’s market capitalization (excluding Aramco) grew from 66.5 percent of GDP in 2019 to 86.7 percent in 2024, indicating the increasing maturity and depth of Saudi Arabia’s capital markets. The banking sector mirrored this growth, with total assets rising from $693.3 billion in 2019 to $1.12 trillion by the second quarter of 2024.
These developments have positioned Saudi Arabia’s financial sector as one of the most dynamic and accessible in the region, offering expanded opportunities for both local and global investors.
Reflecting this confidence, international credit rating agencies reaffirmed Saudi Arabia’s strong economic outlook in 2024. Moody’s assigned an AA3 rating, Fitch rated the Kingdom at “A+,” and S&P Global Ratings gave it an “A/A-1” rating, all with stable outlooks.
Beyond Vision 2030
As the Kingdom prepares to enter the final phase of Vision 2030 delivery in 2026, the focus will increasingly shift toward building a sustainable and resilient private sector. Key priorities include reducing reliance on government support while fostering growth through regulatory enhancements, infrastructure development, and targeted investments.
Saudi Arabia envisions the private sector playing a leading role in advancing the economy, particularly in high-impact fields such as advanced manufacturing, artificial intelligence, and the digital economy.
By empowering private enterprises, the Kingdom aims to achieve its target of generating 65 percent of GDP from private sector activities, positioning it as a critical driver of sustainable growth in the decades beyond Vision 2030.
