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Saudi Arabia to Disclose Size of Recreational, Tourism Projects

Saudi Arabia is achieving rapid growth in entertainment activities, with the aim to stimulate investments in the sector. (Asharq Al-Awsat)
Saudi Arabia is achieving rapid growth in entertainment activities, with the aim to stimulate investments in the sector. (Asharq Al-Awsat)
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Saudi Arabia to Disclose Size of Recreational, Tourism Projects

Saudi Arabia is achieving rapid growth in entertainment activities, with the aim to stimulate investments in the sector. (Asharq Al-Awsat)
Saudi Arabia is achieving rapid growth in entertainment activities, with the aim to stimulate investments in the sector. (Asharq Al-Awsat)

A Saudi official revealed a plan to expand the tourism sector and attract domestic and foreign investment, noting that the Ministry of Investment will soon announce the size and number of new entertainment and tourism projects in the Kingdom for 2023.

Eng. Bahaa A. Abdulmajeed, business development manager for tourism and entertainment at the Ministry of Investment, told Asharq Al-Awsat that work was underway with the concerned authorities on an investment plan to develop the entertainment sector, which would identify the potentials, the incentives and the challenges facing private institutions.

Abdulmajeed pointed to major projects leading the sector, such as in Qiddiya and the Red Sea regions.

He added that the ministry’s plan seeks to compensate for the losses incurred during the Covid-19 pandemic.

“Our view of the entertainment and tourism sectors is comprehensive. We are working on plans to support the sector and increase local and foreign investments, in order to create new entertainment opportunities,” the official stated.

Meanwhile, SEA EXPO, the Saudi Entertainment and Amusement Exhibition, will be held on May 28-30 in Riyadh. The event brings together professionals from the world of entertainment and attraction under one roof, to effectively address real-industry challenges and devise actionable solutions.

The Kingdom is increasing efforts to expand its entertainment, cultural and leisure market into a multibillion-dollar industry as a part of its social and economic transformation, in line with Vision 2030.

“With plans from Saudi Entertainment Ventures, a subsidiary of the Public Investment Fund, to invest $13.3 billion to develop 21 integrated entertainment destinations in 14 cities, to the Saudi General Entertainment Authority issuing licenses for more than 24 theme parks and 421 entertainment centers, the outlook for Saudi Arabia’s entertainment, leisure and tourism market over the next seven years is overwhelmingly optimistic,” said Sarkis Kahwajian, SEA Expo director.

He added: “Saudi Arabia is unrivaled in its ability to rapidly grow and cultivate its entertainment and leisure industry, and at this year’s expo, we want to demonstrate through our summits and on the show floor how the industry has evolved over the last few years and showcase what it has to offer over the next decade.”

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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer

China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.

The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming US administration of President-elect Donald Trump.

Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, National Bureau of Statistics (NBS) data showed, Reuters reported.

The narrower decline in November pointed to improved profits as recent economic stimulus measures start to have an effect, said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.

The profit numbers were also in line with a slower decline in factory-gate prices in November. The producer price index fell 2.5% year-on-year versus the 2.9% drop in October.

The World Bank on Thursday revised up its 2024 economic growth forecast for China slightly to 4.9% from its June forecast of 4.8%.

Still, in the first 11 months of 2024, industrial profits declined 4.7%, deepening a 4.3% slide in the January-October period, reflecting still tepid private demand in the Chinese economy.

China's full-year industrial profits are set to show their biggest drop in percentage terms since 2011. However, when smaller companies are included under a previous compilation methodology, this year's profit decline is expected to the worst since at least 2000.

A spate of economic indicators released this month pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 months.

The industrial sector is undergoing an uneven recovery amid insufficient demand, Zhou said, pointing to difficulties facing real estate and some related industries as evidence of this malaise.

China's leaders vowed in a key policy meeting this month to raise the deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate. The government also recently pledged to step up direct fiscal support to consumers and boosting social security.

Beijing has agreed to issue a record $411 billion special treasury bonds next year, Reuters reported.

Profits at state-owned firms fell 8.4% in the first 11 months, foreign firms posted a 0.8% decline and private-sector companies recorded a 1% fall, according to a breakdown of the NBS data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.7 million) from their main operations.