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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.

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Gold and Silver Prices Rise after Profit-taking

A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
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Gold and Silver Prices Rise after Profit-taking

A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights

Gold and silver prices rose on Friday, recovering from profit-taking during the previous session, while investors braced for US payrolls data for further clues about the Federal Reserve's interest rate outlook.

Spot gold added 0.3% to $2,753.09 per ounce by 1125 GMT. Prices fell by 1.5% on Thursday as some traders took profit after the precious metal hit a record high of $2,790.15.

"Despite Thursday's correction, gold remains in a strong uptrend with several positive factors aligned to drive further gains," said Hugo Pascal, precious metals trader at InProved, Reuters reported.

Bullion rose by 4% in October due to investor anxiety about the US Nov. 5 presidential election. Polls indicate a close race between Donald Trump and Kamala Harris.

The market is also awaiting the US nonfarm payrolls report, due at 1230 GMT, for clues about the health of the world's largest economy. The Fed is widely expected to deliver a 25-basis-point rate cut next week.

Citi said in a note that gold prices were on track to hit $3,000 per ounce over the next six months amid a deterioration in the US labor market and demand from physically backed gold exchange-traded funds (ETFs).

Global gold ETFs, which had three consecutive years of outflows against a backdrop of high interest rates, saw a fifth consecutive month of inflows in September.

Meanwhile, high gold prices, which have risen 33% so far this year and are heading for the largest annual growth since 1979, continue to affect physical demand in major Asian regions.

In China, gold consumption fell by 11% in the first nine months of 2024. In India, the share of coins and bars in sales is rising as buyers are unwilling to pay increased making charges for jewellery.

Among other metals, spot silver was up 0.5% at $32.82 per ounce, while platinum gained 0.6% to $993.55 and palladium added 1.4% to $1,121.52.