Austrian Ambassador: We Aim to Deepen Economic, Investment Cooperation with Saudi Arabia

Austrian Ambassador to Saudi Arabia Oskar Wustinger
Austrian Ambassador to Saudi Arabia Oskar Wustinger
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Austrian Ambassador: We Aim to Deepen Economic, Investment Cooperation with Saudi Arabia

Austrian Ambassador to Saudi Arabia Oskar Wustinger
Austrian Ambassador to Saudi Arabia Oskar Wustinger

Oskar Wustinger, the Austrian Ambassador to Riyadh, has highlighted a robust shared aspiration between Austria and Saudi Arabia that is currently driving private sector companies in both nations to actively bolster bilateral investments across a range of vital sectors.

These sectors encompass infrastructure, transportation, mining, tourism, entertainment, green technology, and renewable energy.

This comes at a time Vienna is looking forward to hosting the upcoming Saudi-Austrian Joint Economic Committee meetings in May 2024.

“Bilateral relations between the two countries are exceptionally robust on both the political and economic fronts,” Wustinger told Asharq Al-Awsat.

“This is evident in the multifaceted nature and scale of participation across various levels, including high-level ministerial meetings,” he explained, reminding that the Saudi minister of economy and planning had recently returned from a successful visit to Vienna.

“We see significant investment opportunities in working together in the realms of infrastructure, transportation, mining, tourism, entertainment, green technology, and renewable energy,” affirmed the diplomat.

“Saudi Arabia’s vast expanses of land and abundant resources in sunlight, wind, and seawater position it favorably to become a key producer of solar and wind energy, in addition to green hydrogen,” he added.

“We explored avenues to deepen bilateral cooperation in areas such as environmental concerns, cybersecurity, and dual education – a highly successful system that combines hands-on corporate training with professional academic education.”

“For instance, an Austrian company is already providing training to apprentices in its factory within the King Abdullah Economic City,” clarified Wustinger.

According to Wustinger, Austrian companies possess leading global capabilities in respective fields and have the necessary expertise to support Saudi Arabia in achieving climate neutrality by 2060.

He also pointed to another sector of mutual interest, which is tourism. This sector significantly contributes to Austria’s GDP and provides employment opportunities for thousands of Austrians.

Wustinger expressed his delight at the recent visit of a delegation of senior officials from the Austrian hospitality sector to Riyadh, as part of a trip organized by the Austrian National Tourism Office.

One of the objectives of this visit was to gain a firsthand assessment of the numerous impressive Saudi tourism initiatives.

He also highlighted a substantial increase in trade between the two nations following the coronavirus pandemic.

In 2022, Austrian exports to Saudi Arabia grew by 51%, reaching 481 million euros ($508.7 million), while Saudi exports to Austria increased by a remarkable 662%, totaling 180 million euros ($190.3 million).

Austrian exports in the first half of 2023 demonstrated a strong upward trend, with Saudi exports to Austria increasing by an impressive 372%.

Wustinger emphasized the growing interest among Austrian companies in engaging with Saudi Arabia.

In March, Austria’s Minister of Labor and Economy Martin Kocher visited Riyadh alongside the largest-ever delegation of Austrian businessmen.

Wustinger also highlighted the successful convening of the Saudi-Austrian Joint Economic Committee in Riyadh in 2022.

Moreover, the commercial section of the embassy had organized an Austrian trade mission in each of Riyadh and Dammam.

There is great anticipation for the upcoming Joint Economic Committee meeting scheduled to take place in Vienna in May 2024, stressed Wustinger.

“Our capital not only hosts official UN headquarters but also accommodates OPEC and OPEC+—two organizations of immense importance to Saudi Arabia,” he noted.

“Many Austrian institutions and companies are eager to contribute significantly to the success of Vision 2030,” said Wustinger in reference to Saudi Arabia’s national transformation plan.

He affirmed that there is always room for further deepening of relationships, particularly at the individual level.

Wustinger indicated his consideration of other areas, particularly in sports, culture, and science.

The ambassador also expressed delight that many Saudi tourists choose Austria as a destination for their vacations.

“We hope to see more Austrian tourists coming to Saudi Arabia to marvel at its natural beauty, cultural heritage, and the warm hospitality of its people,” Wustinger remarked.

There is a significant role played by the Austrian Embassy in Riyadh in promoting bilateral cultural exchange through a wide array of cultural projects involving Saudi and European partners, stressed Wustinger.

He also mentioned that the long-established archaeological mission from the University of Vienna has resumed its work in Saudi Arabia’s Tabuk region.



Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
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Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 

Emerging tourism markets are carving out space on the global travel map, drawing attention for their dynamic participation at the Arabian Travel Market (ATM) in Dubai, while Gulf nations—particularly Saudi Arabia and the United Arab Emirates—are accelerating their expansion in the tourism sector.

As global travel gathers momentum, Gulf-based airlines are eyeing new investment opportunities despite lingering global economic uncertainty, driven by shifting trade patterns and evolving consumer behavior in the international travel landscape.

The 32nd edition of ATM opened in Dubai with more than 2,800 exhibitors and nearly 55,000 industry professionals from 166 countries. Held under the theme “Empowering Innovation: Transforming Travel Through Entrepreneurship,” the event emphasized building a more sustainable and globally integrated travel industry.

The exhibition reflects the profound changes shaping global tourism, with cross-border and sustainable connectivity now central to the industry’s development. It also highlights the growing influence of emerging markets and the increasing role of Gulf investments in tourism and aviation.

During its participation in ATM, the Saudi Tourism Authority showcased the Kingdom’s accelerating tourism growth, revealing it had attracted approximately 116 million visitors in 2024—a 6.4% increase from the previous year. Fahd Hamidaddin, the authority’s CEO, said Saudi Arabia aims to strengthen its position as a unique summer destination through a robust calendar of events and strategic private-sector partnerships. The focus is on key source markets across the Middle East, Asia, and Africa.

UAE Tourism Supports Economic Diversification

UAE Minister of Economy and Chairman of the Emirates Tourism Council, Abdulla bin Touq Al Marri, emphasized the country’s growing stature as a global tourism hub. He pointed to the launch of major national initiatives that align with best international practices, support economic diversification, and attract investment in hospitality, aviation, and travel.

According to bin Touq, the UAE’s tourism sector continued to deliver strong performance in 2024. Hotel revenues rose to AED 45 billion (USD 12.2 billion), up 3% from 2023, while occupancy rates reached 78%, among the highest globally. The country added 16 new hotels last year, increasing the total to 1,251, with room capacity growing 3%. Hotel guests rose 9.5% year-on-year to 30.8 million, achieving 77% of the UAE’s 2031 national tourism target seven years ahead of schedule.

Gulf Airlines Gear Up for Growth

Etihad Airways CEO Antonoaldo Neves said the airline has yet to feel any major impact from global trade tensions, with seat occupancy remaining strong despite global uncertainty. Etihad plans to add 20 to 22 aircraft in 2025, with the goal of expanding its fleet to more than 170 aircraft by 2030. Neves also noted that the euro’s recent appreciation could boost European travel to the Gulf.

Etihad, which currently operates a fleet of around 100 aircraft, has significant financial flexibility, with 60% of its fleet debt-free. “If a crisis arises, we can ground planes and save up to 75% of operating costs,” he noted.

The airline plans to receive 10 Airbus A321XLR jets starting in August, in addition to 6 Airbus A350s and 4 Boeing 787s. Neves said while delays in aircraft delivery remain a challenge, they have not altered Etihad’s growth strategy. He also confirmed ongoing discussions with manufacturers and signaled interest in Boeing aircraft originally designated for China but now potentially available due to trade restrictions.

Riyadh Air Nears Major Aircraft Deal

Tony Douglas, CEO of Saudi Arabia’s Riyadh Air, said the new airline is open to acquiring Boeing jets initially built for the Chinese market if trade disputes disrupt those deliveries.

Douglas said global economic headwinds have not affected demand and announced plans to finalize a major widebody aircraft deal soon. The airline aims to expand its workforce to around 1,000 employees in the coming year, as it prepares to begin operations in the fourth quarter of 2025.

Commenting on broader regional developments, Douglas said the resumption of flights from the UAE to Syria and the use of Syrian airspace “may be an early sign that conditions are improving.”