Saudi Electricity Company Announces 2023 Financial Results 

The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
TT
20

Saudi Electricity Company Announces 2023 Financial Results 

The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)

The Saudi Electricity Company (SEC) issued on Wednesday the financial results for 2023. The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year.

The company attributed the revenue increase to several factors, including a 5% rise in electricity demand in 2023, continued growth of subscriber base, revenue increase in the transmission system, and Dawiyat Integrated Telecom Company (fully owned by SEC) revenue growth.

Additional revenue came from developing substations and transmission lines for the company customers.

The results show a net profit of SAR10.2 billion in 2023, down from SAR15.1 billion the previous year. The company cited higher financing costs due to global interest rates and additional capital project funding, non-recurring expenses, increased operations and maintenance costs due to growing business and operating assets, and costs related to carrying out substation and transmission projects as reasons for the decrease.

The decline in net profit was partially mitigated by higher operating revenues and lower bad debt provision due to improved collection activities in 2023 compared to the previous year.

Commenting on the results, SEC CEO Eng. Khaled bin Hamad AlGnoon stated: "We strive to be strategic partners in achieving progress and prosperity in the Kingdom's electricity sector. We are investing in the present and future to achieve sustainable development and meet the needs of investors, subscribers, and the communities we serve."

AlGnoon highlighted the 2023 company achievements, including significant growth in power generation capacity, network expansion, and investments in new ventures like fiber optics and electric vehicle infrastructure.

These initiatives, he emphasized, aim to improve the quality of services and reliability, and support future growth opportunities.

He acknowledged the crucial role of the government and its ongoing support in the drive to overcome challenges and improve services for subscribers.



Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
TT
20

Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 

Emerging tourism markets are carving out space on the global travel map, drawing attention for their dynamic participation at the Arabian Travel Market (ATM) in Dubai, while Gulf nations—particularly Saudi Arabia and the United Arab Emirates—are accelerating their expansion in the tourism sector.

As global travel gathers momentum, Gulf-based airlines are eyeing new investment opportunities despite lingering global economic uncertainty, driven by shifting trade patterns and evolving consumer behavior in the international travel landscape.

The 32nd edition of ATM opened in Dubai with more than 2,800 exhibitors and nearly 55,000 industry professionals from 166 countries. Held under the theme “Empowering Innovation: Transforming Travel Through Entrepreneurship,” the event emphasized building a more sustainable and globally integrated travel industry.

The exhibition reflects the profound changes shaping global tourism, with cross-border and sustainable connectivity now central to the industry’s development. It also highlights the growing influence of emerging markets and the increasing role of Gulf investments in tourism and aviation.

During its participation in ATM, the Saudi Tourism Authority showcased the Kingdom’s accelerating tourism growth, revealing it had attracted approximately 116 million visitors in 2024—a 6.4% increase from the previous year. Fahd Hamidaddin, the authority’s CEO, said Saudi Arabia aims to strengthen its position as a unique summer destination through a robust calendar of events and strategic private-sector partnerships. The focus is on key source markets across the Middle East, Asia, and Africa.

UAE Tourism Supports Economic Diversification

UAE Minister of Economy and Chairman of the Emirates Tourism Council, Abdulla bin Touq Al Marri, emphasized the country’s growing stature as a global tourism hub. He pointed to the launch of major national initiatives that align with best international practices, support economic diversification, and attract investment in hospitality, aviation, and travel.

According to bin Touq, the UAE’s tourism sector continued to deliver strong performance in 2024. Hotel revenues rose to AED 45 billion (USD 12.2 billion), up 3% from 2023, while occupancy rates reached 78%, among the highest globally. The country added 16 new hotels last year, increasing the total to 1,251, with room capacity growing 3%. Hotel guests rose 9.5% year-on-year to 30.8 million, achieving 77% of the UAE’s 2031 national tourism target seven years ahead of schedule.

Gulf Airlines Gear Up for Growth

Etihad Airways CEO Antonoaldo Neves said the airline has yet to feel any major impact from global trade tensions, with seat occupancy remaining strong despite global uncertainty. Etihad plans to add 20 to 22 aircraft in 2025, with the goal of expanding its fleet to more than 170 aircraft by 2030. Neves also noted that the euro’s recent appreciation could boost European travel to the Gulf.

Etihad, which currently operates a fleet of around 100 aircraft, has significant financial flexibility, with 60% of its fleet debt-free. “If a crisis arises, we can ground planes and save up to 75% of operating costs,” he noted.

The airline plans to receive 10 Airbus A321XLR jets starting in August, in addition to 6 Airbus A350s and 4 Boeing 787s. Neves said while delays in aircraft delivery remain a challenge, they have not altered Etihad’s growth strategy. He also confirmed ongoing discussions with manufacturers and signaled interest in Boeing aircraft originally designated for China but now potentially available due to trade restrictions.

Riyadh Air Nears Major Aircraft Deal

Tony Douglas, CEO of Saudi Arabia’s Riyadh Air, said the new airline is open to acquiring Boeing jets initially built for the Chinese market if trade disputes disrupt those deliveries.

Douglas said global economic headwinds have not affected demand and announced plans to finalize a major widebody aircraft deal soon. The airline aims to expand its workforce to around 1,000 employees in the coming year, as it prepares to begin operations in the fourth quarter of 2025.

Commenting on broader regional developments, Douglas said the resumption of flights from the UAE to Syria and the use of Syrian airspace “may be an early sign that conditions are improving.”