RIYADH: Qatar’s tourism industry contributed 55 billion Qatari riyals ($15.1 billion) to the country’s gross domestic product in 2024, accounting for 8 percent of total economic output, according to a senior official.  

The figure marks a 14 percent increase compared with 2023, Chairman of Qatar Tourism Saad bin Ali Al-Kharji said during a high-level business forum in Doha, the country’s news agency reported. 

The uptick aligns with the Gulf nation’s broader Tourism Strategy 2030, which aims to boost the sector’s contribution to 12 percent of GDP and attract 6 million visitors by the end of the decade. 

The report stated: “His Excellency highlighted some of 2024’s achievements, which saw international visitor arrivals reached 5 million, a 25 percent year-on-year increase, with in-destination spend totaling nearly QAR 40 billion.”  

It added: “The hospitality sector also achieved a key milestone, recording 10 million room nights sold during the year.”  

Speaking during a panel discussion titled “Tourism in Focus” at the 5th edition of the Qatar Economic Forum, Al-Kharji emphasized the global shift in travel demand toward lifestyle-oriented and purpose-driven experiences, such as wellness retreats, cultural immersion, and luxurious nature-based getaways. 

He further noted that travelers are increasingly prioritizing experiences like personalized accommodations, culinary adventures, and curated cultural activities over traditional material purchases. 

“Qatar’s strategy aligns with these trends, focusing on six high-potential demand spaces and delivering 54 strategic projects across product development, regulation, and visitor experience enhancement,” the QNA report stated.  

The chairman highlighted that his organization is working closely with the Ministry of Public Health to develop a dedicated health tourism strategy, with several plans already approved. 

The Gulf nation ranks among the highest spenders on healthcare, allocating up to 12 percent of its annual budget to the sector, and Al-Kharji added further investments will boost tourism related to the industry.

Qatar is also gearing up to host several major international sporting events in the coming years, including the FIFA U-17 World Cup annually from 2025 to 2029, the FIBA Basketball World Cup in 2027, and the 2030 Asian Games. 

The chairman underscored Qatar’s commitment to combining luxury with sustainability across all projects, citing examples such as the Ras Abu Aboud Resort and the Qatar National Convention Centre. The center was the first venue in the region to be certified for both luxury and sustainability, alongside Msheireb Downtown Doha, which was developed to embody both eco-consciousness and upscale living. 

According to figures released in May, Qatar welcomed over 1.5 million international visitors in the first quarter of 2025, as the country continues to advance its tourism strategy built on major events, strategic partnerships, and diverse travel experiences. 

While slightly below the 1.6 million visitors recorded during the same period in 2024, the latest figures underscore Qatar’s sustained momentum in attracting global travelers.

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in the red on Wednesday, falling 134.5 points, or 1.18 percent, to settle at 11,303.68. 

The total trading turnover reached SR4.37 billion ($1.16 billion), with 37 stocks advancing and 206 declining. 

The MSCI Tadawul 30 Index also dropped, losing 19.78 points, or 1.35 percent, to close at 1,441.01. 

The Kingdom’s parallel market Nomu declined by 110.94 points, or 0.40 percent, to close at 27,417.62, with 26 stocks gaining and 49 retreating. 

The best-performing stock of the day was Saudi Arabia Refineries Co., rising 4.38 percent to SR69.10. 

Other top gainers included Perfect Presentation for Commercial Services Co., whose share price rose 3.37 percent to SR11.66, and SHL Finance Co., which gained 2.22 percent to SR20.30. 

The day’s largest decline was seen in National Gypsum Co., with its share price dipping 4.76 percent to SR20.4. 

ACWA Power Co. saw its shares drop 4.40 percent to SR274, while Al-Rajhi Co. for Cooperative Insurance declined 4.17 percent to SR115. 

On the announcements front, ACWA Power said it has received approval from the Capital Market Authority to proceed with a SR7.12 billion capital increase through a rights issue. 

The CMA’s decision, issued on May 20, allows the company to offer, register, and list rights issue shares — pending shareholder approval at an upcoming extraordinary general assembly. 

The rights issue was first disclosed on Dec. 19, when ACWA Power submitted its application to the CMA. 

Alinma Bank has successfully completed a $500 million issuance of dollar-denominated sustainable Additional Tier 1 capital certificates under its Tier 1 Capital Certificate Issuance Programme. 

The offering targets eligible investors in Saudi Arabia and internationally, with settlement expected on May 28. 

The issuance comprises 2,500 certificates, each with a par value of $200,000, offering an annual return of 6.5 percent. These perpetual instruments are callable after 5.5 years. 

The certificates will be listed on the International Securities Market of the London Stock Exchange and were offered exclusively under Regulation S of the US Securities Act of 1933. 

During Wednesday’s session, Alinma Bank shares rose 0.18 percent to close at SR27.50 on the main market. 

Flynas has set the final offer price for its initial public offering at SR80 per share following the successful completion of the institutional book-building process, which was oversubscribed by 99.8 times, according to a statement.

BSF Capital, Morgan Stanley Saudi Arabia, and Goldman Sachs Saudi Arabia, acting as joint financial advisors, co-underwriters, and joint bookrunners for the IPO, confirmed that institutional investors subscribed in full to the 51,255,568 ordinary shares allocated in the first phase, representing 100 percent of the total offered.

Following this, up to 20 percent of the total offering will be allocated to retail investors in the second phase of the IPO.

Saudi Fransi Capital, serving as lead manager, announced that all necessary arrangements have been completed with receiving agents to facilitate the individual subscription process, which will run for three days from May 28 until June 1 at 12:00 p.m.