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Water parks set to make a splash with international tourists, experts say

Water parks set to make a splash with international tourists, experts say
The vast potential of water parks in Saudi Arabia is also evident in the recently announced Aquarabia at Qiddiya City, which will be the largest such attraction in the world. (Aquarabia Qiddiya City)
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Updated 22 September 2024
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Water parks set to make a splash with international tourists, experts say

Water parks set to make a splash with international tourists, experts say
  • Saudi Arabia on track to have 320,000 new hotel rooms to accommodate the projected influx of tourist

RIYADH: Investments in water parks are set to bolster Saudi Arabia’s tourism sector, as the Kingdom eyes attracting over 150 million visitors by the end of the decade, experts said.

Aligned with the Kingdom’s Vision 2030 economic diversification efforts, Saudi Arabia is also on track to have 320,000 new hotel rooms to accommodate the projected influx of tourists.

According to experts, apart from developing mega cities and heritage sites, the tourism sector will be equally benefited if water parks of international standards are developed in the Kingdom.

Speaking to Arab News, Devanshu Mathur, managing director and partner at Boston Consulting Group said that the emergence of these aquatic attractions will diversify the Kingdom’s entertainment offerings, attracting a broad range of visitors, domestic and international.

“In neighboring countries like UAE and Qatar, water parks have proven to be powerful tourist magnets, drawing millions of visitors and boosting their economies,” said Mathur.

He added: “One of the key advantages of water parks in the Middle East is their ability to provide year-round entertainment, making them highly attractive to visitors seeking respite from the heat. This potential is already evident in Saudi Arabia’s thriving mid-scale water park scene.”




Devanshu Mathur, managing director and partner at Boston Consulting Group said that the emergence of these aquatic attractions will diversify the Kingdom’s entertainment offerings. (Supplied)

Mathur also noted that facilities such as Water Village and the recently launched Cyan Water Park in Jeddah showcase the strong domestic appetite for water-based entertainment in the Kingdom.

The vast potential of water parks in Saudi Arabia is also evident in the recently announced Aquarabia at Qiddiya City, which will be the largest such attraction in the world.

BCG also noted that their recent survey indicated the popularity of water parks among Saudis.

According to the survey, over 70 percent of the Kingdom’s residents are interested in visiting water parks, indicating the mammoth potential of this sector in contributing to the county’s gross domestic product.

The vitality of including of aquatic amenities in resorts

As Saudi Arabia aims to position itself as a global tourist destination, experts believe that the rising number of visitors reaching the Kingdom could create tough competition among resorts, and additional aquatic amenities in these facilities will give them a cutting edge over others.

A joint study conducted by water park designer WhiteWater and Hotel & Leisure Advisers noted that the inclusion of these attractions will increase guest satisfaction and financial success of hotels and resorts.

“With a surge in visitors to the Kingdom anticipated, properties across the country have a unique opportunity to stand out from the crowd by strategically planning their amenities from the ground up,” said WhiteWater in a statement.

It added: “Neighboring destinations like Dubai and Qatar offer valuable insights, highlighting the power of well-designed aquatic features in attracting families, enhancing guest satisfaction, and driving positive financial results.

“As Saudi Arabia establishes itself as a major tourist hub, incorporating aquatic attractions could be a strategic decision, propelling the industry toward continued success.”

The report highlighted that hotels in the Middle East region featuring water parks achieved an average revenue per available room level 53 percent higher than the regional figure.

According to the analysis, some of the amenities which resorts and hotels could try to incorporate into their facilities include water slides, rides, wave pools, splash pads, surf simulators, and multi-level play structures.

Jeremy Gray, vice president for business development at WhiteWater, said: “These attractions enhance guest satisfaction and create unique selling points, setting these properties apart in a competitive market.

“The significant uptick in occupancy and revenue metrics underscores the value of investing in such features. Water-based attractions attract families and thrill-seekers, translating into tangible financial benefits for the hotels.”

The report also highlighted an example of success which happened in Atlantis Dubai, which features over 2,300 rooms with additional villas.

According to the analysis, after the opening of Adventure World in 2008 Atlantis Dubai was able to fund its expansions through the profits of its investment in the park, along with attracting repeated guests.

“In 2023, the water park attracted 35-40 percent of visitors from the connected hotels and 60-65 percent from tourists and residents who purchased day passes for an approximate attendance of 1.8 million over the year,” the report said about Atlantis Dubai.

Mathur also echoed similar views and noted that an integrated resort accommodation within the water parks could positively impact their profitability.

“Integrated on-site accommodations is a game-changer for water parks, turning them into comprehensive leisure destinations. This approach invites visitors to extend their stay and significantly boosts spending. For example, Dubai’s Atlantis the Palm is a prime example of how integrated resorts can captivate local and international audiences,” noted the BCG official.

Steps to elevate the appeal of water parks

Mathur told Arab News that Saudi Arabia must integrate a set of key amenities that not only elevate visitor satisfaction but encourage longer stays and broaden the parks’ appeal to transform these sites into world-class destinations.

According to the BCG official, developing an enhanced kid zone is one of the crucial things which can be incorporated into these facilities to attract more families.

“While almost all waterparks have a dedicated traditional kids’ zone with a few kids’ splash pools and play structures, the current trend among leading global water parks is to have enhanced zones with sophisticated and miniaturized versions of rides and slides,” said Mathur.

He added: “Splashers Lagoon & Cove at Aquaventure in the UAE or Turi’s Kid Cove at Aquatica in the US are great examples of how enhanced kids’ zones can help create an inclusive environment appealing to all ages, attracting and retaining family visitors.”

According to Mathur, another way to enhance the appeal of water parks in the Kingdom is by offering diverse dining and retail experiences.

He noted that a wide array of dining options and retail outlets are essential to enriching the visitor experience, catering to diverse tastes and preferences, and creating additional revenue streams.

“For instance, Qatar’s Desert Falls Water & Adventure Park, nestled within the Hilton Salwa Beach Resort, demonstrates how well-curated dining and shopping venues can enhance guest engagement and satisfaction beyond the water attractions themselves,” said Mathur.

The BCG official added: “These enhancements are essential to create memorable experiences, encourage repeat visits, and establish the parks as must-visit destinations.”


Saudi CMA moves to improve debt issuance governance for SPEs

Saudi CMA moves to improve debt issuance governance for SPEs
Updated 14 sec ago
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Saudi CMA moves to improve debt issuance governance for SPEs

Saudi CMA moves to improve debt issuance governance for SPEs

RIYADH: Saudi Arabia’s Capital Market Authority is seeking to improve the governance of Special Purpose Entities to increase their attractiveness for issuing debt instruments and acting as investment units.

SPEs, established and licensed by the CMA, are independent financial and legal entities created for specific financing purposes, dissolving once their objectives are met. 

The CMA’s newly proposed amendments seek to expand the range of eligible issuers while ensuring alignment with existing regulations.

The changes would also enable SPEs to offer debt instruments through exempt offerings, complementing the existing public and private issuance frameworks. 

This move aligns with the regulator’s goals of developing the sukuk and debt instruments market while supporting the growth of the asset management industry. 

“The draft will also support the deepening of the sukuk and debt instruments market and the diversification of issuances by expanding the range of debt issuers through Special Purpose Entities, which in turn will contribute to enhancing liquidity and creating new investment opportunities,” the CMA said in a statement. 

SPE adoption has surged in recent years, with the number of entities more than doubling from 464 in 2018 to 945 by the end of 2024. 

The newly released CMA draft reveals that among the amendments aimed at broadening the scope of issuers is the authorization for SPEs to conduct securitization transactions. 

It also aims to streamline governance by clarifying the responsibilities of directors and fund managers within an entity’s by-laws, particularly for funds structured as SPEs. 

Additionally, the reforms aim to strengthen SPE governance by requiring that the trustee be a legal entity, enhancing provisions for trustee removal, ensuring board members’ independence from the sponsor and originator, and simplifying the entity’s dissolution procedures. 

Earlier this week, the CMA proposed easing investor criteria for Nomu, the Kingdom’s parallel market, to expand participation and enhance liquidity. 

The amendments included reducing the minimum transaction requirement for individual investors from SR40 million ($8 million) to SR30 million over a 12-month period while eliminating the quarterly trading activity requirement.

Additionally, under the new regulations, board and committee members of Nomu-listed companies would qualify as eligible investors. 


Kuwait passes borrowing law to rejoin global debt markets after 8 years

Kuwait passes borrowing law to rejoin global debt markets after 8 years
Updated 18 min 52 sec ago
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Kuwait passes borrowing law to rejoin global debt markets after 8 years

Kuwait passes borrowing law to rejoin global debt markets after 8 years

RIYADH: Kuwait is set to return to international debt markets after an eight-year absence, following the approval of a long-awaited public borrowing law aimed at addressing fiscal pressures and financing infrastructure projects. 

According to the Ministry of Finance, the law allows the government to issue up to 30 billion Kuwaiti dinars ($98 billion) in debt instruments, either in local or major foreign currencies, with maturities of up to 50 years — the longest-term legal framework the country has ever established for managing public debt. 

Since its debt law expired in 2017, Kuwait has been unable to issue sovereign bonds. Fitch Ratings noted earlier this month that passing the financing and liquidity law will boost fiscal flexibility, although the government has so far met its financing needs through substantial assets. 

Finance Minister and Minister of State for Economic Affairs and Investment, Noura Suleiman Salem Al-Fassam, said the law marks a strategic shift that will enhance Kuwait’s ability to meet financial obligations and support long-term growth. 

“This law gives Kuwait greater financial flexibility by providing the option to access both local and global financial markets to enhance liquidity management. This law supports government efforts to strengthen financial stability and drive economic development in line with Kuwait Vision 2035,” she added. 

The law is expected to stabilize liquidity, reduce borrowing costs, and strengthen Kuwait’s debt management strategy. 

Faisal Al-Muzaini, director of public debt at the Ministry of Finance, said it would introduce multiple financial instruments, allowing the state to secure financing through bonds, sukuk, or other market tools. 

“Developing the local debt markets enhances Kuwait’s competitiveness as a regional financial center and provides the government with new financial tools to manage public finances efficiently,” Al-Muzaini added. 

The law addresses a long-standing challenge in financing major infrastructure and development projects. It is also expected to stimulate liquidity and encourage greater private sector participation in financing activities. 

The ministry emphasized that this legislative step underscores Kuwait’s commitment to sustainable fiscal policy, balancing development financing with debt sustainability. 

The government also expects the law to improve Kuwait’s sovereign credit profile and enhance financial stability by ensuring liquidity under varying economic conditions. 

Kuwait’s budget for the next fiscal year, which runs from April 1, 2025, to March 31, 2026, projects a $22.44 billion deficit, with $59.10 billion in revenue and $79.54 billion in expenditure.


Saudi Aramco maintains propane, butane prices for April

Saudi Aramco maintains propane, butane prices for April
Updated 28 min 38 sec ago
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Saudi Aramco maintains propane, butane prices for April

Saudi Aramco maintains propane, butane prices for April

RIYADH: Saudi Aramco kept the April’s official selling prices for propane and butane unchanged from the previous month, according to a statement released on Thursday.

The prices are set at $615 per tonne for propane and $605 per tonne for butane.

Both propane and butane are types of liquefied petroleum gas, commonly used for heating, vehicle fuel, and as feedstock in the petrochemical industry. Although similar, these gases have different boiling points, making them suitable for a range of specific applications.

Aramco’s OSPs for LPG serve as important benchmarks for contracts supplying these products from the Middle East to the Asia-Pacific region.

Propane demand typically peaks in the winter months, as it is a key source of home heating, and this seasonal increase often drives up prices.

The fluctuations in price are a direct reflection of supply and demand dynamics.

Last month, the Saudi company slashed OSP for propane by $20 per tonne while butane prices were dropped by $20 to $605 a tonne.


Global renewable energy capacity up 585 GW in 2024: IRENA

Global renewable energy capacity up 585 GW in 2024: IRENA
Updated 27 March 2025
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Global renewable energy capacity up 585 GW in 2024: IRENA

Global renewable energy capacity up 585 GW in 2024: IRENA

RIYADH: Global renewable energy capacity saw a record annual growth rate of 15.1 percent in 2024, increasing by 585 gigawatts, according to a new analysis.

In its latest report, the International Renewable Energy Agency said that this addition brought the total installed power capacity in the sector to 4,448 GW. 

Despite this record increase, IRENA highlighted that growth is still falling short of the 11.2 terawatts needed to align with the global goal to triple the installed renewable energy capacity by 2030. 

The study further said global renewable capacity should expand by 16.6 percent annually to meet the stipulated 2030 target.

Earlier this month, the International Energy Agency said that renewable energy sources accounted for most of the growth in international supply in 2024 at 38 percent, followed by natural gas at 28 percent, and coal at 15 percent, as well as oil at 11 percent and nuclear power at 8 percent. 

IEA’s estimate of renewable energy installations was also higher than the projections made by IRENA. IEA said that new renewable installations hit record levels for the 22nd consecutive year, with around 700 GW added to the total capacity in 2024, of which around 80 percent was from solar photovoltaic. 

Reflecting on the new analysis, IRENA Director-General Francesco La Camera said: “With just six years remaining to meet the goal adopted at COP28 to triple installed renewable power capacity by 2030, the world now needs additions in excess of 1,120 GW each year for the rest of this decade to keep the world on a 1.5-degree Celsius pathway.”

La Camera also urged governments to leverage the next round of Nationally Determined Contributions as an opportunity to outline a clear blueprint of their renewable energy ambitions. 

He further called on the international community to enhance collaborations to support the renewable ambitions of the countries of the Global South. 

“The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable. Each year, they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock as the 2030 deadline is imminent,” said the director-general.

He added: “With economic competitiveness and energy security being increasingly a major global concern today, expanding renewable power capacity at speed equals tapping into business opportunities and addressing energy security quickly and sustainably.” 

According to IRENA, solar and wind energy saw the most significant expansion in 2024, accounting for 96.6 percent of all net renewable additions.

Over three-quarters of the capacity expansion was in solar energy, which increased by 32.2 percent, reaching 1,865 GW, followed by wind energy, growing by 11.1 percent. 

In 2024, China added 278 GW of solar energy capacity, followed by India at 24.5 GW. 

Commenting on the IRENA report, UN Secretary-General Antonio Guterres said: “Renewable energy is powering down the fossil fuel age. Record-breaking growth is creating jobs, lowering energy bills and cleaning our air.”

He added: “Renewables renew economies. But the shift to clean energy must be faster and fairer — with all countries given the chance to fully benefit from cheap, clean, renewable power.”

According to IRENA, hydropower capacity reached 1,283 GW in 2024, demonstrating a notable rebound from 2023, driven by growth in China. 

The world saw wind energy capacity reaching 1,133 GW by the end of last year, driven by expansion in the US and China. 

Bioenergy expansion rebounded in 2024, with a growth of 4.6 GW of capacity compared to an increase of 3 GW in 2023. This rise was propelled by China and France, which added 1.3 GW each last year. 

Geothermal energy increased by 0.4 GW overall, led by New Zealand, followed by Indonesia, Turkiye, and the US. 

Off-grid electricity capacity expansion, excluding Eurasia, Europe, and North America, nearly tripled, growing by 1.7 GW to 14.3 GW. 

La Camera added that renewables accounted for 46 percent of global installed power capacity. 

“Even as renewable energy almost accounts for half of total capacity, many energy planning questions still need to be addressed to establish renewables as the most significant source of electricity generation — including in the context of grid flexibility and adaptation to variable renewable power,” he said. 

During the opening ceremony of the annual UN climate summit in November, Mukhtar Babayev, president of COP29, underscored the vitality of increased funding to enable climate efforts and urged governments, the private sector, and multilateral financial institutions to work together to meet the goals outlined in the Paris Agreement. 

That treaty, signed in 2015, compels signatories to work toward limiting the global temperature increase to 1.5 degrees Celsius above pre-industrial levels.


Oil Updates — crude inches up on tighter supply risks; views mixed on Trump auto tariffs impact

Oil Updates — crude inches up on tighter supply risks; views mixed on Trump auto tariffs impact
Updated 27 March 2025
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Oil Updates — crude inches up on tighter supply risks; views mixed on Trump auto tariffs impact

Oil Updates — crude inches up on tighter supply risks; views mixed on Trump auto tariffs impact
  • Tariff threats on Venezuelan oil buyers support prices
  • Markets mixed on impact of Trump auto tariffs
  • Prices seen unlikely to return to early 2025 highs, some analysts say

TOKYO/SINGAPORE: Oil prices edged up on Thursday on concerns about tighter global supply after US tariff threats on Venezuelan oil buyers and earlier sanctions on Iranian oil buyers, while traders weighed the impact of US President Donald Trump’s auto tariffs.

Brent crude futures gained 7 cents, or 0.1 percent, at $73.86 a barrel. US West Texas Intermediate crude futures rose 10 cents, or 0.1 percent, to $69.75 a barrel at 7:06 a.m. Saudi time.

On Wednesday, oil prices rose by around 1 percent on government data showing US crude oil and fuel inventories fell last week, and on the US threat of tariffs on nations buying Venezuelan crude.

“The recent (price) uptrend seems to be factoring in the noise around tariffs for buyers of Venezuela oil. We have maintained that Trump’s policies on Iran and Venezuela present the biggest upside risk for oil prices, so that is kind of partially playing out currently,” said DBS Bank’s energy sector team lead Suvro Sarkar.

India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports following the tariff announcement, sources said on Wednesday.

Sarkar said, however, DBS does not see prices returning to the higher levels seen in early 2025 as demand concerns stemming from “US policy uncertainty and tariff wars will come back to haunt the market at some point again.”

Traders and investors were also assessing the impact on oil demand from Trump’s latest announcement of a 25 percent tariff on imported cars and light trucks from next week. The view was that it could drive auto prices up, potentially impacting demand for oil, but also slow down the switch to greener cars.

“The news around Trump’s tariffs on autos may actually turn out to be a net positive for crude oil because the rise in new car prices from tariffs will mean it slows down the switch to newer, more fuel-efficient models,” said Tony Sycamore, a market analyst at IG.

US oil and gas activity increased slightly in the first quarter, but energy executives were pessimistic about the sector’s outlook, a Dallas Fed survey showed, as separate Trump tariffs on steel and aluminum could drive up costs for drilling and pipeline construction.