Saudi Arabia Received Record 100 million Tourists in 2023

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)
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Saudi Arabia Received Record 100 million Tourists in 2023

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)

Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb said the tourism sector in the Kingdom achieved its goal of hosting 100 million tourists in 2023.

Of that figure, 77 million were domestic tourists and 27 million were international tourists. They collectively spent SAR100 billion.

He made the announcement during his participation at a ministerial panel, "The Importance of the Private Sector in Achieving Vision 2030", at the second edition of the Public Investment Fund (PIF) and Private Sector Forum.

Al-Khateeb emphasized that the new strategy of Prince Mohammed bin Salman, Crown Prince and Prime Minister, aims to attract 150 million tourists, some 80 million domestic and 70 million from abroad, by 2030.

He said the Kingdom has committed to funding training programs, adding that more than 100,000 young men and women were trained last year. Of these, 15,000 trained in the best institutes in the world to join the tourism sector.

He also highlighted the role played by the Human Resources Development Fund in increasing salaries.

Al-Khateeb emphasized the ongoing effort to boost legislation and encourage investment, highlighting the establishment of the Tourism Development Fund, which has funded over 50 projects totaling SAR35 billion.



Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Finance Mohammed Abdullah Al-Jadaan approved on Sunday the Annual Borrowing Plan for the fiscal year 2025, following its endorsement by the Board of Directors of the National Debt Management Center.

The plan highlights key developments in public debt for 2024, initiatives related to local debt markets, and the funding plan and its guiding principles for 2025, in addition to the 2025 issuances’ calendar for the Local Saudi Sukuk Issuance Program in Saudi Riyal.

According to the plan, the projected funding needs for 2025 are estimated at approximately SAR139 billion. The amount is intended to cover the anticipated budget deficit of SAR101 billion for the fiscal year 2025, as outlined in the Ministry of Finance’s Official Budget Statement, and the principals’ repayment of the debts maturing in the current year, 2025, amounting to approximately SAR38 billion.

To boost the sustainability of the Kingdom's access to various debt markets and broaden the investor base, Saudi Arabia aims in 2025 to continue diversifying local and international financing channels to efficiently meet funding needs.

This will be achieved through the issuance of sovereign debt instruments at fair pricing, guided by well-defined and robust risk management frameworks.

Additionally, the Kingdom plans to benefit from market opportunities by executing private transactions that can promote economic growth, such as export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing, and exploring tapping into new markets and currencies based on market conditions.