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Key Speakers to take Part in Saudi Arabia's First World Tourism Day

An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
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Key Speakers to take Part in Saudi Arabia's First World Tourism Day

An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)

More than 500 government officials, industry leaders, and experts from 120 countries are set to attend the World Tourism Day (WTD), which will be held in Riyadh for the first time.

According to the recent UNWTO Barometer Report, the Middle East reported the best results in January 2023, with arrivals 20 percent above pre-pandemic levels.

The region continues to be the only one to exceed 2019 levels, with Saudi witnessing extraordinary growth exceeding 58 percent.

The organizing committee for the WTD announced on Sunday that the exceptional participation reflects the significance of this occasion.

- Green investment

WTD 2023, on September 27 and 28, will be held under the theme "Tourism and Green Investments."

The event aims to foster global collaboration to examine investment opportunities and strengthen the resilience of the tourism industry, steering the sector towards an investment-led and sustainably focused future.

On the evening of the first day, a gala dinner will be hosted in Saudi Arabia's UNESCO heritage site, Diriyah, to celebrate WTD 2023.

A WTD 2024 handover session will be conducted between Saudi Arabia and Georgia ahead of Tbilisi's hosting of the event next year.

Hosting this significant event in the heart of Riyadh bolsters the city's global standing and leadership across various sectors, including the international tourism industry.

The UN Secretary-General, Antonio Guterres, stated on World Tourism Day: "We recognize the vital need for green investments to build a tourism sector that delivers for people and planet. Governments and businesses must invest in sustainable and resilient tourism practices."

- Participating officials

The Kingdom was elected Chair of the Executive Council of the United Nations World Tourism Organization (UNWTO) for 2023 and hosted the World Travel and Tourism Council's Global Summit in Riyadh last year.

Riyadh also houses the regional office of the World Tourism Organization in the Middle East.

WTD2023 will have a high-level speaker line-up, showcasing the collective movement across the industry to celebrate the sector's successes while exploring solutions to its most pressing challenges.

Key speakers include, among others, Saudi Tourism Minister Ahmed al-Khateeb, Investment Minister Khalid al-Falih, WTO Sec-Gen Zurab Pololikashvili, and South Africa's Tourism Minister Patricia de Lille.

Notably, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz recently discussed developments in the Saudi tourism sector during a TV interview with Fox News, revealing that the sector's contribution to the GDP has increased from three to seven percent.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.