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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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Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
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Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir

Lebanon's deeply distressed sovereign dollar bonds hit a fresh two-year high on Tuesday as investors bet that a potential ceasefire with Israel could improve the country's prospects.

The bonds, which are still trading below 10 cents on the dollar, have gained more than 3% this week. The 2031 maturity was biding at 9.3 cents on the dollar, its highest since May 2022, according to Reuters.

"Some investors are mulling if it is a right time to buy, since a ceasefire is the first step needed to at some point in time restructure bonds," said Bruno Gennari, emerging markets strategist with KNG Securities International.

Israel's cabinet is expected to convene on Tuesday to discuss, and likely approve, a US plan for a ceasefire with the Iran-backed Hezbollah, a senior Israeli official said.

Israeli airstrikes, which continued on Tuesday, have decimated Lebanon's infrastructure and killed thousands.

But the counterintuitive rally, the second since Israel began bombing the country in September, was driven by bets that the deal could jolt Lebanon's fractured political system and revive efforts to pull the country out of default.