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Saudi Arabia Seeks New Markets, Promising Investments in Africa

Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)
Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)
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Saudi Arabia Seeks New Markets, Promising Investments in Africa

Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)
Saudi Minister of Commerce, Majid al-Qasabi during the Arab-African Trade Bridges Program. (Asharq Al-Awsat)

Saudi Minister of Commerce, Majid al-Qasabi underscored the Kingdom's readiness to support cooperative efforts to achieve economic and social development in Arab and African countries.

Speaking at the 3rd meeting of the Governance Council of the Arab-African Trade Bridges Program (Jusoor) in Cairo, Qasabi stressed that Vision 2030 seeks to open new markets and promising investments, drawing attention to the Kingdom's historical stances and confirming its interest in Africa.

He said Africa is rich in its natural and human resources and its prominent geographical location, making it suitable for investments, despite the challenges its countries face in infrastructure, environment, investment, and trade barriers.

Africa boasts about 60 percent of the world's minerals, allowing the Jusoor program an opportunity to identify and confront these challenges, work to open markets further, and exchange intra-trade between Arab and African countries, announced Qasabi.

He praised the initiative to support the African Continental Free Trade Area (AfCFTA) led by the International Islamic Trade Finance Corporation of the Islamic Development Bank in partnership with the World Trade Organization and the African Economic Commission, citing other initiatives led by the institution.

Meanwhile, Gambian Trade Minister, Seedy Keita revealed that Riyadh and Banjul seek to sign new enhanced bilateral agreements in trade and human resources, focusing on agriculture, transport, and tourism.

Both sides want to sign an agreement to employ Gambian workers in the Saudi labor market, said Keita, stressing that his government had clearly announced its support for Saudi Arabia to host the Expo 2030.

He told Asharq Al-Awsat during his recent visit to Riyadh that the Saudi government enjoys solid diplomatic support from Gambia at all international forums.

Regarding his visit to Saudi Arabia, Keita explained that he is seeking to boost trade relations between the two countries.

Gambia's total imports from Saudi Arabia amounted to less than $500,000 annually, and the volume of exports is much less, said the minister, adding that his visit aims to increase the volume of trade, tourism, and human resources.

Keita believes that the two countries have a great political will to invest in their relations in various ways.

The minister concluded that AfCFTA is a massive opportunity for any form of investment in Gambia and will enable investors to access a regional market of 1.2 billion people, with a combined GDP of $3.4 trillion.

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Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
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Gulf States Expand Tourism Footprint as Emerging Markets Gain Momentum at Arabian Travel Market in Dubai

Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 
Saudi Arabia’s participation in the Arabian Travel Market (Asharq Al-Awsat) 

Emerging tourism markets are carving out space on the global travel map, drawing attention for their dynamic participation at the Arabian Travel Market (ATM) in Dubai, while Gulf nations—particularly Saudi Arabia and the United Arab Emirates—are accelerating their expansion in the tourism sector.

As global travel gathers momentum, Gulf-based airlines are eyeing new investment opportunities despite lingering global economic uncertainty, driven by shifting trade patterns and evolving consumer behavior in the international travel landscape.

The 32nd edition of ATM opened in Dubai with more than 2,800 exhibitors and nearly 55,000 industry professionals from 166 countries. Held under the theme “Empowering Innovation: Transforming Travel Through Entrepreneurship,” the event emphasized building a more sustainable and globally integrated travel industry.

The exhibition reflects the profound changes shaping global tourism, with cross-border and sustainable connectivity now central to the industry’s development. It also highlights the growing influence of emerging markets and the increasing role of Gulf investments in tourism and aviation.

During its participation in ATM, the Saudi Tourism Authority showcased the Kingdom’s accelerating tourism growth, revealing it had attracted approximately 116 million visitors in 2024—a 6.4% increase from the previous year. Fahd Hamidaddin, the authority’s CEO, said Saudi Arabia aims to strengthen its position as a unique summer destination through a robust calendar of events and strategic private-sector partnerships. The focus is on key source markets across the Middle East, Asia, and Africa.

UAE Tourism Supports Economic Diversification

UAE Minister of Economy and Chairman of the Emirates Tourism Council, Abdulla bin Touq Al Marri, emphasized the country’s growing stature as a global tourism hub. He pointed to the launch of major national initiatives that align with best international practices, support economic diversification, and attract investment in hospitality, aviation, and travel.

According to bin Touq, the UAE’s tourism sector continued to deliver strong performance in 2024. Hotel revenues rose to AED 45 billion (USD 12.2 billion), up 3% from 2023, while occupancy rates reached 78%, among the highest globally. The country added 16 new hotels last year, increasing the total to 1,251, with room capacity growing 3%. Hotel guests rose 9.5% year-on-year to 30.8 million, achieving 77% of the UAE’s 2031 national tourism target seven years ahead of schedule.

Gulf Airlines Gear Up for Growth

Etihad Airways CEO Antonoaldo Neves said the airline has yet to feel any major impact from global trade tensions, with seat occupancy remaining strong despite global uncertainty. Etihad plans to add 20 to 22 aircraft in 2025, with the goal of expanding its fleet to more than 170 aircraft by 2030. Neves also noted that the euro’s recent appreciation could boost European travel to the Gulf.

Etihad, which currently operates a fleet of around 100 aircraft, has significant financial flexibility, with 60% of its fleet debt-free. “If a crisis arises, we can ground planes and save up to 75% of operating costs,” he noted.

The airline plans to receive 10 Airbus A321XLR jets starting in August, in addition to 6 Airbus A350s and 4 Boeing 787s. Neves said while delays in aircraft delivery remain a challenge, they have not altered Etihad’s growth strategy. He also confirmed ongoing discussions with manufacturers and signaled interest in Boeing aircraft originally designated for China but now potentially available due to trade restrictions.

Riyadh Air Nears Major Aircraft Deal

Tony Douglas, CEO of Saudi Arabia’s Riyadh Air, said the new airline is open to acquiring Boeing jets initially built for the Chinese market if trade disputes disrupt those deliveries.

Douglas said global economic headwinds have not affected demand and announced plans to finalize a major widebody aircraft deal soon. The airline aims to expand its workforce to around 1,000 employees in the coming year, as it prepares to begin operations in the fourth quarter of 2025.

Commenting on broader regional developments, Douglas said the resumption of flights from the UAE to Syria and the use of Syrian airspace “may be an early sign that conditions are improving.”