Saudis accounted for 25.6% of the total, with 245,905 nationals employed in tourism by the end of June
Expatriates made up 74.4% at 713,270
Updated 18 December 2024
Nirmal Narayanan
RIYADH: Saudi Arabia’s tourism sector added jobs at a steady pace in the second quarter of 2024, with the workforce growing 5.1 percent year on year to 959,175, official data showed.
According to official data released by the General Authority for Statistics, the sector’s workforce rose 1.57 percent quarter on quarter, signaling sustained momentum in the industry.
Saudis accounted for 25.6 percent of the total, with 245,905 nationals employed in tourism by the end of June, while expatriates made up 74.4 percent at 713,270.
The increase highlights the Kingdom’s rapid transformation into a global tourism destination as part of its Vision 2030 economic diversification strategy, which aims to attract 150 million annual visitors by the end of the decade.
GASTAT data revealed that tourism jobs made up 5.7 percent of the total workforce in the second quarter, a slight decline of 0.2 percentage points from the same period last year.
In the private sector, tourism accounted for 8.6 percent of employment, down 0.5 percentage points year on year.
Breaking down the demographics further, male employees dominated the sector at 831,076, while female workers totaled 128,099.
GASTAT also reported gains in Saudi Arabia’s hotel sector, with occupancy rates rising to 55.4 percent in the second quarter, a 0.5 percentage point increase from last year. The average length of stay for guests surged by 17.6 percent to 5.2 nights.
However, the average daily room rate edged down slightly to SR725.5 ($193.08), a 0.4 percent drop from the second quarter of 2023, reflecting competitive pricing as the industry expands.
The tourism boom aligns with regional trends, as a Mastercard report released earlier this month highlights the sector’s role in Gulf economies, with Saudi Arabia leading efforts to attract global visitors.
In 2023, Saudi Arabia’s tourism sector contributed 11.5 percent to gross domestic product and generated $36 billion in revenue, both record highs, according to official data released earlier this year. The sector is projected to grow to 16 percent of GDP by 2034.
Oil Updates — crude retreats as US, China growth concerns weigh
Updated 27 min 53 sec ago
REUTERS
SINGAPORE: Oil prices slipped on Monday, weighed down by Moody’s downgrade of the US sovereign credit rating and official data that showed a slowdown in the pace of China's industrial output and retail sales, according to Reuters.
Front-month Brent crude futures edged down 51 cents, or 0.8 percent, to $64.90 a barrel by 09:30 a.m. Saudi time while US West Texas Intermediate crude dropped 45 cents, or 0.7 percent, to $62.04 a barrel. The front-month June WTI contract expires on Tuesday, and the more-active July contract fell 48 cents, or 0.8 percent, to $61.49 a barrel.
Both contracts rose more than 1 percent last week after the US and China, the world’s two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs.
Moody’s downgrade raises questions about the outlook for the US economy, and China’s data points to a bumpy road ahead for any economic recovery, said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
The Moody’s downgrade may not impact oil demand directly, but it does create more sober market sentiment, she said.
Moody’s downgraded the US sovereign credit rating on Friday over the country’s growing $36 trillion debt pile, a move that could complicate President Donald Trump’s efforts to cut taxes.
Meanwhile, in China, the world’s largest crude oil importer, official data showed growth in industrial output slowed in April, though still fared better than economists had expected.
While Beijing and Washington reached an agreement last week to roll back most tariffs imposed on each other’s goods, the short-term truce and Trump’s unpredictable approach continue to cast a shadow over China’s export-driven economy, which still faces 30 percent tariffs on top of existing duties.
Meanwhile, the outcome of Iran-US nuclear talks remains uncertain, limiting losses in oil prices.
US special envoy Steve Witkoff said on Sunday that any deal between the US and Iran must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran.
“There was a lot of hope being built into those talks,” IG market analyst Tony Sycamore said.
“Realistically, Iran was unlikely to ever willingly agree to peacefully give up its nuclear ambitions, which it has always maintained as being non-negotiable. More so after the collapse of its proxies, which have acted as a buffer in the past between itself and Israel,” he said, referring to Hamas, Hezbollah and the Houthis.
In Europe, tensions between Estonia and Russia rose after Moscow detained a Greek-owned oil tanker on Sunday after it left an Estonian Baltic Sea port.
In the US, producers cut the number of operating oil rigs by 1 to 473 last week, the lowest since January, Baker Hughes said in a weekly report, as they continued to focus on spending cuts that could slow US oil output growth this year.
Argaam names top CEOs of 2024 in finance, tech, health and more
Updated 40 min 3 sec ago
Arab News
RIYADH: Last week, the Argaam Financial Portal team organized the inaugural Argaam Summit, bringing together a distinguished group of experts and specialists from the financial sector to discuss the future trends of the financial market in the Kingdom of Saudi Arabia.
The summit sessions addressed a range of vital topics of interest to investors in the financial markets, including macroeconomics, global challenges, prospects for developing the Nomu Parallel Market, incentives for attracting companies to list in the financial market, as well as digital transformation and innovation in financial markets.
One of the summit’s highlights was the launch of the first edition of the Argaam Award for Best CEOs of 2024, aimed at highlighting leaders who have made a real difference in their companies.
This award reflects Argaam Financial Portal’s commitment to supporting transparency, governance, and institutional excellence. Its criteria were developed based on a precise methodology that includes the company’s financial and operational performance, the direct impact of the CEO, and the level of disclosure and transparency.
Notably, the Best CEO Award was presented in a grand ceremony for each sector based on several criteria, such as the CEO’s tenure, which must be no less than two years, and the company’s growth rates compared to the previous year in key indicators like net profits, shareholders’ equity, revenues, assets, margin improvements, return on equity, and return on assets, while considering sector-specific financial indicators.
Additionally, the company’s level of disclosure and transparency was evaluated, including the presence of transparent governance, adherence to accounting standards, and an active investor relations department.
Banking sector
Waleed Abdullah Al-Muqbil.
Waleed Abdullah Al-Muqbil, CEO of Al Rajhi Bank since 2020, has over 24 years of experience in the banking sector.
Under his leadership, the bank maintained its market share despite challenges from rising interest rates and recorded significant growth in deposits, financing, and assets.
In 2024, it surpassed its closest competitor, the National Commercial Bank — which merged with Samba Bank — becoming the leader among Saudi banks in customer deposits and financing. The bank also achieved its highest quarterly profits in history and set record levels across various financial indicators.
Telecommunications sector
Aliyan bin Mohammed Al-Watied.
Aliyan bin Mohammed Al-Watied, CEO of STC Group since 2020, has over 20 years of experience in the telecommunications sector.
Under his leadership, the company expanded into new areas such as the Internet of Things, fintech, and data centers, contributing to revenue growth and increased market share in 2024.
The “Tajra2 2” strategy was adopted to enhance its role as a key enabler of digital transformation, alongside implementing a program to improve operational efficiency.
Financially, the company maintained revenue growth, achieved an increase in operating profits compared to the previous year, and continued to grow shareholders’ equity while maintaining its market share.
It also announced future dividends for the next three years, reflecting the management’s commitment to implementing its long-term strategy to investors.
Healthcare sector
Ahmed bin Saleh Baabir.
Ahmed bin Saleh Baabir, CEO of Dallah Healthcare, holds a Ph.D. in Agricultural Engineering from Iowa State University, US.
Under his leadership, Dallah Healthcare actively acquired several hospitals, increasing the number of hospitals and beds, thereby enhancing its market share in the healthcare sector.
Financially, the company continued to achieve revenue growth, recorded an increase in operating profits compared to the previous year, and maintained its position in the market.
Insurance sector
Tal Hisham Nazer.
Tal Hisham Nazer, CEO of Bupa Arabia since 2011, holds an MBA from the Wharton School, University of Pennsylvania, 2001.
Under his leadership, Bupa strengthened its position as a leader in the health insurance sector in the Kingdom, capturing a 26 percent market share in the insurance sector and 45 percent in the health insurance sector, maintaining this share despite significant market competition.
Financially, the company recorded its highest insurance revenues in 2024, supported by an increase in total written premiums, and achieved its highest profits, positively impacting shareholders’ equity, which reached record levels.
Transportation sector
Fawaz Abdullah Ahmed Danish.
Fawaz Abdullah Ahmed Danish, CEO of Budget, holds a Bachelor’s degree in Law from King Abdulaziz University, 1993.
Under his leadership, Budget maintained its market share by expanding its fleet and opening new showrooms, in addition to executing strategic acquisitions of companies like Al Alamiah Cars and Overseas Development, increasing the fleet size to over 53,000 vehicles in 2024 compared to 35,000 in 2023.
Financially, the company experienced a historic surge in revenues and profits driven by these acquisitions, with shareholders’ equity rising by approximately 45 percent compared to the previous year, reaching unprecedented levels.
Agriculture sector
Mazin Abdullah Ba Dawood.
Mazin Abdullah Ba Dawood, CEO of Al-Jouf Agricultural, holds a Bachelor’s degree in Chemical Engineering from King Abdulaziz University, 1993.
Under his leadership, the company enhanced its position as an industrial agricultural company by expanding its share in the olive oil market and opening a potato chip production plant in 2024, contributing to increased revenues.
Financially, the company achieved historic revenues in 2024, with profits and shareholders’ equity reaching their highest levels in nearly a decade, driven by a strategic transformation plan toward an integrated model combining agriculture and industry.
Retail sector
Mohammed Jalal Ali Fahmy.
Mohammed Jalal Ali Fahmy, CEO of Extra Stores, holds a Bachelor’s degree in Accounting from Ain Shams University, 1985.
Under his leadership, Extra Stores achieved its highest revenue and profit levels in 2024 since its establishment, supported by growth in the retail sector and expansion in consumer financing through “Taseel,” while maintaining market share and increasing the number of branches to 55 in three countries.
The company also embraced digital transformation and enhanced its e-commerce, with shareholders’ equity reaching its highest levels following the partial listing of its stake in United Electronics Co.
Oil and gas sector
Mohammed Farouk Abdulmajid Abdulkhaleq.
Mohammed Farouk Abdulmajid Abdulkhaleq, CEO of Addes, holds a Ph.D. in Systems and Control Engineering from Case Western Reserve University, Ohio, US.
Under his leadership, Addes faced challenges last year due to the suspension of some rigs in Saudi Arabia but successfully redistributed these rigs to new markets such as Qatar, Thailand, and Egypt, enhancing its financial performance and reducing dependence on a single market through geographic diversification.
Real estate sector
Abdullah bin Faisal Al-Braikan.
Abdullah bin Faisal Al-Braikan, CEO of Retal Urban Development, holds a Bachelor’s degree in Architecture from King Faisal University in Dammam, class of 2006.
Under his leadership, Retal achieved a record-breaking project volume in 2024 and reported its highest revenues since inception.
This growth was driven by exceptional development contracts, resulting in unprecedented gross and net profits, in addition to the highest number of units sold in the company’s history.
Information technology sector
Omar Abdullah Al-Naamani.
Omar Abdullah Al-Naamani, CEO of Solutions by STC, holds a Bachelor’s degree in Computer Engineering from King Saud University, 1994.
Under his leadership, Solutions strengthened its position in the IT sector in Saudi Arabia, capturing a market share of 22.7 percent, thanks to a series of strategic acquisitions and alliances over the past years.
The company has continued its growth trajectory since the COVID-19 pandemic, and by the end of 2024, it recorded its highest-ever revenue and profit levels, driven by an increase in cumulative contract value.
Closing Bell: Saudi main index slips to close at 11,438
Kingdom’s parallel market Nomu lost 185.50 points, or 0.67%, to close at 27,655.56
MSCI Tadawul Index lost 6.21 points, or 0.42%, to close at 1,456.55
Updated 18 May 2025
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 46.11 points, or 0.40 percent, to close at 11,438.94.
The total trading turnover of the benchmark index was SR3.68 billion ($983 million), as 85 of the stocks advanced and 153 retreated.
The Kingdom’s parallel market Nomu lost 185.50 points, or 0.67 percent, to close at 27,655.56. This comes as 26 of the listed stocks advanced while 52 retreated.
The MSCI Tadawul Index lost 6.21 points, or 0.42 percent, to close at 1,456.55.
The best-performing stock of the day was Etihad Atheeb Telecommunication Co., whose share price surged 6.44 percent to SR102.40.
Other top performers included Miahona Co., with its share price rising 4.59 percent to SR26.00, and Middle East Paper Co., which surged 4.55 percent to SR29.85.
SICO Saudi REIT Fund recorded the most significant drop, falling 5.72 percent to SR4.45.
Saudi Advanced Industries Co. also saw its stock prices fall 5.11 percent to SR26.95.
Jabal Omar Development Co. also saw its stock prices decline 3.38 percent to SR24.00.
On the announcements front, Bank Albilad raised $650 million from its US dollar-denominated additional tier 1 sukuk issuance. According to a Tadawul statement, the total number of sukuk stands at 3,250 with a par value of $200,000, a return of 6.5 percent per annum, and perpetual maturity.
Bank Albilad ended the session at SR27.10, down 0.74 percent.
Sadara Basic Services Co. reported a net loss of SR1.26 billion for the first quarter of 2025, marking a 48 percent increase from the same period last year, according to a bourse filing.
The company attributed the deeper loss primarily to planned turnaround activities during the quarter, though this was partially offset by lower feedstock consumption and reduced interest expenses.
Rawasi Albina Investment Co. announced the completion of the memorandum of association and commercial registration of its new wholly owned subsidiary, Nemo Al Jazirah Co., with a capital of SR5,000.
According to a Tadawul statement, the limited liability company will begin operations after finalizing all administrative and technical incorporation requirements.
Shares of Rawasi Albina Investment Co. closed at SR4.00, gaining 2.25 percent.
Middle East Pharmaceutical Industries Co. has renewed a Shariah-compliant credit facility agreement with Alinma Bank for SR50 million.
According to a stock exchange disclosure, the one-year financing is backed by a promissory note worth SR55 million. The facility will be used to support the company’s working capital and asset financing needs.
Shares of the company ended the session at SR126.60, down 0.32 percent.
Number of FDI projects reached 241 in 2024, up from 115 in 2023
Most of the investments were concentrated in key sectors, particularly wholesale and retail trade
Updated 18 May 2025
Nadin Hassan
RIYADH: Qatar saw a 109.6 percent year-on-year increase in foreign direct investment projects in 2024, more than doubling the 2023 total, reflecting growing global confidence in its economy, according to a top official.
Speaking to Qatar News Agency, Sheikh Ali bin Alwaleed Al-Thani, CEO of the Investment Promotion Agency, said the number of FDI projects reached 241 in 2024, up from 115 in 2023.
He attributed this growth to strong investor confidence in Qatar’s economic resilience and long-term strategic direction.
“This growth is attributed to targeted investment policies, a supportive business environment, and the state’s commitment to economic diversification in line with Qatar National Vision 2030," the QNA report stated.
Most of the investments were concentrated in key sectors, particularly wholesale and retail trade, which accounted for 77 undertakings, and administrative and support services, which had 41.
Greenfield projects, involving new ventures rather than expansions, comprised 74 percent of the total, highlighting Qatar’s appeal as a destination for sustainable, long-term investments.
Al-Thani stated that these developments were driven by recent reforms, including simplified licensing procedures and enhanced digital services, aligned with the economic diversification objectives of the Third National Development Strategy.
He also pointed to the Ministry of Commerce and Industry’s Strategy for 2024–2030, which aims to boost the investment environment further by achieving 3.4 percent annual growth in non-oil sectors.
The establishment of the National Statistics Centre was also highlighted as a milestone in enhancing data-driven policymaking and transparency, key enablers of a healthy investment climate, the official noted.
Qatar’s global competitiveness continues to strengthen, Al-Thani said, citing its rise to 11th place in the International Institute for Management Development World Competitiveness Index for 2024.
In terms of logistics and infrastructure, the country ranked 14th for logistics competence and 19th for infrastructure in the World Bank’s Logistics Performance Index.
According to the agency, the new investment projects generated 9,348 jobs in 2024, a 122.7 percent increase from 4,197 jobs in 2023.
These roles were largely in the same sectors that attracted the most FDI, including retail and wholesale trade, support services, accommodation and food services, and scientific research and development.
“Our strategy is firmly centered on attracting high-quality, knowledge-based investments that align with Qatar’s long-term economic diversification goals. We focus on sectors where Qatar offers a strong competitive advantage, and where innovation, technology and sustainability can generate real value for both investors and the local economy,” he was quoted as saying by QNA.
He added: “A core component of this strategy has been the development of strategic partnerships with leading global organisations. These collaborations go beyond job creation — they are focused on transferring knowledge, introducing cutting-edge technologies and embedding international best practices across key industries.”
He said this investment approach supports key national objectives, including achieving an average annual economic growth rate of 4 percent, increasing labor productivity, and attracting $100 billion in FDI by 2030.
Qatar’s achievements have also been recognized globally. The country ranked first worldwide for tax policy and basic infrastructure in the IMD World Competitiveness Ranking 2024, second for general infrastructure in the Global Innovation Index, and fourth for information and communications technology development in the ITU ICT Development Index.
Its commitment to entrepreneurship and innovation was underlined in the 2024–2025 Global Entrepreneurship Monitor, where it ranked first globally in entrepreneurial intentions and employee activity, and ninth for start-up opportunities.
Saudi Arabia’s Hail region signs $2.27bn in investment deals
125 investment opportunities, including 14 strategic projects worth more than SR34.2 billion, were presented at the forum
More than 100 investment opportunities worth SR50 billion were showcased and listed on the “Invest Saudi” platform
Updated 18 May 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia’s Hail region signed investment agreements worth SR8.5 billion ($2.27 billion) during its flagship investment forum, as the Kingdom intensifies efforts to unlock regional growth and attract private sector capital.
The deals, signed across key sectors including agriculture, mining, tourism, and logistics, are part of a broader package of more than SR50 billion in identified investment opportunities unveiled at the Hail Investment Forum, the Saudi Press Agency reported.
Saudi Arabia has been focusing on the untapped potential of smaller towns and regional municipalities, attracting investors and entrepreneurs. This shift from traditional urban centers marks a new era of diversification as the country pursues a more resilient and inclusive economy, reflecting the evolving priorities of Saudi Vision 2030.
“The emir of Hail region witnessed the launch of a package of agreements, initiatives and projects amounting to SR8.5 billion, in qualitative partnerships between government agencies and investment entities to enhance the region’s growth and stimulate its economic environment,” the SPA report stated.
Inaugurating the forum, Prince Abdulaziz bin Saad bin Abdulaziz, governor of Hail region, spoke about the unwavering support the region receives from the wise leadership.
In his speech, Prince Abdulaziz emphasized that the Hail region holds competitive and strategic advantages that make it an attractive environment for investment across various sectors, marking the beginning of a new phase of investment and sustainable development throughout the region and its governorates.
The forum, held under the theme “Be Part of the Promising Future,” was organized by the Hail Chamber in partnership with the regional governorate. It attracted senior officials, including Minister of Investment Khalid Al-Falih and Deputy Minister of Environment, Water and Agriculture Mansour Al-Mushaiti.
A total of 125 investment opportunities, including 14 strategic projects worth more than SR34.2 billion, were presented in support of the local business sector.
Hani Al-Khalifa, chairman of the Hail Chamber, said the forum promotes the region’s economic competitiveness and investment landscape.
Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, called the event a vital platform for presenting high-quality investment opportunities, adding that Hail’s appeal has grown due to government facilitation.
In his remarks, Al-Mushaiti described Hail as a unique destination for agricultural investment due to its rich natural resources. He noted the Agricultural Development Fund has disbursed over SR7 billion in the region, helping raise Hail’s share of the Kingdom’s agricultural gross domestic product to more than 10 percent.
The region also launched the Middle East’s first and largest trout salmon production project, expected to cut imports by 50 percent and generate SR5 billion in sales over the next decade, he said.
A new red meat investment is set to boost self-sufficiency, which reached 61 percent by end-2024. Hail is also home to one of the largest poultry production projects, now valued at more than SR11 billion following a recent SR4.5 billion expansion.
Al-Mushaiti highlighted the SR800 million in support provided by the Saudi Reef program in Hail, helping smallholder farmers through local agricultural projects worth over SR40 million. He added that 14 water and environmental projects worth SR1.2 billion, along with seven vegetation projects worth SR116 million, are underway under the Saudi Green Initiative.
Al-Falih, speaking at the event, reiterated government support for investors and pointed to Hail’s strategic advantages such as its location that connects five other regions, fertile land, diverse terrain, and developing infrastructure.
He added that foreign direct investment in the region has reached SR1.44 billion, with 177 investment licenses issued to international companies across sectors such as construction, manufacturing, tourism, food, and retail.
More than 100 investment opportunities worth SR50 billion were showcased and listed on the “Invest Saudi” platform, spanning agriculture, tourism, manufacturing, sports and more.
A memorandum of understanding was signed between the Ministry of Investment and the Hail Region Development Authority to facilitate strategic investments and promote sustainable growth in the region.
The forum also featured nine panel sessions covering 42 investment themes, focusing on tourism, quality of life, agriculture, logistics, energy, and education.
