Saudi Arabia Ranks 12th Globally in International Tourism Receipts

Saudi Arabia Ranks 12th Globally in International Tourism Receipts
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Saudi Arabia Ranks 12th Globally in International Tourism Receipts

Saudi Arabia Ranks 12th Globally in International Tourism Receipts

Saudi Arabia’s tourism sector continues its impressive growth, advancing 15 positions in international tourism receipts and leading the Top 50 ranking in upward movement, SPA reported.

According to the UN World Tourism Organization, Saudi Arabia ranked 12th in 2023, making a significant improvement from its 2019 ranking.
In a press release issued Friday, Saudi Arabia has led G20 countries in growth on the UN Tourism Barometer, achieving a 73% increase in international tourist arrivals and a 207% rise in international tourism receipts based on the latest data from the first seven months of 2024 compared to the same period in 2019.

These impressive gains reflect the Kingdom’s success as a leading tourism destination. The steady increase in international tourist arrivals further underscores the trust visitors place in Saudi Arabia’s rich and diverse attractions. Globally, international tourist arrivals reached 96% of pre-pandemic levels in the first seven months of 2024, totalling an estimated 790 million tourists – an 11% increase over the same period in 2023.
The release disclosed that the Middle East maintained the lead as the strongest-growing region, with international arrivals rising 26% over 2019 levels.



Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
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Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir

Lebanon's deeply distressed sovereign dollar bonds hit a fresh two-year high on Tuesday as investors bet that a potential ceasefire with Israel could improve the country's prospects.

The bonds, which are still trading below 10 cents on the dollar, have gained more than 3% this week. The 2031 maturity was biding at 9.3 cents on the dollar, its highest since May 2022, according to Reuters.

"Some investors are mulling if it is a right time to buy, since a ceasefire is the first step needed to at some point in time restructure bonds," said Bruno Gennari, emerging markets strategist with KNG Securities International.

Israel's cabinet is expected to convene on Tuesday to discuss, and likely approve, a US plan for a ceasefire with the Iran-backed Hezbollah, a senior Israeli official said.

Israeli airstrikes, which continued on Tuesday, have decimated Lebanon's infrastructure and killed thousands.

But the counterintuitive rally, the second since Israel began bombing the country in September, was driven by bets that the deal could jolt Lebanon's fractured political system and revive efforts to pull the country out of default.