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Saudi Economy
Latest data highlight the kingdom’s rising importance as a trade hub, as well as the resilience and potential of various industries to shore up growth.
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July 2024
Islamic Finance
The industry continues to expand dramatically, driven by banking assets and sukuk issuance in key markets such as Saudi Arabia.
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ESG
Authorities in Saudi Arabia are encouraging start-ups and organisations to think outside the box in developing innovative solutions to the global carbon problem.
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Petrochemicals
Partnering with its Chinese counterparts will allow the kingdom’s major energy and chemicals company to advance its liquids-to-chemicals strategy.
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PIF Investments
From aerospace and agriculture to electric vehicles and artificial intelligence, the Public Investment Fund’s portfolio reflects the kingdom’s economic vision.
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IN THIS EDITION
Saudi’s tourism sector is on an upswing.
Inbound visitor spending in the first quarter of this year jumped nearly 23% compared to the same period in 2023, while total visitor spending surpassed SAR 45 billion. The kingdom also recorded a travel account surplus of SAR 24 billion, reflecting a remarkable growth rate of over 46% compared to the first quarter of last year, according to the Ministry of Tourism.
The surge in inbound spending highlights Saudi Arabia's growing appeal as a tourist destination. The kingdom was notably ranked first on the United Nations tourism list for both growth rate of international tourist arrivals and tourism revenues among major global destinations in 2023, compared to 2019.
Meanwhile, the number of passengers passing through Saudi airports in the first half of 2024 increased by 17%, reaching approximately 62 million, up from 53 million the previous year, according to the General Authority of Civil Aviation (GACA). The number of flights during the period stood at 446,000, marking a 12% increase from 399,000 flights in the first six months of 2023. Additionally, airfreight volume surged by 41%, reaching 606,000 tonnes compared to 430,000 tonnes a year ago.
In the first half of this year, GACA launched several development projects, including the expansion of Prince Mohammad bin Abdulaziz International Airport, the development of Al-Ahsa International Airport, the inauguration of a new international departure terminal at Taif International Airport, and the introduction of a self-driving air taxi experience during the Hajj season.
Furthermore, GACA granted the first operating permit for building cleaning using drones, demonstrating its commitment to innovative air mobility solutions. The authority also established a knowledge-testing centre for aviation personnel and launched the first phase of electronic gates at King Khalid International Airport in Riyadh.
GACA’s targets include receiving 330 million passengers, increasing air freight capacity to 4.5 million tonnes, and enhancing air connectivity to reach 250 destinations to and from Saudi airports by 2030.
