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Saudi Arabia Ranks 2nd Globally as Fastest Growing Tourism Destination

 International football player Lionel Messi with his family during a vacation in Saudi Arabia (Asharq Al-Awsat)
 International football player Lionel Messi with his family during a vacation in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Ranks 2nd Globally as Fastest Growing Tourism Destination

 International football player Lionel Messi with his family during a vacation in Saudi Arabia (Asharq Al-Awsat)
 International football player Lionel Messi with his family during a vacation in Saudi Arabia (Asharq Al-Awsat)

A report issued by the World Tourism Organization (WTO) revealed that the number of visitors coming to the Kingdom increased by 64 percent during the first quarter of 2023, compared to the same period in 2019.

 

Experts told Asharq Al-Awsat that the Kingdom was able to place itself on the world tourism map, and is witnessing great leaps in international indicators after facilitating all procedures related to the entry of visitors through electronic visas, which contributed to doubling the number of tourists coming to the country.

 

According to the report, Saudi Arabia ranked 13th globally, advancing by 12 places on the World Tourism Organization (WTO) index, as one of the top countries receiving international tourists in 2022, compared to the 25th place in 2019.

 

The Kingdom received about 7.8 million tourists for all purposes during the first quarter of this year, which represents the highest quarterly performance in history, achieving a growth of 64 percent. Thus, the country ranked second among the fastest growing tourism destinations during this period, according to recent data received by the organization.

 

The Kingdom also advanced 16 places in the international tourism revenue index, achieving the 11th place in 2022, compared to 27th place in 2019 globally.

 

Saudi Minister of Tourism Ahmed Al-Khatib said that this achievement was an addition to the other successes of the Kingdom in various fields and as a “culmination of the directives of the wise leadership -- represented by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness the Crown Prince -- to continue enhancing the Kingdom’s position on the global tourism map, and raising its contribution to the gross domestic product under the Kingdom’s Vision 2030.”

 

He added that facilitating travel visa procedures, planning promotional campaigns in the target countries, and diversifying tourism destinations in the Kingdom were among the factors behind these achievements.

 

Al-Khatib stressed that the ministry will maintain its efforts, in cooperation with all partners from the public and private sectors, in order to move forward in realizing the government’s aspirations to make the Kingdom a global tourism destination.

 

Nayef Al-Rajhi, Vice Chairman of the Board of Directors of the Chamber of Commerce in Riyadh and Chairman of the National Tourism Committee in the Federation of Saudi Chambers, told Asharq Al-Awsat that Saudi tourism was witnessing a quantum leap.

 

He added that the Kingdom’s progress in international tourism indicators reflected positively on the country and stimulated efforts to strengthen and develop the tourism sector to provide a unique experience for all visitors.

 

A bulletin issued by the Saudi Ministry of Investment indicated that spending by international tourists in the Kingdom jumped to 27 billion riyals ($7.2 billion) in the first half of 2022, following an increase in the number of visitors by a total of 46 million tourists.

 

Saudi Arabia has focused on diversifying its economy and developing new tourism activities and destinations, which represented a fundamental pillar of the country’s Vision 2030 which seeks to raise the sector’s contribution to the GDP to 10 percent and to receive 100 million visitors annually by 2030.

 

 

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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.