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Riyadh Season Generates Thousands of Job Opportunities, Record Revenues

The Wonder Garden area during the 2023 Riyadh Season (Riyadh Season Media Center)
The Wonder Garden area during the 2023 Riyadh Season (Riyadh Season Media Center)
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Riyadh Season Generates Thousands of Job Opportunities, Record Revenues

The Wonder Garden area during the 2023 Riyadh Season (Riyadh Season Media Center)
The Wonder Garden area during the 2023 Riyadh Season (Riyadh Season Media Center)

Less than two months have passed since the launch of the fourth edition of the Riyadh Season. The event is considered one of the basic pillars of the entertainment sector in Saudi Arabia and aims to transform the Kingdom into a world-leading tourist destination, in line with the objectives of Vision 2030.

Since the start of the first edition in 2019, direct and indirect income generated from the event has gradually increased from SAR 4 billion to around SAR 6 billion, according to previous statements by the Chairman of the Board of Directors of the General Entertainment Authority, Turki Al-Sheikh.

The revenues of this year’s edition are expected to grow in light of the new and varied events and programs.

Since the launch of the fourth edition, the number of visitors has reached more than 5 million, who came from various regions of the Kingdom and the world.

Saudi Arabia ranked first among the G20 countries, and second globally in the growth rate of the number of international tourists, achieving a growth of 50 percent in the first three quarters of 2023 compared to the same period in 2019, according to the World Tourism Report.

The Riyadh Season is expected to generate thousands of job opportunities, as it provided 187,000 direct and indirect jobs last season, and aims to provide 200,000 employments, of which 60,000 are direct.

According to the Ministry of Finance, around 12 million visitors attended the 2022 edition of the Riyadh Season, which contributed to the creation of approximately 25,000 direct jobs and maximizing the entertainment impact on the Kingdom’s residents and visitors.

The figures provided by the Entertainment Portal - which provides licenses for activities and services affiliated with the General Entertainment Authority and aims to develop and regulate the entertainment sector in the Kingdom - reflect the growing importance of this vital sector.

Around 495 licenses were issued in November, while the total number since the launch of the portal in 2020 exceeded 15,000 licenses, for more than 4,500 establishments working to implement entertainment activities in various fields related to the sector.

Experts told Asharq Al-Awsat that the Riyadh Season contributed greatly to the promotion of tourism and the strengthening of the Saudi economy.

The Chairman of the Board of Directors of Al Hokair Group, Majed Al Hokair, told Asharq Al-Awsat that the Riyadh Season was one of the pillars of tourism and economy in Saudi Arabia, adding: “The season has become not only about entertainment activities, but rather it is moving towards an actual, professional, model industry.”

The founder and partner of Al Sarh Tourism Company, Muhaidib Al Muhaidib, explained that the Riyadh Season helps the tourism sector achieve the goals of Vision 2030.

He noted that the Kingdom has made amendments to the visit visa regulations for the purpose of tourism, in addition to facilitating the procedures for the arrival of pilgrims from abroad. In August, the country also allowed the access to electronic visas to eight new countries, expanding the scope of the visa to 57 countries around the world.

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Business

S&P Global: UK Consumers Hit by Worries Over War in Iran

A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
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S&P Global: UK Consumers Hit by Worries Over War in Iran

A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe

British consumers have turned their least confident since the start of last year following the outbreak of war in the Middle East, financial data firm S&P Global said on Monday in an early sign of the potential impact of the conflict on the economy.

S&P Global's Consumer Sentiment Index - based on a survey conducted ⁠March 5-9 - dropped ⁠to 44.1 in March from 44.8 in February, its lowest since January 2025.

"A marked deterioration of consumer sentiment in March means we are seeing the first ⁠concrete signs of the war in the Middle East damaging the UK economy," Maryam Baluch, an economist at S&P Global Market Intelligence, said, according to Reuters.

Households were the most downbeat about their financial prospects since December 2023 and the wariest about making big purchases in 14 months, the firm said.

The Bank ⁠of ⁠England, along with private economists, is watching for the impact of the US-Israeli war with Iran on the economy, including any hit to consumer spending as the rise in global energy prices threatens to push up inflation.

The BoE is likely to delay a previously expected interest rate cut on Thursday.

Business

Gold Falls as Inflation Fears Pressure Fed Rate-cut Outlook

AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
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Gold Falls as Inflation Fears Pressure Fed Rate-cut Outlook

AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna

Gold prices dipped on Monday, pressured by concerns that surging oil costs could stoke inflation further and prompt a more hawkish policy stance by major central banks including the US Federal Reserve, dulling the appeal of the non-yielding asset.

Spot gold fell 0.7% to $4,983.17 per ounce, as of 0944 GMT. US gold futures for ‌April delivery ‌fell 1.5% to $4,987.30.

"The gold market has moved its ‌focus ⁠from looking at ⁠the implications of the Hormuz trade closure, and towards implications of longer-term inflation," said Bernard Dahdah, an analyst at Natixis.

"Higher oil prices mean higher inflation and this has repercussions on the Fed. The Fed could pivot, stop cutting rates and that puts downward pressure on gold prices."

Oil held above $100 a ⁠barrel, up more than 40% this month ‌to its highest levels since 2022, ‌after US-Israeli strikes on Iran prompted Tehran to halt shipments through ‌the Strait of Hormuz.

US President Donald Trump on Sunday pressed ‌allies to help secure the Strait of Hormuz as Iranian forces continue attacks on the vital waterway amid the US-Israeli war on Iran, now in its third week.

The Fed will meet this week ‌for a two-day policy meeting, where it is widely expected to hold interest rates steady.

Other ⁠central ⁠banks including the European Central Bank, the Bank of England and the Bank of Japan will also meet this week, with the focus on policymakers' assessment of the Iran war on inflation, growth and future policies.

"But we expect central banks to be watchful of inflation risks without making knee-jerk policy rate hikes," UBS said in a note.

"In addition, the longer the US-Iran conflict goes on, the higher the risk of negative economic impacts, which should support hedging demand for gold."

Elsewhere, spot silver fell 2.6% to $78.46 per ounce. Spot platinum held steady at $2,024.85 and palladium slid 0.5% to $1,542.92.

Business

GASTAT: Saudi Consumer Inflation Eased to 1.7% in February

Shoppers are seen at a supermarket in Saudi Arabia. SPA
Shoppers are seen at a supermarket in Saudi Arabia. SPA
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GASTAT: Saudi Consumer Inflation Eased to 1.7% in February

Shoppers are seen at a supermarket in Saudi Arabia. SPA
Shoppers are seen at a supermarket in Saudi Arabia. SPA

Saudi Arabia’s annual inflation rate edged down to 1.7 percent in February, the lowest level since January 2025, according to data from the General Authority for Statistics (GASTAT).

The consumer price index eased from 1.8 percent in January to 1.7 percent, GASTAT said Sunday.

The data further showed that housing, water, electricity, gas, and other fuels rose 4.1 percent in February 2026, mainly driven by a 5.1 percent increase in actual housing rents.

Transport prices also climbed 1.4 percent, supported by a 5.6 percent rise in passenger transport services, while restaurant and accommodation services increased 1.9 percent due to higher accommodation costs.

Personal care, social protection and miscellaneous goods and services surged 8.2 percent, largely reflecting a jump in other personal effects, particularly jewelry and watch prices, which rose 29 percent.

According to GASTAT, prices in recreation, sport and culture climbed 1.8 percent, while education services increased 1.4 percent. As for information and communications prices, they edged up 1.1 percent.

Data showed that prices in the insurance and financial services category rose 1 percent.

As for furnishings, household equipment and routine maintenance, prices declined 0.9 percent, while prices for food and beverages, as well as clothing and footwear, remained largely stable during the period.

GASTAT said that on a monthly basis, the Consumer Price Index last month recorded relative stability compared to January 2026.