Saudi Arabia to attract 100m visitors by 2030 in huge economic boost: Kingdom’s tourism advisor

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Updated 31 October 2022
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Saudi Arabia to attract 100m visitors by 2030 in huge economic boost: Kingdom’s tourism advisor

RIYADH: Saudi Arabia’s tourism sector is on course to contribute 10 percent of the Kingdom’s gross domestic product within a decade, according to Gloria Guevara, chief special advisor to the Minister of Tourism.

Speaking to Arab News on the sidelines of the Future Investment Initiative forum in Riyadh, Guevara said Saudi Arabia was making the most of its natural “assets”, such as the Red Sea, in a bid to boost the fledgling sector.

Guevara, who served as the Secretary of Tourism in Mexico from 2010 and 2012, said her home country took 40 years to develop its tourism industry — but Saudi Arabia can do it in a quarter of that time.

She said that more than 1 million jobs are going to be created in the sector by 2030, and added: “We are going to have 100 million visitors by then, and we're hoping to have 10 percent of the GDP, which is very important because one in $10 are going to be the contribution for travel and tourism.”

“Now the reality is, this country doesn't need tourism, because we have a lot of other resources, we have oil. But the fact that we are capitalizing on the assets that we have, as I said, the culture, the beautiful Red Sea, the mountains, the hospitality, I think that's also creating opportunities for the locals,” Guevara added.

After working in Mexico, Guevara was the CEO of the World Travel & Tourism Council — a body that represents more than 200 CEOs from around the world.

“When I was in WTTC, I had the chance to see the transformation. And what do I mean by that in 2020, Saudi was the chair of the G20, for instance, and for the first time ever, we were invited, the private sector was invited, to the table in the ministerial tourism meetings,” she said.

“So the Minister Ahmed Al-Khateeb was able to create that partnership with the private sector. So for us, that was crucial, and for me, is very important for a country to have the vision, the leadership and the resources in order to be successful,” she added.

Pointing to the Kingdom’s multiple Giga projects, she highlighted that the leadership of Saudi Arabia are not only helping the country, but helping other countries as well, most notably in sustainability.

“What is happening here is helping the entire sector, and that's why you see that some of these projects are having a greater scope. For instance, what we're doing in sustainability in this country is being shared with other countries. We're having an initiative here, a global center, that will help in sustainable tourism to move to work towards net zero,” the advisor said.

“That’s a multi-country, multi-stakeholder coalition that is starting here that will benefit not only Saudi Arabia, but everyone. So you will see that a lot of these projects will benefit the entire sector, not only the country, which is why it has a lot of attention from around the world, because the transformation is not only helping the country, but a lot of other countries,” she added.


S&P affirms UAE sovereign credit ratings at AA/A-1+ amid regional tensions

Updated 10 March 2026
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S&P affirms UAE sovereign credit ratings at AA/A-1+ amid regional tensions

JEDDAH: The UAE’s sovereign credit ratings have been affirmed at AA/A-1+ with a stable outlook, as S&P Global Ratings highlighted the country’s strong fiscal buffers, diversified economy, and policy flexibility in the face of escalating regional conflict.

The agency cited the UAE’s consolidated net assets, estimated at 184 percent of gross domestic product in 2026, and its low general government debt of around 27 percent of GDP, as key buffers against economic shocks.

Sovereign credit ratings play a key role in determining a country’s borrowing costs and investor demand for its debt. A high rating signals strong fiscal health and policy stability, helping governments attract foreign investment and access global capital markets at favorable terms.

S&P noted that “our baseline forecasts carry a significant amount of uncertainty” amid heightened tensions involving Iran, Israel, and the US, including potential threats to key infrastructure.

The report added: “We also believe the authorities will deploy their substantial policy flexibility to counteract the effects of volatility stemming from geopolitical tensions in the Gulf region on economic growth, government revenue, and its external accounts.

“We believe this flexibility will enable the UAE to withstand periods of low oil prices and, more importantly, the temporary disruption of oil production and export routes.”

The UAE is facing a tense geopolitical environment amid escalating Iran-Israel-US conflicts. Threats around the Strait of Hormuz have nearly stopped vessel traffic, fueling oil market volatility and investor concern.

The ratings agency also emphasized the UAE’s diversified economic base, with non-oil sectors accounting for roughly 75 percent of GDP, as a stabilizing factor.

Strategic infrastructure, including the Abu Dhabi Crude Oil Pipeline to Fujairah, enables the country to bypass the Strait of Hormuz and safeguard oil exports, while ADNOC’s overseas storage investments further mitigate risk.

Despite the risks, S&P expects sectors such as financial services, trade, and tourism to remain resilient. It forecasts that UAE growth will moderate to 2.2 percent in 2026, down from 5 percent in 2025, reflecting potential impacts from expatriate outflows, reduced tourism revenue, and lower real estate demand.

S&P cautioned, however, that “we now expect weaker economic and external performance due to increased intensity, scope, and potential duration of conflict in the Middle East,” underscoring that prolonged disruption could weigh on fiscal and external accounts.

The affirmation underscores investor confidence in the UAE’s ability to navigate short-term geopolitical challenges while maintaining long-term stability. Analysts said the country’s large liquid asset buffer and effective policy tools will likely contain the credit impact of regional tensions and support continued economic growth.

The UAE has consistently maintained strong and stable sovereign credit ratings, reflecting a resilient and diversified economy, as well as prudent fiscal management.

Despite occasional caution during regional tensions or oil market swings, ratings have remained high, underscoring the country’s policy flexibility, fiscal strength, and appeal to global investors.