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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

Oil Up 2% but Set to End the Week Lower on Demand Concerns

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
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Oil Up 2% but Set to End the Week Lower on Demand Concerns

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices rose 2% on Friday on a softer dollar but were still set to end the week lower as weaker US employment data raised concerns over the health of the world's largest oil consumer, and renewed ceasefire talks in Gaza eased worries about supply.

Brent crude futures rose $1.38, or 1.8%, to $78.60 a barrel at 1220 GMT, while US West Texas Intermediate (WTI) crude futures rose $1.46, or 2%, to $74.47. Brent futures have fallen about 1.4% so far this week, while WTI lost nearly 3%.

Both benchmarks hit their lowest since early January this week, after the US government sharply lowered its estimate of jobs added by employers this year through March, Reuters reported.

That sparked concern about a potential recession in the US hurting demand in the top oil consuming nation, but some analysts say that was an overreaction to the jobs revision.

The market will be closely monitoring a keynote speech by Federal Reserve chair Jerome Powell scheduled for 1400 GMT on Friday, with the market widely anticipating a rate cut from next month.

"Alluding to a quarter point cut in September is something already priced in and will receive a lukewarm reaction," PVM Oil analyst John Evans said.

"But a double-decker half point percentage cut goes against how the Fed wishes to manage a controlled move away from tightening," he added.

The US dollar index softened to about 101.45 ahead of the speech, and remained close to the 2024 low of 100.92 it hit on Wednesday, and is headed for a fifth straight week of losses. A cheaper greenback typically lifts demand for dollar-denominated oil from investors holding other currencies.

Morgan Stanley said in a note on Friday that a drawdown in oil inventories has provided oil prices with some support.

"For now, the balance in the oil market is tight, with inventories drawing approximately 1.2 million barrels per day in the last four weeks, which we expect will continue in the balance of [the third quarter]," the bank said.

Recent data from China, the top oil importer, has pointed to a struggling economy and slowing oil demand from refiners.
A renewed push for a ceasefire in Gaza between Israel and Hamas has also helped ease supply worries and weighed on oil prices.

US and Israeli delegations started a new round of meetings in Cairo on Thursday to resolve differences over a truce proposal.