Saudi Arabia and Egypt retain top spots in MENA travel preferences: Wego study

Saudi Arabia and Egypt retain top spots in MENA travel preferences: Wego study
Saudi Arabia’s second spot on the wish list is a clear indication of the Kingdom’s progress as a global tourist destination, aligning with its National Tourism Strategy aiming to attract 150 million visitors by 2030. Shutterstock
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Updated 12 May 2024
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Saudi Arabia and Egypt retain top spots in MENA travel preferences: Wego study

Saudi Arabia and Egypt retain top spots in MENA travel preferences: Wego study

RIYADH: Saudi Arabia and Egypt remain dominant destinations among Middle East and North Africa travelers in 2024, retaining top spots in international preferences, according to a study. 

Singapore-based travel booking app Wego ranked Egypt as the top destination for tourists from the region between January and April, followed by the Kingdom, with India consistently holding the third spot since 2016. 

Saudi Arabia’s second spot on the wish list is a clear indication of the Kingdom’s progress as a global tourist destination, aligning with its National Tourism Strategy aiming to attract 150 million visitors by 2030. 

“We are excited to see Egypt emerge as the leading destination for travelers in the MENA region during Q1 2024. According to Wego's data, Egypt stands out as a favored choice among travelers seeking unique cultural experiences and diverse attractions,” said Mamoun Hmedan, chief business officer at Wego. 

He added: “Meanwhile, the United Kingdom retains its position as the preferred European destination for Middle Eastern travelers.” 

Among Middle East destinations, the top three — Egypt, Saudi Arabia, and UAE —maintained their positions from 2023. Egypt and the Kingdom, in particular, have consistently held the top two spots since Wego began tracking customer trends over a decade ago. 

The study utilized traveler searches and hotel booking data from its website as the foundation for its findings. 

The report further revealed that the UAE ranked as the fourth favorite destination, followed by Pakistan, Kuwait, and Turkiye. 

Meanwhile, China dropped one spot, reaching the 27th top destination among MENA travelers. 

The UK remains the top European destination from the Middle East, holding the first spot for 10 of the last 11 years, briefly overtaken during the pandemic. Italy has notably surged from fourth to second. 

Italy, a top global tourist spot, consistently ranks in the top ten European destinations for Middle East travelers.   

This year marks Italy’s debut in the top three. Joint investments between Saudi Arabia and Italy in late 2023, along with direct flights by ITA Airways to Riyadh and Jeddah, signify growing ties. 

Countries farther from the Gulf region, such as Morocco, Indonesia, and the US experienced the most decline among top destinations. 

This trend continued in 2024, with Malaysia, the Philippines, and the US dropping out of the global top 10, while Kuwait, Pakistan, and Jordan, which entered the top ten last year, remain preferred destinations for MENA travelers.   


Oil Updates — Crude steady while market eyes Fed rate decision

Oil Updates — Crude steady while market eyes Fed rate decision
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Oil Updates — Crude steady while market eyes Fed rate decision

Oil Updates — Crude steady while market eyes Fed rate decision

SINGAPORE: Oil prices traded in a narrow range early on Wednesday as investors remained cautious ahead of an expected interest rate cut by the US Federal Reserve while weighing up the potential supply impact of tighter sanctions on Russia.

Brent futures inched up 1 cent at $73.20 a barrel at 7:20 a.m. Saudi time, while US West Texas Intermediate crude rose 1 cent to $70.08 a barrel.

The market is watching out for clues on interest rate moves for 2025 following the Federal Open Market Committee’s meeting, which ends later on Wednesday, analysts said.

“Additional sanctions from the West may limit some losses in today’s session, but a cautious tone persists in the lead-up to the FOMC meeting,” said Yeap Jun Rong, market strategist at IG.

“Looking ahead, oil prices are likely to remain constrained within their current range, with subdued price action expected to persist through the end of the year,” Yeap added.

The Fed on Wednesday is widely expected to cut interest rates for the third time since its policy easing cycle began.

“Projections for rate cuts in 2025 are being second-guessed, especially with Trump planning a comeback on January 20,” said Priyanka Sachdeva, senior market analyst with Phillip Nova.

“There is a prevailing narrative that Trump’s policies may lead to inflation, which, coupled with concerns about potential interference with the Federal Reserve’s autonomy, is causing oil investors to remain cautious,” she added.

Lower rates decrease borrowing costs, which can boost economic growth and demand for oil.

Meanwhile, the EU on Tuesday adopted a 15th package of sanctions against Russia over its invasion of Ukraine, adding an additional 33 vessels from Russia’s shadow fleet used for transporting crude or petroleum products. Britain also sanctioned 20 ships for carrying illicit Russian oil.

The fresh sanctions could stoke further oil price volatility, though they have not succeeded in shutting Russia out of the global oil trade.

In the US, American Petroleum Institute data on Tuesday showed that crude stocks fell by 4.69 million barrels in the week ended Dec. 13, a source said. Gasoline inventories rose by 2.45 million barrels, and distillate stocks rose by 744,000 barrels, according to the source.

Analysts projected US energy firms pulled about 1.6 million barrels of crude from storage during the week ended Dec. 13, according to a Reuters poll on Tuesday.

The US Energy Information Administration will release its oil storage data on Wednesday. 


Saudi Cabinet approves standard incentives for industrial sector

Saudi Cabinet approves standard incentives for industrial sector
Updated 17 December 2024
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Saudi Cabinet approves standard incentives for industrial sector

Saudi Cabinet approves standard incentives for industrial sector

RIYADH: Saudi Arabia’s Cabinet has approved a set of standardized incentives aimed at boosting the Kingdom’s industrial sector, marking a significant step in the nation’s ongoing efforts to diversify its economy.

The decision was made during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman on Tuesday, according to the Saudi Press Agency.

The Cabinet also endorsed several other key measures, including regulatory support for the National Cybersecurity Authority and structural changes for the National Center for Marine Information. These initiatives are part of a broader strategy to strengthen various sectors of the economy and reduce Saudi Arabia’s longstanding dependence on oil revenues.

As part of the country’s push for economic diversification, the National Industrial Development and Logistics Program reported in August that the number of industrial establishments in Saudi Arabia grew by 60 percent from 7,206 in 2016 to 11,549 in 2023.

“The Cabinet’s approval of standard incentives for the industrial sector supports and enables the transformation journey in the Kingdom, which contributes to achieving economic diversification and raising the sector’s contribution to the gross domestic product,” said Saudi Finance Minister Mohammed Al-Jadaan in a post on the social media platform X.

The Cabinet also commended the recent visits of French Prime Minister Emmanuel Macron and UK Prime Minister Keir Starmer to Saudi Arabia, recognizing that such diplomatic engagements will enhance international cooperation in various fields.

Additionally, the Cabinet highlighted Saudi Arabia’s improved credit ratings, noting that recent upgrades by international agencies reflect the progress of the Kingdom’s economic reforms. In November, Moody’s raised Saudi Arabia’s long-term local and foreign currency issuer ratings to Aa3 from A1, signaling strong creditworthiness and the Kingdom's ability to meet its financial obligations.

Another significant development highlighted by the Cabinet was the launch of the Riyadh metro project, which is expected to enhance infrastructure, promote economic growth, and improve the quality of life for citizens.

The Cabinet also approved a memorandum of understanding between Saudi Arabia’s Ministry of Environment, Water, and Agriculture and Cuba’s environmental agency to strengthen cooperation in environmental protection. Furthermore, it authorized the Ministry of Industry and Mineral Resources to pursue a draft memorandum of understanding with Iraq’s Geological Survey to enhance geological and scientific collaboration between the two countries.

These decisions underscore Saudi Arabia’s commitment to advancing its economic and infrastructural development while strengthening international ties and environmental stewardship.


Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh
Updated 17 December 2024
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Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

JEDDAH: Saudi Arabia’s Sports Boulevard Foundation has launched a SR3.5 billion ($933 million) real estate investment fund to develop Urban Wadi High Rises, a mixed-use project in Riyadh. 

SBF signed agreements with Riyadh Development Co., Turkiye’s FTG Development, and Jadwa Investment to establish the fund, which aims to transform Riyadh’s urban landscape. 

Spanning 40,000 sq. meters with a gross floor area exceeding 207,000 sq. meters, the Urban Wadi High Rises will adhere to Salmani architectural principles, blending cultural heritage with modern design, according to a press release.

The initiative is part of the broader Sports Boulevard project launched in 2019, which spans 135 km, linking Wadi Hanifa in the west to Wadi Al-Sulai in the east. Designed as the world’s largest linear park, it integrates sports, cultural, and environmental features to promote healthier lifestyles in line with Vision 2030’s Quality-of-Life objectives. 

Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development.”  

She added: “This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in the city. We aim to transform Riyadh into one of the best in the world, contributing to regional growth and successfully achieving the overarching goals outlined in the Saudi Vision 2030.” 

As part of the deal, Sports Boulevard Development Co. will hold the majority stake, while Riyadh Development Co. and FTG Development will act as co-investors and developers. Jadwa Investment will manage the closed-ended fund, the release added. 

“Through collaboration with our partners, we will be able to provide Sports Boulevard’s Urban Wadi destination with world-class facilities that will guarantee a positive impact in all areas related to Riyadh’s community,” said McGivern. 

This is the second real estate investment fund launched by SBF, following its earlier fund announcement for the Promenade destination. The foundation described the initiative as a unique partnership model between the public and private sectors. 

Urban Wadi will feature a water canal with green spaces, pedestrian and cycling paths, shaded play areas, sports courts, a kayaking zone, and retail spaces with shops and restaurants. A 10,000-sq.-meter shaded structure will provide an additional community gathering space for residents and visitors.  

Jehad Al-Kadi, CEO of Riyadh Development Co., emphasized the project’s alignment with Vision 2030, noting its potential to enhance Riyadh’s infrastructure and support the Kingdom’s growth ambitions. 

“We are proud to announce the establishment of a real estate investment fund as part of our strategic partnership with the Sports Boulevard Development Company. This investment will support the common goal of the Sports Boulevard Project by providing world-class facilities to the residents and visitors of Riyadh,” said Al-Kadi.  

Given the project's significance and the Kingdom’s current economic and investment dynamics, he noted that a successful partnership had been formed with international real estate developer FTG Development to implement best practices in design, construction, and asset management.

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, underscored the fund’s role in strengthening Riyadh’s global standing, adding: “The management of this Fund demonstrates our commitment to strengthening Riyadh’s position as a global city by developing sustainable infrastructure to the highest standards, attracting investments that contribute to achieving the goals of Saudi Vision 2030, and improving the quality of life in the capital.” 

Launched in 2019 under the leadership of King Salman and Crown Prince Mohammed bin Salman, the Sports Boulevard project is a flagship initiative designed to enhance Riyadh’s livability and promote active lifestyles. 


Saudi Entertainment Ventures unveils $346m destination in Jazan region

Saudi Entertainment Ventures unveils $346m destination in Jazan region
Updated 17 December 2024
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Saudi Entertainment Ventures unveils $346m destination in Jazan region

Saudi Entertainment Ventures unveils $346m destination in Jazan region
  • Development supports SEVEN’s goal to expand entertainment offerings across the Kingdom
  • Global architecture firm Gensler will design the project

RIYADH: Saudi Arabia’s Jazan region is set to host a new SR1.3 billion ($346 million) entertainment destination, with Saudi Entertainment Ventures, or SEVEN, awarding the project’s development contract to Alfanar Projects. 

The project, covering 60,000 sq. meters of land and 73,000 sq. meters of built-up space, will be located near the North Corniche Park along Jazan’s waterfront, offering easy access for locals and visitors from nearby regions, according to a press release. 

The development supports SEVEN’s goal to expand entertainment offerings across Saudi Arabia, contributing to Vision 2030. It also aligns with the Jazan Municipality’s growing investment portfolio, valued at SR4 billion. 

Abdullah Nasser Al-Dawood, the chairman of SEVEN, said: “We are excited to unveil SEVEN’s new entertainment destination in Jazan, reflecting our ongoing commitment to enriching the Kingdom’s entertainment offering and enhancing the quality of life for communities across Saudi Arabia.”  

He added: “This destination celebrates the natural diversity and rich cultural heritage of the Jazan region, providing exceptional leisure experiences for residents and visitors alike.”  

The venue will feature attractions such as an indoor golf course, an entertainment district with rides, a cinema complex, a karting track, an indoor adventure center, as well as various dining and retail outlets. 

Global architecture firm Gensler will design the project, incorporating elements of the Red Sea coastline, Jazan’s mountain ranges, and the region’s iconic jasmine flowers, the release added. 

“We are honored to collaborate with SEVEN to develop this landmark entertainment destination in Jazan. Our shared commitment to excellence and innovation will ensure the project meets the highest quality of standards and contributes meaningfully to the Kingdom’s growing entertainment sector,” said Amer Alajmi, executive vice president of Alfanar Projects.  

The project is an exciting opportunity for Alfanar to play a key role in bringing world-class experiences to the Jazan community and beyond.” 

He described the project as an “exciting opportunity” for Alfanar to play a pivotal role in delivering world-class experiences to the Jazan community and beyond. 

The Jazan region is seeing a surge in development, with a project pipeline currently containing 47 projects with a combined construction cost exceeding SR3 billion. Among the projects are two seafront developments, 15 boulevard and resort projects, four hotels, three hospitals, 10 markets, and 13 industrial sites.

SEVEN, part of the Qiddiya Investment Co. and backed by the Public Investment Fund, is investing more than SR50 billion in developing 21 entertainment destinations across 14 cities in Saudi Arabia, furthering the Kingdom’s ambitions to transform its leisure and tourism sectors. 


30 Polish firms set to open HQs in Saudi Arabia, says minister

30 Polish firms set to open HQs in Saudi Arabia, says minister
Updated 17 December 2024
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30 Polish firms set to open HQs in Saudi Arabia, says minister

30 Polish firms set to open HQs in Saudi Arabia, says minister
  • Interest with Kingdom’s efforts to position itself as a regional hub for digital innovation under its Vision 2030 plan
  • Kingdom’s Regional Headquarters program came into effect at the beginning of 2024

RIYADH: Poland is currently working to establish headquarters for up to 30 companies in Saudi Arabia as both nations focus on expanding business cooperation, particularly in technology and digital sectors. 

Polish Deputy Prime Minister and Minister of Digital Affairs Krzysztof Gawkowski confirmed this during a meeting in Riyadh with Hassan bin Moejeb Al-Huwaizi, chairman of the Federation of Saudi Chambers, and several investors from the Kingdom, the Saudi Press Agency reported. 

The interest of Polish firms in setting up headquarters in the Kingdom aligns with Saudi Arabia’s efforts to position itself as a regional hub for digital innovation under its Vision 2030 plan. 

“The Kingdom’s experience in the field of technology, digitization, and artificial intelligence represents an inspiring experience and a model to be emulated in the Middle East,” Gawkowski said. 

Gawkowski revealed that several Polish companies have already obtained licenses to open offices and branches in Saudi Arabia. 

This comes after the Kingdom’s Regional Headquarters program came into effect at the beginning of 2024, aiming to attract multinational corporations to set up their Middle East base in the country. The program offers significant financial incentives, including a 30-year corporate tax exemption for qualifying activities. 

The meeting, which included representatives from both governments, aimed at strengthening business ties and exploring opportunities in emerging technologies, including artificial intelligence and digital infrastructure. 

During the discussions, the Polish minister noted that his government is ready to support Saudi projects and investments in Poland, offering all necessary guarantees and facilities. 

Ibrahim Al-Mubarak, assistant minister of investment and CEO of the Investment Marketing Authority, emphasized Saudi Arabia’s potential as a key partner for Poland in sectors like communications, information technology, and artifical intelligence.  

He also highlighted opportunities in food security and agriculture.

Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, highlighted that the meeting follows the success of a recent visit by the federation’s delegation to Poland.  

He emphasized the goal of expanding trade beyond the current $9 billion and expressed optimism for broader cooperation between the two nations. 

Abdullah Abu Dabil, chairman of the Saudi-Polish Business Council, added that companies from the European country are set to open their headquarters in the Kingdom by the first quarter of 2025. He also mentioned that a joint action plan is being developed, along with an exhibition for Polish companies in the Kingdom. 

The meeting also featured presentations from the Saudi Data and Artificial Intelligence Authority and Polish counterparts, exploring digital infrastructure and investment opportunities in both countries.