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Riyadh Season Attracts 20 Million Visitors with 100% Qualitative Leap

The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)
The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)
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Riyadh Season Attracts 20 Million Visitors with 100% Qualitative Leap

The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)
The Boulevard World is one of the most important zones that attract visitors during the Riyadh Season. (Media Center of the General Entertainment Authority)

The fourth edition of the Riyadh Season, which falls within the initiatives of the General Entertainment Authority, saw a qualitative leap in the number of visitors, attracting around 20 million people from inside and outside the Kingdom, compared to 10 million in its first edition in 2019.Chairman of the General Entertainment Authority’s board of directors, Turki Al-Sheikh said that 20 million people visited Riyadh Season 2023 from inside and outside Saudi Arabia, thanks to the support of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman.Al-Sheikh also revealed the launch of the Eid al-Fitr 2024 identity, under the slogan “Your Eid among your family and loved ones.”The Saudi government has recently announced completing one of the goals of Vision 2030 that is attracting 100 million visitors during the past year, unveiling a new strategy by Crown Prince Mohammed bin Salman that seeks to bring 150 million visitors to the Kingdom.The Riyadh Season activities started on Oct. 20, with 12 regions offering exceptional experiences to millions of local and foreign tourists.The event displays innovative achievements in the world of entertainment, amusement parks, sports, art, culture, and much more.

This season hosted three international boxing fights, the Riyadh Season Football Cup Championship, the Egypt Cup, the tennis, snooker, padel and skating tournaments, as well as many plays and artistic concerts.The event also featured the Joy Awards for the entertainment industry, which was attended by a number of local and international artists.General Manager and CEO of Abdul Mohsen Al Hokair Company, Majed Al Hokair, told Asharq Al-Awsat that the increasing number of visitors proves the success of the General Entertainment Authority’s strategy, led by Turki Al-Sheikh.For his part, Nasser Al-Ghailan, founder and CEO of a leading tourism investment company, stressed that the Riyadh Season has become an international event that attracts local and foreign tourists and revives the commercial activity of national companies specialized in the tourism, travel and entertainment sector, specifically small and medium enterprises.

 

 

 

 

 

 

 

 

 

 

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Saudi Foreign Trade Volume Reaches $131 Billion in 2024

Containers are loaded at a Saudi port. (SPA)
Containers are loaded at a Saudi port. (SPA)
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Saudi Foreign Trade Volume Reaches $131 Billion in 2024

Containers are loaded at a Saudi port. (SPA)
Containers are loaded at a Saudi port. (SPA)

Economists anticipate that Saudi Arabia’s share of global foreign trade will rise in the coming years. Recent data from the General Authority for Statistics (GASTAT), released on Thursday, showed that non-oil exports, including re-exports, grew by 10.5% in the second quarter of this year, reaching approximately SAR 73.73 billion ($19.65 billion). This marks an increase from around SAR 66.74 billion in the same period last year.

Excluding re-exports, non-oil exports rose by 1.4% to SAR 51.4 billion in the second quarter of 2024, up from about SAR 50.69 billion in the second quarter of 2023.

Total merchandise exports experienced a slight decline of 0.2% year-on-year in the second quarter, totaling approximately SAR 249.51 billion.

The trade balance surplus was around SAR 98.37 billion for the second quarter, compared to approximately SAR 104.7 billion in the same period last year.

Dr. Mohammed bin Dulaim Al-Qahtani, Professor of International Business at King Faisal University, told Asharq Al-Awsat that Saudi Arabia’s foreign trade volume reached approximately SAR 491 billion ($130.9 billion) in the second quarter of 2024. During this period, exports remained stable compared to the previous year, while imports increased by 3.3%.

Al-Qahtani noted that the Kingdom’s foreign trade saw significant developments in Q2 2024, totaling SAR 490.6 billion ($130.8 billion). Imports increased by 3.3% compared to the same quarter in 2023.

The expert attributed the growth to Saudi Vision 2030 that has successfully diversified the economy away from oil dependency.

He remarked: “Vision 2030 has made significant strides in expanding the economy and reducing reliance on oil. This success is evident in the growth of non-oil exports this year. The vision has also expanded export markets, diversified revenue sources, and enhanced global competitiveness.”

Despite these achievements, Al-Qahtani identified five key challenges facing Saudi foreign trade: fluctuations in oil prices, regional and international geopolitical tensions, slowing global economic growth - which affects demand for Saudi products and services - increased transportation and insurance costs, and disruptions in supply chains.

Among the fastest-growing sectors in Saudi trade are manufacturing industries, particularly petrochemicals and plastic products, as well as technology and digital services, reflecting the global shift towards knowledge-based economies.

Dr. Osama bin Ghanem Al-Obaidi, advisor and professor of commercial law, told Asharq Al-Awsat that foreign trade plays a crucial role in the development and growth of the national economy. He stressed that the Kingdom has focused on enhancing this sector through significant economic reforms introduced by the government in recent years as part of its Vision 2030 goals.

Al-Obaidi noted that Saudi non-oil exports, such as chemicals, polymers, minerals, dates, food products, pharmaceuticals, and aluminum, have seen considerable growth. This increase is attributed to the credit facilities provided by the Saudi Export-Import Bank, which have facilitated the expansion of Saudi products in international markets.