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UN Tourism and WTTC Laud Saudi Arabia for Receiving over 100 Million Tourists in 2023

The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said
The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said
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UN Tourism and WTTC Laud Saudi Arabia for Receiving over 100 Million Tourists in 2023

The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said
The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said

Saudi Arabia has received international recognition and praise from UN Tourism and the World Travel & Tourism Council for the "remarkable achievement" of receiving over 100 million tourists in 2023, according to a statement issued today by the Saudi Ministry of Tourism.
This accomplishment, the statement said, significantly surpassed the target set for 2030, positioning Saudi Arabia as "an emerging global tourism powerhouse.”
According to the ministry, the Kingdom has achieved this milestone seven years ahead of the initial goal, according to the latest data. Motivated by this success, the Kingdom has now set a new ambitious target of welcoming 150 million tourists by 2030.
Tourism has proved to be a significant contributor to the nation’s economy, with domestic and international tourists spending over SAR250 billion in 2023. This expenditure represents over 4% of GDP and 7% of the non-oil GDP, and reflects the crucial role played by tourism in diversifying Saudi Arabia's economy.
Tourism Minister Ahmed Al Khateeb said that this announcement demonstrates the scale of the Kingdom's transformation since the National Tourism Strategy was launched five years ago.
"Tourism is a key pillar in the nation’s economic transformation under Vision 2030, creating jobs and revenue for the Kingdom," he said. "We thank both UN Tourism and WTTC as valued partners in our journey for their shared commitment to a sustainable and prosperous tourism sector.”
Al Khateeb said the tourism sector operates in line with the national tourism strategy, developing diverse tourist destinations. The aim, he said, is to enrich the tourists’ experience, diversify options for both local and international visitors, and improve hospitality facilities along with other services provided.
"We are committed to aligning with top-tier international experiences and practices. This approach contributes to shaping a prosperous future for our tourism industry, improving the quality of life, and bolstering the Kingdom's position on the global tourism map," said the minister.
According to the statement, the tourism sector in the Kingdom has made significant leaps, with the total number of tourists, both domestic and international, reaching 106.2 million in 2023. This represents a remarkable 56% increase over 2019 and a substantial 12% surge over 2022.
International tourists numbered 27.4 million, a substantial 56% increase over 2019 and an impressive 65% rise compared to 2022.

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Billionaire Financier Bessent Confirmed as Trump’s Treasury Chief 

US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
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Billionaire Financier Bessent Confirmed as Trump’s Treasury Chief 

US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)

Billionaire hedge fund manager Scott Bessent won Senate approval Monday to become US Treasury secretary, placing him at the forefront of implementing Donald Trump's economic agenda -- which is already triggering global jitters.

Bessent, a Wall Street veteran who was born and raised in South Carolina, has defended the Republican president's tax cutting and tariff proposals while urging efforts to secure supply chains and the dollar's global status.

On Monday, he cleared a confirmation vote with a comfortable margin of 68-29, with bipartisan support.

As Treasury chief, Bessent will have a hand in the administration's tax policies and its budget, confronting the debt limit and steering plans that could lead to fresh tariffs.

Mike Crapo, who chairs the Senate Finance Committee, said Monday that Bessent was "committed to restoring the prosperity and opportunity" seen under Trump's leadership.

But Ron Wyden, the top Democrat on the committee, warned it was unclear that Bessent would serve as a check on Trump's economic plans, which could weigh on consumers and small businesses.

Bessent, 62, has said he would back tougher sanctions on Russian oil majors as a way to end the war in Ukraine, while signaling a hawkish approach on China.

Trump returned to the White House this month vowing lower taxes to aid Americans squeezed by high costs of living, and tariffs to pressure other countries to align on US concerns.

The president has warned of tariffs on allies and adversaries - including major trading partners Mexico and Canada on February 1.

Now all eyes are on how his Treasury chief walks the line between supporting these efforts and avoiding tensions that may roil the world economy.

At his hearing, Bessent disagreed that Trump's proposed duties on imports would be paid for domestically, noting that levies can be used in negotiations, to remedy unfair trade practices or to boost revenues.

He also took aim at government spending and high budget deficits.

He will have to grapple with Trump's promised tax cuts - alongside their consequences for the US economy - as he begins his role.

The Treasury Department has oversight across areas from federal finances to bank supervision. It also oversees US sanctions.

- Family friend -

Bessent has known the Trump family for three decades and was friends with the president's late brother Robert, he previously said.

"I was all-in for President Trump," he said on Trump ally Roger Stone's radio show.

Bessent attended Yale University and served as chief investment officer of Soros Fund Management, the macroeconomic investment firm of liberal billionaire George Soros.

In 2015, he raised capital, including $2 billion from Soros, to start his own hedge fund.

More recently, Bessent said he had not spoken to Soros in years.

Bessent is chief executive at Key Square Group, but has committed to resigning from the position at the hedge fund and divesting his partnership share upon confirmation.

- 'Only-in-America' -

During his confirmation hearing, Bessent recounted taking an internship in finance -- a job that came with an office pullout sofa, allowing him to live in New York rent-free.

"I've been involved in the financial markets ever since," he told lawmakers. "My life has been the only-in-America story that I am determined to preserve for future generations."

Urging for all tools to be used "to realign the economic system to better serve the interests of working Americans," Bessent has criticized "unfair distortions" in global trade.

He previously floated the idea of Trump nominating a "shadow Fed chair" to dilute the influence of Federal Reserve chief Jerome Powell.

But he has since dropped the idea and stated that he supports the central bank's independence in policymaking.

"President Trump is going to make his views known, as many senators did," Bessent said in his hearing on January 16.

He added that on monetary policy, the Fed's rate-setting committee "should be independent."