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Riyadh Season Attracts 20 Million Visitors with 100% Qualitative Leap

The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)
The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)
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Riyadh Season Attracts 20 Million Visitors with 100% Qualitative Leap

The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)
The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)

The fourth edition of the Riyadh Season, which falls within the initiatives of the General Entertainment Authority, saw a qualitative leap in the number of visitors, attracting around 20 million people from inside and outside the Kingdom, compared to 10 million in its first edition in 2019.Chairman of the General Entertainment Authority’s board of directors, Turki Al-Sheikh said that 20 million people visited Riyadh Season 2023 from inside and outside Saudi Arabia, thanks to the support of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.Al-Sheikh also revealed the launch of the Eid al-Fitr 2024 identity, under the slogan “Your Eid among your family and loved ones.”The Saudi government has recently announced completing one of the goals of Vision 2030 that is attracting 100 million visitors during the past year, unveiling a new strategy by Crown Prince Mohammed bin Salman that seeks to bring 150 million visitors to the Kingdom.The Riyadh Season activities started on Oct. 20, with 12 regions offering exceptional experiences to millions of local and foreign tourists.The event displays innovative achievements in the world of entertainment, amusement parks, sports, art, culture, and much more.

This season hosted three international boxing fights, the Riyadh Season Football Cup Championship, the Egypt Cup, the tennis, snooker, padel and skating tournaments, as well as many plays and artistic concerts.The event also featured the Joy Awards for the entertainment industry, which was attended by a number of local and international artists.General Manager and CEO of Abdul Mohsen Al Hokair Company, Majed Al Hokair, told Asharq Al-Awsat that the increasing number of visitors proves the success of the General Entertainment Authority’s strategy, led by Turki Al-Sheikh.For his part, Nasser Al-Ghailan, founder and CEO of a leading tourism investment company, stressed that the Riyadh Season has become an international event that attracts local and foreign tourists and revives the commercial activity of national companies specialized in the tourism, travel and entertainment sector, specifically small and medium enterprises.

 

 

 

 

 

 

 

 

 

 

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Business

Saudi Arabia’s Non-oil Private Sector Grows in June, New Orders at Four-month High

General view of the Saudi capital Riyadh (AFP)
General view of the Saudi capital Riyadh (AFP)
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Saudi Arabia’s Non-oil Private Sector Grows in June, New Orders at Four-month High

General view of the Saudi capital Riyadh (AFP)
General view of the Saudi capital Riyadh (AFP)

The latest Riyad Bank Purchasing Managers' Index (PMI), released on Sunday, showed that growth in Saudi Arabia's non-oil private sector accelerated markedly at the end of the second quarter.

The improvement was driven by the strongest increase in new orders and new business in four months, helping business activity regain strong momentum despite continued challenges from weak export demand and mounting inflationary pressures.

The seasonally adjusted headline index rose to 53.3 in June from 52.8 in May, remaining above the 50.0 threshold that separates growth from contraction and signaling a solid improvement in overall operating conditions and the domestic business environment.

Domestic demand rebounds

The report attributed the latest upturn to stronger inflows of new business and higher domestic spending, supported by companies securing approvals for new projects and the resumption of previously delayed sales activity as concerns over regional tensions eased. This helped bolster confidence among both investors and consumers across the kingdom.

The data showed sustained growth in output, with around 18% of surveyed firms reporting higher activity levels, while only 2% recorded a decline in output during June.

Commenting on the survey, Riyad Bank Chief Economist Naif Alghaith said: "Strong output growth, alongside the fastest increase in new orders in four months, indicates that business activity regained positive momentum at the end of the second quarter. These results once again demonstrate the resilience of the domestic economy and the non-oil sector's ability to provide a solid foundation for the kingdom's broader economic growth."

Alghaith added, highlighting companies' operating strategies: "Operationally, firms maintained strict discipline, with employment levels broadly unchanged, while backlogs of work declined for the first time in a year. This suggests companies were able to absorb rising workloads without creating capacity constraints, while prioritizing operational efficiency and measured expansion."

Exports weaken

On the other hand, the report said the rebound in the domestic market contrasted with export performance, as new orders from overseas clients declined for a fourth consecutive month, weighed down by regional logistical disruptions and intensifying competition in external markets.

Price pressures also remained the biggest challenge facing businesses. Input costs recorded their strongest quarterly increase in 15 years, driven by higher fuel, freight and wage costs. The sustained cost pressures prompted around 22% of surveyed firms to raise prices for their goods and services, resulting in the second-fastest increase in output charges in nearly six years.

Alghaith commented on how firms are managing these challenges, saying: "Despite continued cost pressures, companies appear able to manage them prudently without materially affecting overall optimism or the level of activity. This in turn reflects the underlying resilience of businesses and their strong ability to strike a careful balance between maintaining profitability and pursuing sustainable expansion in the market."

Business

Kuwait’s Non-Oil Business Activity Contracts amid Regional Tensions

The "Al-Riqqa" oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (AFP)
The "Al-Riqqa" oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (AFP)
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Kuwait’s Non-Oil Business Activity Contracts amid Regional Tensions

The "Al-Riqqa" oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (AFP)
The "Al-Riqqa" oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026. (AFP)

Kuwait’s non-oil private sector came under renewed pressure in June, as regional tensions and rising prices weighed on demand. The result was a sharper contraction in both business activity and new orders.

The latest Purchasing Managers' Index (PMI) reading, released Sunday by S&P Global, showed a clear decline in operational and employment levels as the first half of the current year concluded.

Kuwait’s headline PMI declined to 46.4 in June, down from 47.2 in May. The index remained below the neutral 50-point threshold for the fourth consecutive month, signaling a continued and marked deterioration in business conditions across the non-oil private sector.

Participating companies attributed the decline in new orders mainly to a smaller customer base and greater caution among buyers in response to rising prices.

The weakness was not confined to the domestic market. External demand also came under significant pressure, with regional conflict and border-related issues with Iraq contributing to a sharp fall in new export orders.

Excluding the complete lockdown period during the COVID-19 pandemic in April 2020, new business from abroad registered its sharpest decline in June since the study began in September 2018.

Analyzing Kuwait's economic landscape, Andrew Harker, Economics Director at S&P Global Market Intelligence, said that companies in Kuwait continued to feel the impact of regional tensions throughout June, despite some recent positive signs that the conflict could move toward resolution.

Higher prices and intense competition for scarce new orders, especially from abroad, are currently curbing growth opportunities and leaving businesses in a position of retrenchment, he added.

Looking ahead to the second half of the year, he said businesses hope that the signing of the memorandum of understanding to cease hostilities between the US and Iran will help create a more stable market environment and improve overall business conditions.

Within Kuwait, weaker output prompted companies to reduce staffing levels for the fourth consecutive month, at a pace broadly in line with the decline recorded in May.

Lower workloads also led firms to scale back input purchasing sharply. The contraction was the fastest since April 2020, while inventories fell at the quickest rate since the series began.

At the same time, companies continued to face rising operating costs, including higher expenses for electricity, marketing, and transportation.

To protect profitability and offset these pressures, firms again raised the selling prices of their products and services. As a result, output price inflation accelerated to its fastest pace since September 2021, reaching its highest level in nearly five years.

Business

Iraq Approves Preliminary Agreements to Study Strategic Oil Export Pipeline Projects

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq Approves Preliminary Agreements to Study Strategic Oil Export Pipeline Projects

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq's cabinet approved Basra Oil Company signing "a heads of agreement", or preliminary agreement, and a non-disclosure agreement with a consortium including US companies Capital TI ‌and Chevron ‌and Qatar's ‌UCC ⁠to study strategic oil ⁠export pipeline projects, according to a cabinet statement.

The consortium will prepare technical and ⁠financial feasibility studies comparing ‌proposed ‌routes including Basra-Haditha-Kirkuk-Ceyhan and ‌Basra-Haditha-Baniyas. The cabinet said ‌the agreements would not create any final financial or contractual ‌obligation for the Iraqi oil ministry.

It also ⁠authorized ⁠Basra Oil Company to sign a consultancy services contract with KBR for a Basra-Haditha oil pipeline project.