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Tourism in Saudi Arabia Booms with 58% Growth in Arrivals in 2023, Ranks 2nd Globally

A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)
A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)
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Tourism in Saudi Arabia Booms with 58% Growth in Arrivals in 2023, Ranks 2nd Globally

A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)
A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)

Saudi Arabia has achieved a significant milestone in the tourism sector, ranking second globally in terms of tourist arrivals during the first seven months of 2023.

According to the Ministry of Tourism, the Kingdom witnessed a remarkable 58% growth in tourist numbers during the first seven months of this year compared to the same period in 2019.

The data is sourced from the UNWTO World Tourism Barometer, published by the United Nations World Tourism Organization (UNWTO) in September 2023.

This is a continuation of Saudi Arabia's success in the tourism industry and its position as a global leader in this field. Riyadh hosted World Tourism Day on September 27-28.

Minister of Tourism Ahmed Al-Khateeb said this achievement would not have been possible without the support of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister.

This achievement strengthens the Kingdom's status as a global tourist destination. The substantial rise in tourist arrivals reflects the confidence travelers have in the variety and quality of tourism options available in Saudi Arabia.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.