Foreign Tourism to Portugal Has Best First Quarter Ever

A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
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Foreign Tourism to Portugal Has Best First Quarter Ever

A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)
A man walks in Tamariz beach as temperatures rise in Estoril, Portugal, April 27, 2023. (Reuters)

The number of foreign tourists visiting Portugal surpassed 2.8 million from January through March, making it the best first quarter on record despite high global inflation and interest rates, data from the National Statistics Institute (INE) showed on Friday.

Measuring only foreigners staying in Portuguese hotels, the number by far topped 1.8 million people a year ago, and was above the 2.5 million reported in the first three months of 2019, which was a record year for tourism, before the COVID-19 pandemic crippled global travel in 2020.

Tourism, a key driver of Portugal's economy, accounted for almost 15% of gross domestic product before the pandemic.

The INE earlier on Friday said Portugal's economic growth accelerated sharply to 1.6% in the first quarter from the previous three-month period, stoked by net exports that include revenue from tourism.

In March alone, more than 1.2 million guests entered the country, with visitors from Britain accounting for the largest share of arrivals, followed by neighboring Spain and the United States, which has recently grown as a source of tourism to Portugal.

It may also have received an additional inflow of visitors after February's devastating earthquake in Türkiye - a major tourism destination - and thanks to the general perception of Portugal as a safe place, far from the war ravaging Ukraine.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.