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Saudi Debt Capital Market to Take on Larger Role in Financing ‘Vision 2030’

Saudi Debt Capital Market to Take on Larger Role in Financing ‘Vision 2030’
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Saudi Debt Capital Market to Take on Larger Role in Financing ‘Vision 2030’

Saudi Debt Capital Market to Take on Larger Role in Financing ‘Vision 2030’

Saudi Arabia's debt capital market, the largest in the Middle East, is set to grow and take on a larger role in financing Vision 2030, revealed a credit report prepared by S&P Global Ratings.

Moreover, the agency said it expects to see gradually greater use of Saudi Arabian riyal-denominated issuance as the local market develops.

Nevertheless, the currency peg between the US dollar and the riyal, which the agency predicted would remain, could help attract foreign investors actively hunting for yield in an environment of low interest rates.

According to S&P Global Ratings, a gradual deepening of the local capital market would likely increase levels of transparency and could reinforce governance practices in Saudi Arabia in coming years.

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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
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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.