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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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Gold Climbs as Traders Position for Powell's Speech

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Climbs as Traders Position for Powell's Speech

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices gained on Friday as investors positioned themselves for Federal Reserve Chair Jerome Powell's speech that could shed more light on a potential US September interest rate cut.

Spot gold rose 0.7% to $2,500.83 per ounce by 1219 GMT, after hitting a record high of $2,531.60 on Tuesday. US gold futures gained 0.8% to $2,536.50.

Bullion fell more than 1% in the previous session, setting it on course for a 0.3% weekly decline, pressured by a rebound in the dollar and higher Treasury yields, Reuters reported.

"I think it's position-taking ahead of the expected rate cut, which I think is now looking like almost a certainty in September," said independent analyst Ross Norman.

Traders are expecting a 74% chance of a 25 basis points cut in September, while 26% expect a deeper 50 bps cut. Gold tends to thrive in a low interest rate environment as it yields no interest by itself.

"If Powell now hints at stronger interest rate cuts as a result, we could see new record highs for gold," Commerzbank said in a note.

"Given that the market has already priced in Fed rate cuts of around 100 basis points by the end of the year, the bar for a dovish surprise is likely to be set quite high."

Powell is expected to deliver speech at the annual central banking conference in Jackson Hole, Wyoming at 1400 GMT.

Meanwhile, India's silver imports are on course to nearly double this year due to rising demand from solar panel and electronics makers and as investors bet the metal will give better returns than gold, leading importers said on Friday.

Spot silver rose nearly 1.5% to $29.41 per ounce and was up 1.3% for the week.

Platinum gained 0.3% to $946.35 and palladium steadied at $933.71. Both metals were on track for a weekly decline.