Saudi Arabia Eyes Tourism as Key Economic Pillar by 2030

A glimpse of visitors at the “Riyadh Season” events (SP
A glimpse of visitors at the “Riyadh Season” events (SP
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Saudi Arabia Eyes Tourism as Key Economic Pillar by 2030

A glimpse of visitors at the “Riyadh Season” events (SP
A glimpse of visitors at the “Riyadh Season” events (SP

Saudi Arabia is positioning its tourism sector to rival oil as a cornerstone of the national economy by 2030, targeting a 10% contribution to GDP. This ambitious goal is part of the Kingdom’s broader Vision 2030 plan to diversify income sources and reduce reliance on hydrocarbons.

To achieve this goal, Saudi Arabia is developing a comprehensive tourism ecosystem. This includes mega-projects like NEOM, Qiddiya, and the Red Sea, alongside nationwide infrastructure upgrades spanning major cities, villages, and remote areas. These efforts are already bearing fruit: the Kingdom surpassed 100 million visitors well ahead of schedule, prompting an upward revision of its target to 150 million tourists by the end of the decade.

Tourism revenues have surged, growing more than 148% in 2024 compared to 2019. The sector’s contribution to GDP has doubled to 5%, also generating thousands of new jobs and reinforcing Saudi Arabia’s presence on the global tourism map.

Speaking at the Saudi-US Investment Forum in Riyadh, Minister of Tourism Ahmed Al-Khateeb highlighted the Kingdom’s rapid progress in establishing tourism as a foundational economic sector. He credited sweeping reforms, a pro-investment regulatory framework, and a robust national tourism strategy for the industry’s momentum.

The transformation includes major legislative and operational milestones: the rollout of a new tourism law, streamlined e-visa procedures, the establishment of training programs for Saudi talent, and the introduction of tech-driven visitor experiences. These initiatives aim to enhance both competitiveness and sustainability.

Industry experts say Saudi Arabia’s geographic, climatic, and cultural diversity gives it a strong edge. From the mountains of Asir and the historic sites of AlUla to the beaches of the Red Sea, the Kingdom offers varied attractions catering to a broad range of travelers.

Nasser Al-Ghailan, a tourism investor and partner in Amla Tourism Group, said these natural advantages have been transformed into strategic assets. He pointed to infrastructure improvements, expanded airport capacity, and new airline routes connecting the Kingdom to the region and the world.

“Combining modern infrastructure with digital innovation and high service quality has made Saudi Arabia a rising player on the global tourism stage,” he said, noting growing interest from investors.

In the Asir region, Abdullah bin Ahmed, Vice President of the Tourist Guide Club, emphasized the importance of community engagement and local workforce development. He sees tour guides as cultural ambassadors who can convey the richness of Saudi heritage to international audiences.

“People are the heart of the tourism experience. Empowering them is key to long-term success,” he said.

According to the UN World Tourism Organization, Saudi Arabia led the G20 in tourism growth in 2024, with a 69% rise in international arrivals compared to 2019.

With strategic investments and a clear vision, Saudi Arabia is on track to become a premier global destination, delivering unique travel experiences while maintaining a delicate balance between economic growth, cultural preservation, and environmental sustainability.



Gold Retreats as Oil Rises and Inflation Fears Grow

Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
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Gold Retreats as Oil Rises and Inflation Fears Grow

Gold bangles on display at a jewelry shop in Varanasi, India (AFP)
Gold bangles on display at a jewelry shop in Varanasi, India (AFP)

Gold prices slipped on Wednesday as escalating tensions in the Middle East continued to stoke inflation concerns, reinforcing expectations of higher US interest rates.

Spot gold fell 0.7% to $4,027.49 per ounce by 0843 GMT. Prices rose over 2% to a session high of $4,100.19 per ounce on Tuesday after soft US inflation data, Reuters reported.
US gold futures for August delivery slid 0.9% to $4,034.00.

Iran's Revolutionary Guard Corps threatened ⁠to close all possible ⁠export corridors benefiting Washington, after Tehran shut the Strait of Hormuz and the US reimposed a naval blockade of Iranian ports. Oil edged higher after closing at a one-month high on Tuesday.

"Higher US crude, gasoline and diesel prices will result in high inflation numbers in ⁠the next print in August, that could keep the tone of some Fed officials on the hawkish side, which is not helping gold," said UBS analyst Giovanni Staunovo.

"In the near-term oil and US gasoline prices will continue to influence gold, as it remains a key driver of US inflation," Staunovo added.

Higher interest rates tend to weigh on gold, as they increase the opportunity cost of holding the non-yielding asset.

Fed Chair Kevin Warsh told ⁠lawmakers ⁠on Tuesday the central bank had "no tolerance for persistently elevated inflation," hinting that the CPI data was not all swell.

Traders are pricing in about a 59% chance of a rate hike in September, according to the CME FedWatch Tool.

Investors now await the US Producer Price Index data due at 1230 GMT today for insights into inflation levels and the monetary policy outlook.

Among other metals, spot silver dipped 0.5% to $58.314 per ounce and platinum gained 0.2% to $1,634.36.

Palladium rose 0.8% to $1,315.05, after gaining 5% in the previous session.


Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
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Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)

Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week, according to data and industry sources.

Shipments from Yanbu reached 4.7 million barrels per day around July 13, up from 3.36 million bpd around July 10 and broadly in line with 4.6 million bpd around July 2, ⁠according to Signal Ocean data.

Loadings have averaged above four million bpd since June, compared with 973,000 bpd around the same period 2025, the data showed.

Kpler data also show daily loadings averaging around four million barrels in recent weeks.

Saudi Arabia has relied increasingly on Yanbu to export crude amid disruptions to shipping through the Strait of Hormuz during the US-Iran conflict.


BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
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BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)

BP expects its oil trading result to be slightly higher in the second quarter after an exceptionally strong first quarter, as it continues to profit from a surge in oil prices caused by the Iran war.

The British major flagged higher oil realizations said stronger prices were expected to add a $1.8 billion to $2.1 billion boost to earnings in its oil production and operations business compared with the first quarter.

In its gas and low carbon energy segment, realizations are expected to add a further $500 million to $700 million, it said on Tuesday.

Gas trading results are expected to be broadly unchanged from the previous quarter.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per barrel during the April-to-June quarter, up from around $78 in the first quarter and about $67 a year earlier.

BP said refining margins averaged $29.6 per barrel, versus $16.9 in the first quarter.

The company expects upstream production to fall in the second quarter to between 2.17 million and 2.22 million barrels of oil equivalent per day from around 2.34 million boed in the previous three months, due in part to the effects of the crisis.

BP expects net debt to stand at $22 billion to $23 billion at end-June, down from $25.3 billion at the end of March, with a target to reduce this further to $14 billion to $18 billion by the end of next year.

The company made a $2.9 billion payment to redeem €2.5 billion of perpetual hybrid bonds, leaving it with a total of about $13 billion outstanding. It also paid $1.1 billion in Gulf of Mexico settlement liabilities.

Overall, BP expects net debt, hybrid bonds and Gulf of Mexico settlement liabilities to decrease by around a combined $6.3 billion to $7.3 billion from the previous quarter.

Exploration write-offs are seen totaling around $500 million in the second quarter, primarily related to the sale of its stake in the Bay du Nord project offshore Canada.