Saudi Arabia Launches Jeddah International Travel and Tourism Exhibition

Visitors at the Jeddah International Tourism and Travel Exhibition 2024. (Photo by: Adnan Mahdali)
Visitors at the Jeddah International Tourism and Travel Exhibition 2024. (Photo by: Adnan Mahdali)
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Saudi Arabia Launches Jeddah International Travel and Tourism Exhibition

Visitors at the Jeddah International Tourism and Travel Exhibition 2024. (Photo by: Adnan Mahdali)
Visitors at the Jeddah International Tourism and Travel Exhibition 2024. (Photo by: Adnan Mahdali)

The Jeddah International Travel and Tourism Exhibition (JTTX) 2024 kicked off at the Jeddah Superdome on Sunday.

The Jeddah Exhibition is hosting 250 local and international entities, including tourism bodies, the private sector, airlines, hotels, resorts, and specialized tourism companies, and seeking to attract more than 40,000 visitors, tourists, and specialists.

The Exhibition is hosting new companies from several countries, including Egypt, Tunisia, Morocco, Jordan, Bosnia and Herzegovina, Chad, Mauritius, Cyprus, Hungary, Georgia, and other companies from AlUla.

The Jeddah Superdome is the largest geodesic dome in the world to ever stand without pillars and hosts multi-purpose exhibits, sports, shows, and international conferences.

President of the Exhibition’s organizing committee Maya Halfawi stated that the event will present a new vision for tourism.

She stressed that JTTX will be an ideal opportunity for companies and institutions to enhance their business and increase their presence in the growing Saudi market, in line with Vision 2030 goals.

Attracting visitors

The official pointed out that Saudi Arabia is a global tourist destination and a golden opportunity for exhibitors to meet new partners and attract potential customers through various professional marketing tools.

She added that the exhibition identifies the needs and goals of the Saudi market, establishes partnerships in the large travel market, and reaches senior executives and influential decision-makers.

The event is an ideal opportunity for companies and institutions in the travel and tourism industry to enhance their business and increase their presence in the growing Saudi market, she added.

JTTX hosts a wide range of products, making it an annual purchasing destination for travel enthusiasts and an opportunity for exhibitors to present their services and launch new products, attracting greater interest.

Egypt's Deputy Minister of Tourism and Antiquities Ghada Shalaby revealed Cairo's plans to attract 30 million tourists in 2028, noting that about 15 million visitors arrived in the country last year.

Speaking to the media on the sidelines of the exhibition, Shalaby discussed the programs and facilities that Egypt provides to tourists and investors.

She touched on her country's launch of a five-year tourist visa worth $700 through embassies and consulates abroad, adding that Egypt grants electronic visas to 180 nationalities.

In its 12th edition, the Jeddah exhibition provides the opportunity to explore investment possibilities in tourism and provides advice on the latest offers, trends, and strategies to enjoy exceptional travel trips through workshops by specialized experts.

Encouraging domestic tourism

The exhibition is seeking to be a link between the participating parties and the travel market in Saudi Arabia to find new and unique ways of business cooperation by encouraging domestic and foreign tourism.

JTTX presents an opportunity for exhibitors to sustain existing partnerships, forge new collaborations, and attract potential customers by leveraging diverse professional marketing tools.

The current edition will focus on implementing partnerships and contracts between local and global parties participating in the exhibition.

The Kingdom has captured the world’s attention as a leading tourist destination. It is aspiring to attract 150 million visits and 70 million international tourists annually by 2030.

Saudi Arabia is one of the fastest-growing destinations in the world. In 2022, it ranked 13th among tourist destinations, and a year later, it landed the second position globally as the fastest-growing tourist destination.



Public Finance of GCC Countries Witnesses Significant Financial Surplus

The Statistical Center for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) logo
The Statistical Center for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) logo
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Public Finance of GCC Countries Witnesses Significant Financial Surplus

The Statistical Center for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) logo
The Statistical Center for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) logo

Data issued by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicate that the financial risks of the GCC countries will be low in the short term amid forecasts of stable or declining interest rates locally and globally.

The reports issued by Credit rating agencies also signaled an improvement in the sovereign bond rating of the GCC countries in 2023. It is also expected that the credit attractiveness of GCC countries will increase, which would allow for the rescheduling of their public debts at lower financial costs.

According to the estimates of the GCC-Stat, the public debt of the GCC countries is expected to stabilize at 28% of the GCC countries’ GDP during the years 2024 and 2025. The financial budget reform plans, which are based on improving the efficiency of public spending and programs to stimulate growth in non-oil sectors, would contribute to achieving a balance between maintaining the economic growth rate and the sustainability of public spending.

The data issued by the GCC-Stat also reveal that the public debt of the GCC countries has doubled over the past ten years to reach about $628 billion in 2023, after it was $144 billion in 2014. The volume of debt as a percentage of the GCC Countries’ GDP increased to reach its peak in 2020 at 40.3%, before declining in the following years to reach about 29.8% in 2023.

The total public finances in the GCC countries also recorded a significant deficit during 2014-2021. The highest deficit value was registered in 2015, with an amount of about $158 billion, which accounts for 11.1% of the total GCC Countries’ GDP. In 2020, a deficit of $128 billion was recorded, which represents 8.8% of the total GDP.

The public finances of the GCC countries witnessed a significant financial surplus in 2022 estimated at $134 billion, representing 6.1% of the gross domestic product, followed by a surplus of $2 billion in 2023.

The total public revenues in the GCC developed significantly during the period 2021-2023 to record about $641 billion in 2023. Oil revenues accounted for 62% of public revenues, compared to $723 billion in 2022, of which oil revenues accounted for 67%.

Total public spending in the GCC countries reached its highest levels in 2023, recording about $639 billion. Current spending accounted for 85% of the total public spending, compared to 15% for investment spending in the GCC countries.