Riyadh to be capital of global tourism industry: Tourism Minister

Saudi Arabia’s Tourism Minister Ahmed Al-Khateeb said, "Saudi Arabia achieved a historical number this year in terms of the number of visitors.” (Supplied)
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Updated 26 October 2022
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Riyadh to be capital of global tourism industry: Tourism Minister

RIYADH: Riyadh is set to become the capital of the global tourism industry as the Kingdom steadily diversifies its economy in line with the goals set out in Saudi Arabia's Vision 2030 strategy, Saudi Arabia’s Tourism Minister Ahmed Al-Khateeb said. 

Speaking at the Future Investment Initiative in Riyadh on Oct. 25, Al-Khateeb said in order to give incoming travelers the best experience possible, the nation is building spectacular destinations which will operate in a sustainable manner. 

“We have the vision, we put the plan, and we put all the resources, especially the financial resources to deliver the plan,” said Al-Khateeb. 

Al-Khateeb further noted Saudi Arabia’s tourism sector is strongly rebounding after the pandemic. 

“We recovered about 60 percent versus pre-pandemic. People have started to travel. Saudi Arabia achieved a historical number this year in terms of the number of visitors,” said Al-Khateeb. 

He added: “We are almost half way to delivering our plan, we’re achieving many successes. We will see more destinations in the near future that will put Saudi Arabia at the top.” 

Despite the World Bank’s prediction of a global slowdown, Al-Khateeb noted that the tourism industry will not face any negative effects, and predicted that the number of arrivals to Saudi Arabia will soar by 300 percent and the spending in the sector will grow by 320 percent by 2030. 

As a part of the National Tourism Strategy, Saudi Arabia has allocated $100 million to train young Saudis to work in the sector. 

For her part, Julia Simpson, president of the World Tourism and Travel Council, lauded Al-Khateeb and said that she has never seen such ambition for tourism in any other country. 

“I really applaud the work of his Excellency Al Khateeb because I have never ever seen an ambition for tourism quite like I am seeing here. The investment, the commitment, the energy, the drive. After this wonderful conference, we will hold a summit here on November 28,” added Simpson.


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.