Saudi Arabia Continues to Promote Tourism by Providing Electronic Visas to 6 New Countries

A historical site near the Saudi city of AlUla. (AFP)
A historical site near the Saudi city of AlUla. (AFP)
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Saudi Arabia Continues to Promote Tourism by Providing Electronic Visas to 6 New Countries

A historical site near the Saudi city of AlUla. (AFP)
A historical site near the Saudi city of AlUla. (AFP)

The Saudi Ministry of Tourism announced on Tuesday the availability of electronic visit visas for citizens of six countries, bringing the total number to 63 countries benefiting from this service.

The new countries include, Türkiye, Thailand, Panama, Saint Kitts and Nevis, Seychelles, and Mauritius. Citizens can obtain a visit visa electronically or directly upon arrival at one of the Kingdom’s international ports.

In remarks to Asharq Al-Awsat, tourism experts pointed to the importance of providing electronic visas to the largest number of countries, in order to meet the giant tourism projects that are emerging in the Kingdom, and to receive visitors from all over the world.

Vice Chairman of the Board of Directors of the Riyadh Chamber of Commerce and Chairman of the National Tourism Committee of the Federation of Saudi Chambers Nayef Al-Rajhi said the Kingdom was significantly expanding the granting of electronic visas to citizens of other countries, underlining its endeavor to promote the sector and reach its target to receive 100 million visitors in 2030.

According to Al-Rajhi, digital transformation in public and private agencies contributed to facilitating visitor procedures for tourists.

He added that Saudi Arabia’s tourism openness expands the work of the local private sector and attracts foreign capital to enter and invest in major tourism projects.

General Manager and CEO of Abdul Mohsen Al-Hokair Company Majed Al-Hokair told Asharq Al-Awsat that expanding the scope of electronic visas to include six new countries is a step towards achieving the Kingdom’s aspirations to advance the tourism sector and an opportunity for tourists to discover the country’s rich landmarks.

He added that Saudi Arabia has a target to raise the contribution of the tourism sector to the gross domestic product to exceed 10 percent, and to diversify the economy in line with the goals of Vision 2030.

Al-Hokair noted that the government would move forward to add more beneficiaries of the electronic visa system in order to encourage tourists to discover various sites across the Kingdom.

The new step by the Saudi government is part of efforts aimed at enhancing the country’s openness to the world, and supporting development and economic diversification to achieve the goals of Vision 2030. The goals include raising the tourism sector’s contribution to the gross domestic product from 3 to more than 10 percent and providing one million job opportunities in the sector.

In addition to citizens of the 63 countries, the tourist visa is available to seven other categories: residents of the United States, the United Kingdom, the European Union countries, and holders of American and British visit visas, as well as those who hold Schengen visas, and all residents of the Gulf Cooperation Council countries.

The Red Sea International Company recently announced the opening of its tourism destination to visitors from all over the world, through the Red Sea International Airport, which currently receives flights directly from Riyadh. The service will be expanded to include several other regions.



Saudi Debt Market Doubles to $213.3 Bn

Chairman of Saudi Arabia’s Capital Market Authority (CMA) Mohammed Al-Quwaiz takes part in the Debt Markets and Derivatives Forum 2024 in Riyadh. (Asharq Al-Awsat)
Chairman of Saudi Arabia’s Capital Market Authority (CMA) Mohammed Al-Quwaiz takes part in the Debt Markets and Derivatives Forum 2024 in Riyadh. (Asharq Al-Awsat)
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Saudi Debt Market Doubles to $213.3 Bn

Chairman of Saudi Arabia’s Capital Market Authority (CMA) Mohammed Al-Quwaiz takes part in the Debt Markets and Derivatives Forum 2024 in Riyadh. (Asharq Al-Awsat)
Chairman of Saudi Arabia’s Capital Market Authority (CMA) Mohammed Al-Quwaiz takes part in the Debt Markets and Derivatives Forum 2024 in Riyadh. (Asharq Al-Awsat)

Saudi Arabia’s debt market has doubled to nearly SAR 800 billion ($213.3 billion) by the end of last year, up from SAR 400 billion ($106.6 billion) in 2019, following regulatory reforms under the Kingdom’s Vision 2030.

Sukuk issuances rose by 40%, while liquidity grew by over SAR 2.5 billion ($666 million).

Mohammed Al-Quwaiz, Chairman of the Capital Market Authority (CMA), shared these updates during the Debt Markets and Derivatives Forum 2024 (DMDF 2024) in Riyadh on Sunday.

He said Saudi Arabia’s debt markets are becoming more attractive globally and are nearing a significant milestone under Vision 2030.

Al-Quwaiz noted that global debt markets are worth between $140 trillion and $150 trillion, compared to $115 trillion for equity markets.

He added that Saudi Arabia aims to join more global indices to attract foreign investment.

The focus now is on expanding the debt market’s reach, which is becoming more open to foreign investors than the stock market. Vision 2030 and its projects have also driven up borrowing demand.

Al-Quwaiz noted that bank financing is still the main borrowing source in Saudi Arabia, but the country has started using the debt market as well.

“We’ve seen significant growth in the stock market’s role in financing, and now the debt market is taking shape,” he said.

He explained that the debt market is built on three key foundations: the 2018 Bankruptcy Law, the creation of the National Debt Management Center, and the establishment of the National Committee for Debt Market Development.

This committee, led by the CMA, includes the Saudi Central Bank, the Financial Sector Development Program, the National Debt Management Center, and Tadawul, all crucial to the market’s regulatory and operational structure.

Khlood Al-Dukheil, CEO of Financial Analytics, told Asharq Al-Awsat that the debt market is vital for emerging economies as it provides companies with liquidity and investment opportunities.

“In Saudi Arabia, we are still in the early stages of developing this market,” she said.

“Initially, the government was the main beneficiary, but for the market to grow and deepen, it must also serve private companies and other sectors,” added Al-Dukheil.

The DMDF 2024 featured discussions where leaders from major financial firms talked about the improvements in Saudi Arabia’s debt market.

In a panel discussion called “New Horizons for the Debt Market,” CEO of Edaa, the Saudi central securities depository, Hanan al-Shehri noted that debt market issuances are now six times higher than those in the equity market, indicating significant progress.

Waleed Al-Rashed, CEO of Al Rajhi Capital, said debt investments are less risky than stocks or alternative investments, with returns between 5% and 8%, making them a solid choice for investors.

Majeed Al-Abduljabbar, CEO of the Saudi Real Estate Refinance Company, explained that the debt market helps provide liquidity, boosting economic growth and investment diversity.