WTTC members to invest $10.5bn in Saudi Arabia’s tourism sector over next 5 years

The Kingdom is steadily evolving as a global tourist destination in line with the goals outlined in Vision 2030. (Shutterstock)
Short Url
Updated 28 November 2022
Follow

WTTC members to invest $10.5bn in Saudi Arabia’s tourism sector over next 5 years

RIYADH: The World Travel and Tourism Council members will invest $10.5 billion in Saudi Arabia’s tourism sector, as the Kingdom steadily evolves as a global tourist destination in line with the goals outlined in Vision 2030, according to Julia Simpson, president and CEO of WTTC. 

Speaking at a press conference ahead of the WTTC Global Summit in Riyadh on Nov. 28, Simpson noted that Saudi Arabia is showing incredible commitment to developing the tourism sector, and is planning to attract 100 million visitors globally by 2030. 

Saudi Arabia’s Minister of Tourism Ahmad Al-Khateeb said the sector is still recovering from the pandemic, but the number of international arrivals in the Kingdom has already climbed to 70 percent of pre-COVID-19 levels. 

“I am proud of the progress we made in building resilience in this sector. We believe in the power of partnership, and we want to bring the global community together. Saudi Arabia is the fastest growing destination in the world,” said Al-Khateeb. 

WTTC also announced that American actor, environmentalist and entrepreneur Edward Norton will be a keynote seeker at its global summit in Riyadh on Nov. 30.

Norton, who has been a long-time advocate for sustainable business practices, will speak about the vitality of maintaining healthy environmental operational standards in the tourism sector as he will be in a conversation with Saudi Tourism Authority CEO Fahd Hamidaddin during the event, according to a press release.

“It is clear that people who have such a global platform as Edward Norton help to transcend borders and reinforce the work that we do in promoting sustainable development strategies and we are delighted he is with us at the WTTC Summit in Riyadh,” said Hamidaddin.

This year’s WTTC Global Summit is being organized at the King Abdul Aziz International Conference Center under the theme “Travel for a Better Future.”

Some other prominent personalities who will speak at the summit include former UK Prime Minister Theresa May, Jerry Inzerillo — Group CEO of Diriyah Gate Development Authority, and Paul Griffiths, CEO of Dubai International Airports. 

Former UN Secretary-General Ban Ki-Moon will also address delegates in person during the event. In October, Al-Khateeb said that Riyadh is set to become the capital of the global tourism industry, and the tourist destinations in the Kingdom are being built and 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.


Closing Bell: Saudi benchmark index closes lower at 10,540 

Updated 24 December 2025
Follow

Closing Bell: Saudi benchmark index closes lower at 10,540 

RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72. 

The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.  

Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market. 

Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million). 

On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.  

Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively. 

Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.  

Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.  

Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent. 

On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.   

The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.  

BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.  

Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.   

The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer. 

In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.  

The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.  

Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.