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Saudi Arabia Sees 656% Surge in Leisure Tourism in 2024

File photo of Saudi flag/Asharq Al-Awsat
File photo of Saudi flag/Asharq Al-Awsat
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Saudi Arabia Sees 656% Surge in Leisure Tourism in 2024

File photo of Saudi flag/Asharq Al-Awsat
File photo of Saudi flag/Asharq Al-Awsat

The Saudi Ministry of Tourism said its sector, particularly the leisure and holiday segments, witnessed substantial growth, due in no small part to the Kingdom's Vision 2030 directives.
In a statement marking World Tourism Day, observed every year on September 27, the ministry said that the Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10% increase over the same period in 2023 and a 73% increase compared to the 2019 figures, SPA reported.
Most striking is the 656% increase in the number of tourists arriving specifically for entertainment and holiday purpose. The ministry said that 4.2 million tourists arrived for these purposes in the first seven months of 2024, a 25% increase over the previous year and an enormous leap over pre-pandemic levels in 2019.
These impressive results highlight the success of the Kingdom's long-term tourism strategy, under Vision 2030, which seeks to transform Saudi Arabia into a global tourism destination. The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Saudi Arabia was acknowledged as the fastest-growing G20 country in the latest UN World Tourism Barometer report. According to September report, Saudi Arabia leads both in the growth of international tourist numbers and in tourism revenues.
These figures underscore the Kingdom's strategic focus on developing a sustainable tourism sector, improving infrastructure, and promoting Saudi Arabia as a premier global destination.
The ministry's achievements reflect the effectiveness of these efforts and position the Kingdom as a key player in the field of global tourism.

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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.