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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA
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Saudi Entertainment Sector Continues to Attract More Visitors

An event during Riyadh Season 2024. SPA
An event during Riyadh Season 2024. SPA

The entertainment sector in Saudi Arabia continues to attract more visitors to achieve the country's target of 150 million visitors annually by 2030.

The General Entertainment Authority announced last Friday that Riyadh Season 2024 has already welcomed over 12 million visitors since its launch on October 13 with a daily average of around 174,000 visitors.

The number of visitors to Riyadh Season 2024 has already exceeded half the total attendance of last year's season, which was 20 million visitors, with a daily average of about 150,000 visitors.

Chairman of the General Entertainment Authority Turki Alalshikh announced during a press conference for Riyadh Season 2024 that this year's edition will include 14 entertainment areas, 11 international tournaments, and 100 exhibitions and festivals.

Saudi Minister of Tourism Ahmed Al-Khatib revealed earlier this year that the country had achieved the goals of Vision 2030 by surpassing 100 million visitors. As a result, Crown Prince Mohammed bin Salman’s new strategy was set to reach 150 million visitors.

In September, the International Monetary Fund (IMF) highlighted Saudi Arabia’s tourism sector as a major contributor to the country’s economic diversification.
An IMF report acknowledged Saudi Arabia’s success in exceeding the Vision 2030 target of attracting 100 million visitors annually by 2023, seven years ahead of schedule. Tourism revenues reached $36 billion in 2023, with net tourism income increasing by 38%. The sector’s direct and indirect contribution to GDP reached 11.5% in 2023, with expectations to grow to 16% by 2034.

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Business

London Copper Climbs as Tight Supply, Falling Oil Offer Support

TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
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London Copper Climbs as Tight Supply, Falling Oil Offer Support

TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)

London copper recouped some of the previous week's losses on Monday, supported by supply concerns and lower oil prices, as talks to end the US-Israeli war on Iran continued.

Benchmark three-month copper on the London Metal Exchange was up 0.73% at $14,258.5 a metric ton by 0700 GMT. The most-traded copper contract on the Shanghai Futures Exchange edged 0.27% lower to 108,720 yuan ($16,354.53) a ton, reported Reuters.

An inflow of stocks into US warehouses ‌ahead of ‌a potential tariff on imports of refined ‌copper ⁠has created regional bottlenecks ⁠and generated supply fears.

Chile's copper commission Cochilco on Friday sharply lowered its 2026 output forecast from the world's largest copper producer.

In China, the world's biggest consumer, tight supply had the closely watched Yangshan premium <SMM-CUYP-CN> end last week at $200 a ton, near its highest level in ⁠over a decade.

The premium shows good demand ‌for imported copper into China, ‌with inventories in SHFE-monitored warehouses <CU-STX-SGH> down more than 75% in ‌the last six months.

"Underlying fundamentals remain supportive, with ‌signs of tightness still evident across the physical market," analysts from ING said in a note.

Oil prices fell as Iranian and Qatari officials, who are acting as mediators, held a third straight ‌day of talks to end the Iran war.

Lower oil prices could ease the pressure ⁠on economic activity ⁠and on demand for growth-sensitive industrial metals such as copper. Concerns around high oil prices helped make October the first month since June that copper prices fell.

The US dollar index fell ahead of the US midterms, supporting greenback-denominated commodities by making them cheaper for buyers using other currencies.

Among LME metals, aluminium dipped 0.15%, zinc ticked 0.14% higher, lead fell 0.21%, nickel rose 1.5% and tin gained 0.68%.

On the SHFE, aluminium lost 0.93%, zinc fell 1.01%, lead dropped 0.59%, nickel lost 0.5% and tin lost 1.4%.

Business

Turkish Manufacturing Contracts in October at Fastest Pace Since June, PMI Shows

People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
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Turkish Manufacturing Contracts in October at Fastest Pace Since June, PMI Shows

People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)

Türkiye's manufacturing sector ‌contracted in October at the fastest pace since June as sharper declines in output and new orders weighed on activity, a business survey showed on Monday.

The headline Istanbul Chamber of Industry Türkiye Manufacturing PMI, compiled by S&P Global, fell to 47.3 in October from 47.9 in September.

The 50 mark separates growth ‌from contraction.

"The ‌economic environment facing Turkish ‌manufacturers ⁠is such that they ⁠continued to find it difficult to generate growth as the final quarter of the year began," said Andrew Harker, economics director at S&P Global Market Intelligence.

Output was cut for a fifth ⁠straight month and at the fastest ‌pace in four ‌months, while new orders fell for a ‌40th consecutive month. The decline in new ‌business was the sharpest since July, with export orders also continuing to soften.

Manufacturers reduced headcount again, but the pace of job shedding ‌eased for a second month and was the weakest since ⁠June.

Input costs and output prices both rose sharply, though their inflation rates eased from September. S&P Global said 29% of respondents reported higher input prices, citing oil, raw materials and exchange rate weakness.

Manufacturers still expected output to rise over the coming year, but confidence slipped to a three-month low. Suppliers' delivery times lengthened again, extending a run of monthly deterioration to a full year.

Business

Sumou Real Estate and Saudi Downtown to Develop Residential Project in Al Khobar

The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
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Sumou Real Estate and Saudi Downtown to Develop Residential Project in Al Khobar

The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)

Sumou Real Estate Company announced the signing of an agreement with Saudi Downtown Company, wholly owned by the Saudi Public Investment Fund, to develop, execute and market a residential units project in Downtown Al Khobar with an area of 4,827 m².

Under the agreement, signed on Sunday, Sumou Real Estate will oversee the development, execution and marketing of the project, as well as the sale of its residential units.

Saudi Downtown Company's contribution will be in the form of land, while Sumou Real Estate Company's contribution includes a partial investment and financing the remaining portion from off-plan sales proceeds.

The agreement also appoints Sumou as developer, contractor and marketer of the project in exchange for agreed fees, in addition to a share of the project's profits.

Sumou Real Estate Company will receive development management fees of 6.5% of total development costs, in addition to marketing and sales fees of 2% of total sales.

It will also receive 32% of the project's net profits in return for the investment the Company will provide.

The agreement is valid for 48 months from the date it takes effect.

The project is expected to have a positive impact on the Company's results once the agreement becomes effective and work commences.