Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA
TT

Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA

The entertainment sector in Saudi Arabia continues to attract more visitors to achieve the country's target of 150 million visitors annually by 2030.

The General Entertainment Authority announced last Friday that Riyadh Season 2024 has already welcomed over 12 million visitors since its launch on October 13 with a daily average of around 174,000 visitors.

The number of visitors to Riyadh Season 2024 has already exceeded half the total attendance of last year's season, which was 20 million visitors, with a daily average of about 150,000 visitors.

Chairman of the General Entertainment Authority Turki Alalshikh announced during a press conference for Riyadh Season 2024 that this year's edition will include 14 entertainment areas, 11 international tournaments, and 100 exhibitions and festivals.

Saudi Minister of Tourism Ahmed Al-Khatib revealed earlier this year that the country had achieved the goals of Vision 2030 by surpassing 100 million visitors. As a result, Crown Prince Mohammed bin Salman’s new strategy was set to reach 150 million visitors.

In September, the International Monetary Fund (IMF) highlighted Saudi Arabia’s tourism sector as a major contributor to the country’s economic diversification.
An IMF report acknowledged Saudi Arabia’s success in exceeding the Vision 2030 target of attracting 100 million visitors annually by 2023, seven years ahead of schedule. Tourism revenues reached $36 billion in 2023, with net tourism income increasing by 38%. The sector’s direct and indirect contribution to GDP reached 11.5% in 2023, with expectations to grow to 16% by 2034.



China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

 A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
TT

China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

 A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)

Efforts will continue in 2025 to stabilize and prevent further declines in China's real estate market, China Construction News reported, citing a work conference held by the housing regulator on Tuesday and Wednesday.

China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said.

China will strictly control the supply of commercial housing, while increasing the supply of affordable housing to help solve the living problems of a large number of new citizens, young people and migrant workers, it said.

Policymakers have stepped up efforts to revive the real estate by introducing new measures to encourage home demand after a government-led campaign to rein in highly leveraged developers triggered a crisis in 2021.

Since September, measures aimed at encouraging homebuying have included cutting mortgage rates and minimum down-payments, as well as tax incentives to lower the cost of housing transactions.

The real estate market has shown some momentum of stabilizing, with home transactions in October and November seeing year-on-year and month-on-month growth for two consecutive months, said the conference.

China's home prices fell at the slowest pace in 17 months in November, supported by government efforts to revive the sector, official data showed.

An official of the Central Financial and Economic Affairs Commission in December called for policy measures with direct impact on stabilizing the real estate market to be adopted as soon as possible, with local governments getting greater autonomy to buy housing stock.