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
TT

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.



Oil Steady but on Track for Weekly Drop on Firmer Supply Outlook

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
TT

Oil Steady but on Track for Weekly Drop on Firmer Supply Outlook

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices held steady on Friday but remained on track for a weekly fall as investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from top importer China.

Brent crude futures were up 8 cents, or 0.1%, at $71.68 per barrel as of 1130 GMT, while US West Texas Intermediate crude futures were up 11 cents, or 0.2%, to $67.78.

On a weekly basis, Brent was down almost 4%, while WTI was on track to lose nearly 6%, Reuters reported.

China's central bank on Friday lowered interest rates and injected liquidity into the banking system, aiming to pull economic growth back towards this year's target of roughly 5%.

More fiscal measures are expected to be announced before Chinese holidays starting on Oct. 1 after a meeting of the Communist Party's top leaders showed an increased sense of urgency about mounting economic headwinds.

Meanwhile, rival factions staking claims for control of the Central Bank of Libya signed an agreement to end their dispute on Thursday. The dispute had seen crude exports fall to 400,000 barrels per day (bpd) this month from more than 1 million last month.