Saudi Arabia Received Record 100 million Tourists in 2023

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)
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Saudi Arabia Received Record 100 million Tourists in 2023

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saud National Day. (SPA file photo)

Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb said the tourism sector in the Kingdom achieved its goal of hosting 100 million tourists in 2023.

Of that figure, 77 million were domestic tourists and 27 million were international tourists. They collectively spent SAR100 billion.

He made the announcement during his participation at a ministerial panel, "The Importance of the Private Sector in Achieving Vision 2030", at the second edition of the Public Investment Fund (PIF) and Private Sector Forum.

Al-Khateeb emphasized that the new strategy of Prince Mohammed bin Salman, Crown Prince and Prime Minister, aims to attract 150 million tourists, some 80 million domestic and 70 million from abroad, by 2030.

He said the Kingdom has committed to funding training programs, adding that more than 100,000 young men and women were trained last year. Of these, 15,000 trained in the best institutes in the world to join the tourism sector.

He also highlighted the role played by the Human Resources Development Fund in increasing salaries.

Al-Khateeb emphasized the ongoing effort to boost legislation and encourage investment, highlighting the establishment of the Tourism Development Fund, which has funded over 50 projects totaling SAR35 billion.



Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
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Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)

Saudi Arabian budget airline flynas is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. 

The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalization of up to $3.6 billion. 

Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. 

The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. 

The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. 

Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company.