Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth  

Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
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Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth  

Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)

Saudi Arabia’s Ministry of Tourism has raised the readiness of Makkah’s hospitality sector to its highest level ahead of the holy month of Ramadan, stressing that serving pilgrims and visitors remains a top national priority.

Makkah is preparing to receive worshippers and visitors amid a marked expansion in hospitality capacity. The city now has more than 2,200 licensed accommodation facilities, reflecting growth of 35 percent over the past year. The number of licensed hotel rooms has exceeded 380,000, up 25 percent, while total domestic and inbound tourism spending is projected to surpass SAR 143 billion ($38.1 billion) in 2025.

The wider Makkah region recorded unprecedented performance indicators last year, both in visitor numbers and tourism spending, underscoring sustained growth and operational readiness.

Total domestic and international visitors exceeded 50 million, marking a 14 percent increase compared with 2024.

Tourism Minister Ahmed Al-Khateeb announced the figures during an annual inspection tour on Tuesday, stressing that the indicators reflect a major expansion in accommodation capacity and record growth in visitor numbers.

The tour included inspections of temporary lodging facilities designated for pilgrims, part of a proactive plan to increase capacity during peak seasons, alongside early preparations for the upcoming Hajj.

Vision 2030 targets surpassed

Official data has shown that Saudi Arabia has exceeded its Vision 2030 targets for the Umrah. The number of pilgrims arriving from abroad rose from 8.5 million in 2019 to more than 18 million in 2025, surpassing the original goal of 15 million by 2030.

A number of hotels surrounding the Grand Mosque in Makkah. (General Authority for Awqaf)

Service quality indicators improved as well, with pilgrim satisfaction reaching 94 percent, exceeding Vision 2030 benchmarks.

Workforce development kept pace with demand, as the number of licensed tour guides rose to more than 980, a 23 percent increase.

Masar Mall project

Al-Khateeb announced a joint financing agreement between the Tourism Development Fund and the Arab National Bank with Hamat Holding to support the Masar Mall project. The development carries a total cost of SAR 936 million (about $250 million).

The project is expected to become the largest shopping center in Makkah with the capacity to accommodate around 20 million visitors annually.

Its location near the Haramain High-Speed Railway station and a direct pedestrian link to the Grand Mosque are expected to strengthen the city’s commercial and tourism infrastructure.

Jeddah: Gateway to pilgrims

Meanwhile, Jeddah continues to consolidate its position as a complementary destination to Makkah and a primary gateway for pilgrims, while also expanding its role as a coastal tourism hub.

The city welcomed more than 13 million domestic and international visitors in 2025, a 10 percent increase from 2024. Tourism spending reached SAR 28 billion ($7.47 billion), up 6 percent year on year.

Jeddah’s hospitality sector also expanded, with more than 500 licensed facilities and over 33,000 licensed rooms.

The city is currently developing 46 tourism projects valued at SAR 21 billion ($5.6 billion) and expected to add more than 11,000 hotel rooms and further strengthen its tourism infrastructure and economic value.



IEA: Global Oil Supply to Fall by Around 3.9 Million bpd this Year

The IEA slashed its previous forecast, which had projected a 1.5 million bpd drop in global oil supply (X)
The IEA slashed its previous forecast, which had projected a 1.5 million bpd drop in global oil supply (X)
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IEA: Global Oil Supply to Fall by Around 3.9 Million bpd this Year

The IEA slashed its previous forecast, which had projected a 1.5 million bpd drop in global oil supply (X)
The IEA slashed its previous forecast, which had projected a 1.5 million bpd drop in global oil supply (X)

Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency said in its monthly oil market report on Wednesday.

The US and Israel's war with Iran, subsequent damage to Iran and its Gulf neighbors' oil infrastructure and the effective closure of the Strait of Hormuz have caused the largest oil supply crisis in history, sending oil prices skyrocketing.

"With Hormuz tanker traffic still restricted, cumulative supply losses from Middle East Gulf producers already exceed 1 billion barrels with more than 14 million (barrels per day) of oil now shut in, ⁠an unprecedented supply ⁠shock," said the agency, which advises industrialized countries.

The IEA forecasts imply that supply will come in 1.78 million bpd below total demand in 2026, erasing a 410,000 bpd surplus projected in last month's report and a close to 4 million bpd surplus in its December report.

"Our latest supply and demand estimates imply that the market will remain severely undersupplied through the end of 3Q26, even assuming the conflict ends by early June," the Paris-based agency said, adding that the ⁠second-quarter deficit will be as stark as 6 million bpd.

The IEA's base-case forecast is for a gradual resumption of traffic through the strait from the third quarter onwards, it said, which could see the market return to a "modest surplus" by the fourth quarter, allowing depleted stocks to begin to rebuild.

Supply losses led to a 246 million barrel drawdown in global oil inventories in March and April, Reuters quoted the IEA as saying, which could increase price volatility ahead of the peak summer demand period.

The 32-member IEA coordinated the largest-ever release of 400 million barrels of oil from strategic reserves in March in a bid to calm markets. It said around 164 million barrels of that total has already been released.

Overall global oil supply will fall by around 3.9 million barrels per day ⁠across 2026 due to ⁠the war, the agency said, slashing its previous forecast, which had projected a 1.5 million bpd drop.

The IEA now sees demand falling by 420,000 bpd this year, compared to a previous forecast of an 80,000 bpd drop.

Consumption is also under pressure due to the war as price spikes lead to demand destruction and slower economic growth, it said.


Iraq Resumes Condensate Exports after Shipping Disruption

Tankers load oil cargoes at an offshore facility linked to Iraq’s Basra oil field. (Reuters)
Tankers load oil cargoes at an offshore facility linked to Iraq’s Basra oil field. (Reuters)
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Iraq Resumes Condensate Exports after Shipping Disruption

Tankers load oil cargoes at an offshore facility linked to Iraq’s Basra oil field. (Reuters)
Tankers load oil cargoes at an offshore facility linked to Iraq’s Basra oil field. (Reuters)

Iraq resumed condensate exports on Tuesday after a suspension caused by the Iran conflict and disruptions to regional shipping operations, the oil ministry said.

Deputy Oil Minister for Gas Affairs Izzat Saber Ismail announced that Basra Gas Company had loaded 50,000 cubic meters of condensate onto the tanker Dakosh, adding that the cargo was shipped in line with technical and commercial standards.

The tanker departed on Tuesday after completing technical and logistical procedures, he said in a statement.

“This achievement was made possible through coordination between the ministry, Basra Gas Company and related entities to overcome challenges and ensure smooth export operations,” Ismail stated.

He added that Iraq was working to maintain normal tanker traffic and loading operations in the coming days to stabilize exports and meet contractual commitments.

Separately, Deputy Oil Minister Bassem Mohammed Khudair said Iraq could restore more than 3 million barrels per day of crude exports to global markets within 168 hours if navigation restrictions in the Strait of Hormuz were lifted.

“This is not merely a technical figure, but a message of confidence to global markets reflecting the resilience of export infrastructure at Basra’s ports and offshore loading terminals in the northern Gulf,” Khudair told press agencies.

He added that Iraq continued to rely on infrastructure at its southern ports and emergency plans prepared by the oil ministry to maintain exports.

Khudair noted that Iraq was still exporting around 200,000 barrels per day from the Kirkuk fields to Turkey’s port of Ceyhan, while efforts were underway to ship additional Basra crude through Syrian ports.

Iraq had previously cut crude production to 1.5 million barrels per day from more than 4.2 million bpd after declaring force majeure following the outbreak of the US-Iran conflict on Feb. 28. Exports also fell to 200,000 bpd from 3.6 million bpd before the conflict.


US-Saudi Business Council Unveils Powerhouse Board of Directors

Chair of the Corporate Board of the Olayan Group Lubna Olayan
Chair of the Corporate Board of the Olayan Group Lubna Olayan
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US-Saudi Business Council Unveils Powerhouse Board of Directors

Chair of the Corporate Board of the Olayan Group Lubna Olayan
Chair of the Corporate Board of the Olayan Group Lubna Olayan

The US-Saudi Business Council (USSBC) has announced the appointment of its significantly expanded and reconstituted Board of Directors, featuring an unprecedented lineup of global industry leaders.

“This strategic move underscores the Council’s revitalized mission to deepen and diversify economic ties between the United States and Saudi Arabia by leveraging expertise from critical sectors shaping the global economy,” USSBC said in a statement on Tuesday.

Co-Chaired by Chair of the Corporate Board of the Olayan Group Lubna Olayan, and Jane Fraser, Chair and CEO of Citi, the new Board brings together influential figures across finance, energy, technology, travel, defense, infrastructure, consumables and advanced industry.

“Their collective leadership will uniquely position the Council to drive innovation, investment and strategic partnerships aligned with US economic priorities, Saudi Arabia’s Vision 2030 and the evolving global landscape,” the statement added.

The newly appointed US members include:
Ruth Porat, President and Chief Investment Officer of Alphabet and Google
Brian Moynihan, Chair and CEO of Bank of America
Brendan Bechtel, Chairman and CEO of Bechtel Corporation
Larry Fink, Chairman and CEO of BlackRock
Mike Wirth, Chair and CEO of Chevron
Chuck Robbins, Chair and CEO of Cisco
James Quincey, Executive Chair of The Coca-Cola Company
Noel Wallace, Chair, President and CEO of Colgate-Palmolive
Ed Bastian, CEO of Delta Air Lines
Jim Fitterling, Chair and CEO of Dow
Darren Woods, Chair and CEO of ExxonMobil
Jenny Johnson, CEO of Franklin Templeton
Chris Nassetta, President and CEO of Hilton
Vimal Kapur, Chair and CEO of Honeywell
James Taiclet, Chair, President and CEO of Lockheed Martin

FILE - Jane Fraser, CEO, Citigroup, speaks during a Senate Banking, Housing, and Urban Affairs Committee oversight hearing to examine Wall Street firms on Capitol Hill, Wednesday, Dec. 6, 2023 in Washington. (AP Photo/Alex Brandon, File)

They are joined by leaders from key sectors driving Saudi Arabia’s economic transformation, including:
Tareq Amin, CEO of Humain
John Pagano, CEO of Red Sea Global and Managing Director of AlUla Development Company
Kamal Bahamdan, CEO of Safanad
Tareq AlSadhan, CEO of Saudi National Bank
Abdullah Al Zamil, Chair of SENAAT (formerly Zamil Industries)

The Board also retains long-serving members Amin Nasser, President and CEO of Aramco, Robert Wilt, CEO of Ma’aden, Rami Al Turki, President and CEO of Alturki Holding, and Charles Hallab, President and CEO of the US-Saudi Business Council.

“This Board represents an extraordinary alignment of global leadership at a pivotal moment in the bilateral relationship, one that is consistent with a reinvigorated and reimagined role for the Council in the US-Saudi partnership,” said Hallab.

“Their collective expertise across areas critical to both economies positions the Council to advance bilateral trade, investment, and business collaboration like never before. We are very excited for the next chapter, and we are also deeply grateful to our long-serving Board members for their commitment and contribution to the Council’s mission over the years.”

Olayan said she looked forward to translating the partnership into a meaningful collaboration, and long-term value for the two countries’ economies.

As for Fraser, she said: “The caliber of leaders joining our board signals the significant momentum of the US–Saudi business partnership.”

The formation of the Board comes at a time of accelerating economic engagement between the US and Saudi Arabia.

“With a refined and revitalized mission, the US-Saudi Business Council is reinforcing its role as a leading platform for private-sector leadership and engagement—strengthening connectivity between US and Saudi businesses, enabling strategic partnerships, and supporting the expansion of bilateral trade and investment,” USSBC said.