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Expo 2030 Accelerates Massive Tourism Projects in Riyadh

Diriyah Tourism Area (Diriyah Gateway Development Authority)
Diriyah Tourism Area (Diriyah Gateway Development Authority)
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Expo 2030 Accelerates Massive Tourism Projects in Riyadh

Diriyah Tourism Area (Diriyah Gateway Development Authority)
Diriyah Tourism Area (Diriyah Gateway Development Authority)

After Riyadh’s triumph in securing the hosting rights for Expo 2030, attention has shifted towards the Saudi tourism sector, poised to benefit significantly from millions of visitors worldwide during the exhibition period.
Concurrently, Riyadh is accelerating its tourism projects to capitalize on the exhibition's momentum.
On Tuesday, Riyadh surpassed the Italian capital Rome and the Korean city of Busan during the first round of voting held in France.
The Group CEO of Diriyah Company, Jerry Inzerillo, views Saudi Arabia’s victory in hosting Expo 2030 as a significant success for the kingdom's tourism sector.
According to Inzerillo, the announcement of the Kingdom of Saudi Arabia hosting Expo 2030 is a testament to the magnitude of the transformation and success achieved by the Kingdom.
He anticipated that the exhibition would attract no less than 28 million visitors immersing themselves in unique cultures across 246 astonishing pavilions.
Earlier, Saudi Arabia 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 when compared to the same period in 2019.
This data was sourced from the UNWTO World Tourism Barometer, published by the United Nations World Tourism Organization (UNWTO) in September.
“We aim to receive 50 million annual visits to Diriyah, create over 178,000 direct job opportunities, and contribute $18.6 billion to the gross domestic product by 2030,” said Inzerillo in a press release on Wednesday.
Diriyah, known as the cradle of the kingdom and one of Saudi Arabia's most important historical sites, symbolizes national pride and a source of Saudi identity.
Fahad Al-Rasheed, CEO of the Royal Commission for Riyadh City, told the Associated Press that the kingdom’s exhibition plan includes transforming Riyadh into an “open-ended art exhibition without borders.”
Saudi Arabia continues its global openness to welcome the largest number of visitors, aiming to achieve its targets of receiving 100 million tourists by 2030.
Recently, the Ministry of Tourism announced the electronic issuance of visit visas for citizens of six countries, bringing the total number of countries benefiting from this service to 63.

 

 

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.