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.



Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
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Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)

The Saudi stock market index (TASI) closed the first trading session of the week with a 0.83% decline, ending a seven-session streak of gains that followed the interest rate cut.
Experts attributed the drop to four main reasons: geopolitical tensions, a significant resistance level, corrective technical indicators in the banking sector, and fluctuations in oil prices.
In financial market technical analysis, a resistance level refers to a price point where significant selling pressure is expected, preventing further upward movement. Corrective technical indicators help identify potential points of decline after strong upward or downward movements, allowing analysts to predict potential pullbacks or reversals in stock prices or the overall market.
Abdullah Al-Jabali, a member of the Saudi and International Union of Analysts, explained to Asharq Al-Awsat that the index reaching 12,300 points is one of the key resistance levels at the moment. He noted that the technical correction in the banking sector made it natural for the market to begin a corrective phase during Sunday’s session.
Al-Jabali further clarified that the Saudi market’s decline is due to a combination of technical indicators alongside the geopolitical developments in the Middle East, with the slight impact of the US interest rate cut on global markets also playing a role. He added that if the index continues to decline throughout the rest of the week, it is likely to touch the 11,900-point level, considered the most important support level based on recent trading activity.
For his part, Mohammed Al-Maimouni, financial consultant at Al Motadawel Al Arabi (Arab Trader), said the Saudi market's decline was mainly due to geopolitical tensions and oil price fluctuations, noting that the index had reached a profit-taking level at 12,300 points.
He added that despite this decrease, the market did not experience the maximum 10% drop, but pressure was observed primarily from the banking and basic materials sectors.
Al-Maimouni predicted that the upcoming month of October could be positive for the Saudi stock market, especially with Goldman Sachs betting on oil prices returning to the $77 level. He stressed that if geopolitical conditions stabilize, the market could witness a significant recovery.
Stock Performance
In terms of individual stocks, Saudi Aramco —the heaviest weight on the index—recorded its most significant decline since August, dropping by about 1% to SAR 27.25. Al Rajhi Bank also saw a decrease of 1.67%, closing at SAR 88.10.
On the other hand, ACWA Power, the second most influential stock on the index, continued its gains, rising by approximately 1% to SAR 490. The stock had reached an all-time high of SAR 500 during the previous week.