Saudi Industrial Production Index rises 1.6% in July on manufacturing growth 

RIYADH: Hotel spending in Saudi Arabia surged by 2.1 percent in the week ending July 19, driving total point-of-sale transactions to SR12.19 billion ($3.25 billion), even as most other sectors saw declines. 

Total POS value remained above the $3 billion mark for the fourth consecutive week despite a 7.1 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The hotel sector recorded SR287.44 million in transaction value, with the number of transactions slipping 2.1 percent to 822,000, while overall POS transactions across all sectors declined 4.8 percent to 212.73 million. 

According to SAMA’s bulletin, the clothing and footwear sector saw the largest decrease, dropping by 13 percent to SR719.45 million. Spending on communications ranked next, dropping 12.5 percent to SR102.94 million. 

Restaurants and cafes — the sector with the biggest share of total POS value — recorded a 6.9 percent decrease to SR1.79 billion, while the food and beverages sector saw a 6.6 percent decrease, totaling SR1.73 billion and claiming the second-biggest share of this week’s POS. Spending on miscellaneous goods and services ranked third despite a 9.9 percent decline to SR1.36 billion. 

The top three categories accounted for approximately 39.9 percent of the week’s total spending, amounting to SR4.88 billion. 

The smallest decline was seen in spending on building materials which decreased by 0.2 percent to SR330.02 million, followed by expenditure on transportation which saw a 0.6 percent dip to SR718.02 million. 

The health sector saw a decrease of 8.1 percent to SR740.27 million, while the furniture sector declined by 3.7 percent to SR265.57 million. 

Spending on jewelry dipped by 11.7 percent to SR269.61 million, followed by a 9.9 percent decrease in spending on recreation and culture. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.20 billion, a 6 percent decrease from the previous week.  

Jeddah followed closely with a 7.2 percent dip to SR1.76 billion, while Dammam ranked third, down 6.9 percent to SR582.99 million. 

Abha saw the smallest decrease, inching down 1.1 percent to SR207.48 million, followed by Makkah with a 4.5 percent decrease to SR507.03 million.  

Hail recorded 3.69 million deals in transaction volume, down 7.6 percent from the previous week, while Tabuk reached 4.16 million transactions, dropping 9.1 percent. 

RIYADH: Saudi Arabia will introduce travel permits for businessmen and investors from Syria to deepen bilateral relations and facilitate mutual visits. 

Syrian businessmen can now apply for travel licenses directly at the embassy in Damascus, the Kingdom’s embassy said in an official post on X. Meanwhile, Saudi investors seeking to visit Syria can register via the Interior Ministry’s e-platform. 

Saudi Arabia and Syria have made significant strides in restoring diplomatic ties, with the Kingdom reopening its embassy in Damascus in 2024 after a 12-year hiatus. In April, Saudi Arabia and Qatar announced a joint initiative to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation. 

“The embassy announces the availability of travel permits for interested Saudi and Syrian businessmen and investors, enabling them to exchange visits and explore investment opportunities in the two brotherly countries,” the statement said. 

The Kingdom’s Ministry of Investment announced that it will organize a Saudi-Syria Investment Forum in Damascus to explore cooperation opportunities to promote sustainable development in the two countries.

In an X post, the ministry said the forum is expected to witness significant participation from public and private sector entities on both sides.

In June, Saudi Minister of Investment Khalid Al-Falih held a virtual meeting with his Syrian counterpart, Mohammad Al-Shaar, to explore investment partnerships and discuss opportunities for collaboration across public and private sectors. 

Al-Falih affirmed the Kingdom’s commitment to helping stabilize and develop the Syrian economy, adding that stronger ties would serve the mutual interests of both countries and promote regional economic prosperity. 

Further aiding Syria’s economic recovery, US President Donald Trump signed an executive order in June to dismantle sanctions against the country. 

Following the announcement, Syrian Minister of Foreign Affairs and Expatriates Asaad Hassan Al-Shaibani posted on X that the decision by the US administration would support Syria’s economic revival and reintroduce the country to the global community.