How Did Saudi Arabia Achieve the 100 Million Visitors Target in 2023?

AlUla Governorate is one of the most attractive places for tourists in Saudi Arabia. (Asharq Al-Awsat)
AlUla Governorate is one of the most attractive places for tourists in Saudi Arabia. (Asharq Al-Awsat)
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How Did Saudi Arabia Achieve the 100 Million Visitors Target in 2023?

AlUla Governorate is one of the most attractive places for tourists in Saudi Arabia. (Asharq Al-Awsat)
AlUla Governorate is one of the most attractive places for tourists in Saudi Arabia. (Asharq Al-Awsat)

Recent statements by Saudi Minister of Tourism Ahmed Al-Khatib, who said that the Kingdom attained the objectives of Vision 2030 by receiving more than 100 million visitors during the past year, raised questions about the path that was taken to reach this goal.
In this regard, experts interviewed by Asharq Al-Awsat pointed to new legislation, regulations and facilitations that contributed to receiving a large number of visitors during 2023.
Al-Khatib, who revealed this achievement during the Public Investment Fund and the Private Sector forum on Tuesday in Riyadh, had also announced that the strategy of Crown Prince Mohammed bin Salman set a new target to reach 150 million visitors.
Tourism media specialist Mohammad Al Abdul Karim said that Saudi Arabia has accomplished this great developmental leap in the number of visitors and tourists through its plans in recent years to empower the sector within the Vision 2030 programs, which were reflected in the goals of the Quality of Life program.
He stated that the program’s initiatives contributed to promoting marketing opportunities for the Kingdom as a tourist destination, while entertainment and sporting events also played a major role in increasing the demand for electronic visas.
Al Abdul Karim stressed that the Kingdom has launched many tourist attraction projects and events, such as sports events and international tournaments in football, car racing, and various sports, in addition to its investment in the entertainment and tourism infrastructure in Riyadh, which transformed the capital into a sustainable tourist destination throughout the year.
For his part, tourism expert Ali Al-Zwaid said that the key factors that contributed to attracting 100 million tourists within a year lie in the real revolution witnessed by the sector, “which may be the largest in the world,” and which began with the launch of Vision 2030.
He continued that the World Tourism Organization reports confirm the significant contribution of the tourism sector in the Kingdom to enhancing global growth, stressing at the same time that Saudi Arabia leads the G20 countries in the growth rate of the number of arriving tourists during 2023, and also ranked second among the fastest growing destinations in the world for the first three quarters of 2023.

 

 



Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.