Al-Khateeb: Saudi Arabia Plays Pivotal Role in Development of Responsible, Sustainable Global Tourism

Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
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Al-Khateeb: Saudi Arabia Plays Pivotal Role in Development of Responsible, Sustainable Global Tourism

Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)

Saudi Minister of Tourism Ahmed Al-Khateeb emphasized that Saudi Arabia plays a central role in leading the development of responsible and sustainable global tourism.

“During our presidency of the G20 in 2020, we emphasized the establishment of the G20 Tourism Working Group, which has since created a comprehensive framework to drive flourishing, inclusive tourism that prioritizes the environment and encourages cooperation among nations and with the private sector,” he said.

In an interview with Asharq Al-Awsat, Al-Khateeb discussed the recent G20 tourism meeting in Brazil, noting a report from the World Travel and Tourism Council (WTTC), sponsored by Saudi Arabia, which highlighted the ongoing impact of COVID-19, particularly on women and young workers.

“The study, covering 185 countries, showcased creative initiatives, including those in Saudi Arabia, that address these issues and provide inspiration for G20 members and beyond,” the minister remarked.

Saudi Arabia has achieved top global rankings, marking the highest growth in international tourist numbers and tourism revenue among G20 countries in 2024 compared to 2019, outperforming other countries based on available data.

The minister affirmed that tourism is a key driver in the transformation underway in Saudi Arabia as part of Vision 2030, which has opened the Kingdom to the world.

“With our private sector partners, we will have invested $800 billion in this sector by the end of the decade, creating some of the world’s most advanced, innovative cities, resorts, and cultural sites. These developments embrace sustainability, aiding Saudi Arabia in its goal of achieving net-zero emissions by 2060,” he added.

He highlighted significant investments in infrastructure, including new and renovated airports, along with hosting major global sports and entertainment events.

“Our focus on tourism is driving notable economic, social, and cultural change. By the end of 2023, the tourism sector employed 925,500 people, a 62% increase compared to the end of 2019. Our investments in tourism destinations across the Kingdom are creating opportunities for both large and small communities,” he said.

Al-Khateeb stressed that tourism is a vital sector for the evolving Saudi economy, with preliminary estimates of its direct contribution to the Kingdom’s GDP at 4.4% in 2023, up from 3.6% in 2019. “Our goal is to reach 10% by 2030,” he said. “In 2023, we met our initial target of welcoming 100 million tourists to Saudi Arabia, seven years ahead of the 2030 goal, and we have now set a new target of 150 million tourists by the end of the decade.”

He noted that Saudi Arabia ranked 12th globally in 2023 in terms of international tourism revenue, rising 15 places since 2019, with tourists spending SAR141 billion ($38 billion).

Tourists benefit from investments in infrastructure and connectivity that make travel within Saudi Arabia easier and faster. The electronic visa program now covers 66 countries, facilitating smoother travel to the Kingdom.

“Saudi Arabia is at the forefront of integrating artificial intelligence in the tourism sector,” he continued. “In addition to designing customized experiences for tourists, Saudi Arabia recently hosted the Global AI Summit, a gathering of AI experts, policymakers, and influencers from around the world.”

The Minister reiterated Saudi Arabia’s commitment to ensuring a rewarding experience for pilgrims, with over SAR5.9 billion ($1.3 billion) invested in improving infrastructure at holy sites.

“We have introduced new tourist visa regulations and a smart Hajj identity, providing pilgrims with accessible information,” he added.

On Saudi Arabia’s role in transforming tourism into a driving force for inclusive development, Al-Khateeb said: “Tourism in Saudi Arabia is bringing about significant societal changes, creating opportunities, especially in empowering women and youth.”

By the end of 2023, women’s participation in the tourism sector reached 46%, with more than 925,000 employees, he underlined. The Ministry of Tourism has also launched initiatives investing over SAR375 million ($100 million) in human capital, in collaboration with top international colleges and schools to enhance the skills of Saudi trainees in the tourism sector.

He emphasized Saudi Arabia’s vision of tourism as a primary force for social change globally, promoting “greater tolerance, acceptance, and collaboration among the world’s peoples.”

Al-Khateeb anticipates significant growth in the travel and tourism sector over the next decade, with an estimated value of $16 trillion, accounting for 11.4% of the global economy, according to the WTTC.

He concluded by stating that Saudi Arabia is a global leader in achieving these goals, fostering partnerships between the public sector and governments worldwide, and encouraging knowledge sharing and innovation.

“We are proud of our pioneering work with various international organizations, including the G20, the United Nations World Tourism Organization, and the World Economic Forum, and we are committed to building a bright and lasting legacy for global tourism,” the minister stated.



Saudi Arabia's Mutlaq Al-Ghowairi Contracting Sets IPO Price Range at $2.9-$3.3 per Share

Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)
Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)
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Saudi Arabia's Mutlaq Al-Ghowairi Contracting Sets IPO Price Range at $2.9-$3.3 per Share

Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)
Photo showing one of Mutlaq Al-Ghowairi Contracting Co.'s projects. (Company website)

Saudi Arabia's Mutlaq Al-Ghowairi Contracting Co. has set the price range for its initial public offering (IPO) at between 11 riyals ($2.9) and 12.5 riyals ($3.3) per share, and began the institutional book-building period ahead of a planned offering of 30 percent of its shares on the Saudi Exchange.

Al Rajhi Capital, acting as lead manager, financial adviser, bookrunner and underwriter, alongside Morgan Stanley Saudi Arabia as financial adviser, bookrunner and underwriter, said the offering consists of 240 million ordinary shares in Mutlaq Al-Ghowairi Contracting Co., representing 30 percent of the company's share capital.

According to a filing on the Saudi Exchange (Tadawul), the book-building period for participating institutions began on Sunday, May 31, 2026, and will continue until 3:00 p.m. Saudi time on Thursday, June 4, 2026.

The minimum subscription size for participating institutions is 25,000 shares, while the maximum is 39.99 million shares. Participation in the book-building process is limited to eligible investors in accordance with the Capital Market Authority's rules governing institutional book-building and share allocation in initial public offerings.

The final offer price will be determined after the completion of the book-building process, to be followed by the retail subscription period. The company has initially allocated all 240 million offered shares to participating institutions, representing 100 percent of the total offering.

The filing added that if there is sufficient demand from retail investors, the institutional bookrunners, in coordination with the company, may reduce the allocation to participating institutions to a minimum of 168 million shares, representing 70 percent of the total shares on offer.


Saudi Market Closes Up 0.5%, Kingdom Holding Shares Jump 10%

A man monitors stock movements on the Saudi stock market. (AFP)
A man monitors stock movements on the Saudi stock market. (AFP)
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Saudi Market Closes Up 0.5%, Kingdom Holding Shares Jump 10%

A man monitors stock movements on the Saudi stock market. (AFP)
A man monitors stock movements on the Saudi stock market. (AFP)

Saudi Arabia's benchmark stock index (TASI) ended its first trading session following the Eid al-Adha holiday up 0.5 percent at 11,078 points, with total turnover reaching about 4 billion riyals.

The index touched a session high of 11,080 points and a low of 11,032 points.

Shares of Kingdom Holding led the gainers, surging 10 percent to 13.58 riyals. The stock has gained about 27 percent over the past three sessions, marking its highest closing level since 2016.

The company recently disclosed its combined stake with the Private Office of Prince Alwaleed bin Talal in SpaceX, amounting to 0.63 percent. Based on the company's expected valuation at a potential public offering, the stake is estimated to be worth between $8.32 billion and $10.55 billion.

Al Rajhi Bank shares rose 1 percent to 67.25 riyals.

Shares of Ma'aden, ACWA Power, Riyad Bank, Dr. Sulaiman Al Habib Medical Services Group, Elm, Masar, and Saudi Awwal Bank (SAB) closed higher, posting gains ranging from 1 percent to 4 percent.

Meanwhile, shares of Al Shamel Masar, Saudi Industrial Development Co. (SIDC), Electrical Industries Co., and Dar Al Arkan advanced between 6 percent and 10 percent.


Saudi National Housing Company... From an 'Executive Arm' to the Largest Real Estate Developer in the Region

 NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
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Saudi National Housing Company... From an 'Executive Arm' to the Largest Real Estate Developer in the Region

 NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)
NHC Chief Executive Mohammed Albuty speaks during a panel discussion (company website)

Saudi Arabia’s National Housing Company (NHC) has emerged as a central force in reshaping the Kingdom’s housing market, evolving from a state-backed developer into a key engine of Crown Prince Mohammed bin Salman’s economic reform agenda under Vision 2030.

Far from being a conventional real estate company, NHC today manages residential suburbs and assets accounting for around 20 percent of total real estate product sales in Saudi Arabia, underscoring its growing influence in one of the region’s largest property markets.

Since its launch in 2016, the company has positioned itself at the center of the Kingdom’s housing transformation, helping drive the Housing Program, one of Vision 2030’s flagship initiatives aimed at raising Saudi homeownership to 70 percent by the end of the decade.

NHC Chief Executive Mohammed Albuty said the company had played a pivotal role in restructuring the sector to ensure long-term sustainability beyond direct state financing. He pointed to the 2025 Vision 2030 annual report, which showed Saudi homeownership rising to 66.24 percent, surpassing the government’s interim target of 65 percent for 2025.

NHC was established by royal decree in 2016 as the investment and development arm of what is now the Ministry of Municipalities and Housing. Its creation marked the beginning of a new “national developer” model designed to manage housing assets and projects with greater efficiency and flexibility.

A major turning point came in 2020, when another royal order transferred the company’s ownership to the state, elevating it from a supporting entity to a market leader. The move enabled NHC to launch some of the region’s largest residential suburbs, shifting from managing limited housing complexes to developing integrated cities covering more than 160 million square meters.

The company has also sought to curb construction costs through its digital procurement platform, Supply Pro, which links developers directly with manufacturers and suppliers. The platform currently offers more than 1,500 products from 129 factories and 45 suppliers, helping reduce development costs by around 20 percent.

Speaking at the Real Estate Supply Chain Forum, Albuty said NHC had boosted local content in its projects through supply chain localization agreements and industrial partnerships worth more than SAR 21 billion ($5.6 billion). The deals included SAR 8 billion in supply chain service agreements, SAR 5 billion in industrial localization initiatives and 15 supply contracts worth more than SAR 8 billion.

Maan Alothimeen, NHC’s general manager for supply chains and business support, said Supply Pro had handled transactions exceeding SAR 2 billion over the past two years, with Saudi factories and small- and medium-sized enterprises accounting for 95 percent of the activity.

NHC has also become a platform for local developers, helping transform smaller firms into major players capable of managing billion-riyal projects. By offering investment opportunities in residential and commercial real estate, as well as in the operation of health, education and leisure facilities, the company has encouraged broader private-sector participation.

The strategy has contributed to the delivery of more than 300,000 housing units. The financial stability provided by NHC has also enabled emerging Saudi developers to grow into large companies managing projects valued at more than SAR 263 billion ($70 billion), strengthening the competitiveness of the Saudi property market.

As part of efforts to deepen local industrial participation, NHC signed a memorandum of understanding with the Local Content and Government Procurement Authority to turn its suburban developments into permanent showcases for Saudi-made products, a move expected to generate thousands of jobs in manufacturing and logistics.

Saudi Minister of Municipalities and Housing Majed Al-Hogail said mortgage financing had become a cornerstone of the Kingdom’s real estate expansion. He noted that the value of Saudi mortgage financing had surged from around SAR 200 billion ($53.3 billion) to more than SAR 900 billion ($240 billion) by the end of 2025, representing 27 percent of total Saudi banking portfolios.

Al-Hogail added that the Saudi Real Estate Refinance Co. (SRC) had issued sukuk in the London market to strengthen liquidity links between domestic and international financial markets and secure sustainable funding flows for the housing sector.

In remarks to Asharq Al-Awsat, Khaled Al-Mobid, chief executive of Menassat Real Estate Co., said NHC had become a key implementation arm of Saudi housing policy by increasing the supply of planned residential units, helping stabilize prices in the market.

He noted that the company’s most significant shift had been its evolution from a traditional developer into an “enabler” for private firms. Through the provision of serviced land and infrastructure, NHC allowed smaller developers to participate in large-scale projects and gain operational expertise, contributing to a more mature and professional real estate industry.

Al-Mobid added that NHC’s role extended beyond construction to balancing the housing market itself. By increasing organized housing supply and lowering development costs through economies of scale, the company was helping ease pressure on citizens and improve affordability.

He also said NHC’s partnership-driven model reduced reliance on direct government spending while encouraging private capital inflows and spreading investment risk, supporting the creation of a more financially sustainable housing sector.

As Saudi Arabia moves closer to achieving its Vision 2030 housing targets, NHC’s significance now goes beyond building homes. The company has become a model for a more diversified real estate economy led by private-sector investment and local industry, positioning housing as a driver of broader economic stability and growth.