Saudi Arabia emerging as a ‘continent in itself’ with array of tourist destinations, forum hears

Mohamad Itani, a partner at Knight Frank, speaking at the Real Estate Future Forum. Screenshot
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Updated 23 January 2024
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Saudi Arabia emerging as a ‘continent in itself’ with array of tourist destinations, forum hears

RIYADH: Saudi giga-projects are shifting the country’s image from a religious destination to a multifaceted tourism hub, real estate experts claimed at special event in Riyadh.

Driven by the “clear vision” of Crown Prince Mohammed bin Salman, the nation is becoming a “continent” in itself, with a multitude of unique projects and destinations spanning from AlUla to the newly launched Qiddiyah, each of which serves a purpose in attracting tourists to the area. 

While Saudi Arabia “was, is, and will always be” known for Makkah and Madinah, with billions of Muslims converging in the nation for religious purposes, it is simultaneously evolving as a growing destination site globally, with giga-projects spearheading the Kingdom’s shift, highlighted Mohamad Itani, a partner at Knight Frank. 

Speaking during a panel at the Real Estate Future Forum, Itani affirmed that the change is highly evident when comparing modern-day Saudi Arabia to the perceptions from a decade ago. 

He said: “Today, each project serves a certain purpose. AlUla is emerging as a heritage and culture city. You have Qiddiyah, which is under development as an entertainment city. So as you will have multiple destinations within the different cities and this is why Saudi today is not only Makkah or Madinah, but the different cities that are being under development.”

Tareq Nabulsi, CEO advisor of Abdullah Al-Othaim Investments, affirmed the potential of catering to tourist destinations in each region, saying: “Going across the vast natural locations of the Kingdom, from the mountains of Abha, the desert terrain of AlUla and the beaches of Jeddah, the Kingdom of Saudi Arabia is a continent by itself.” 

He added: “I don’t think the exposure of the destinations in the Kingdom of Saudi Arabia has been elaborated or it hasn’t reached the pinnacle of where all of these destinations are gonna be created and more and more especially with the encouragement of the government in terms of the openness and allowing the private partnerships into the development of real estate across the Kingdom.”

Nabulsi continued: “I think so many new destinations will be will be announced and people will start not only identifying Saudi Arabia as a religious touristic destination but also other areas of the Kingdom.”

For the growing changes to be recognized globally, thus drawing more tourists, Santiago Conway, CEO of Conway and Partners, stressed the importance of utilizing the “business of imagination” that has driven the nation to this point and employing it through international media channels. 

The CEO outlined the need for “simplifying the message” for a global perspective and creating an “iconic” image rooted in the Kingdom’s culture and heritage. 

Conway said: “The business that we do in Saudi in this whole idea of this nation, I think we’re in the business of imagination here. His Majesty, Mohammed bin Salman, I think he had a very clear vision, and he imagined something.”

He added: “One thing that in my opinion, I think we need to do from the Saudi global perspective is we need to simplify a little bit the message abroad. I think we need to make a very strong, unique iconic message abroad.” 

To achieve this, the executive stressed that the destination is not independent from the preceding experience. Instead, the shift in perception is a “full circle,” beginning at the airport and extending through “Arab hospitality” aboard the airlines and beyond. 


Council of Economic and Development Affairs reviews budget performance report during virtual meeting

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Council of Economic and Development Affairs reviews budget performance report during virtual meeting

JEDDAH: The Council of Economic and Development Affairs held a virtual meeting, the Saudi Press Agency has reported.

At the outset of the meeting, the council reviewed the quarterly report submitted by the Ministry of Economy and Planning, which included updates on the global economy and the impact of geopolitical challenges and volatility in global markets on growth prospects.

The report also addressed the latest developments related to the national economy and future projections through 2027, highlighting its high resilience in confronting global challenges and noting that various economic statistics and indicators point to remarkable growth that further cements the Kingdom’s position among the fastest-growing and most stable economies in the world.

The council reviewed the fourth-quarter performance report of the state’s general budget for fiscal year 2025, submitted by the Ministry of Finance, which provided a comprehensive overview of financial performance during the period, including developments in revenues and expenditures, public debt levels, and an analysis of local and global economic variables and their implications for financial indicators.

The report results showed the continued adoption of a balanced and flexible fiscal policy that supports economic growth and enhances financial sustainability over the medium and long terms, through the use of disciplined and efficient fiscal tools and the continuation of countercyclical spending, directed toward development programs and projects with economic and social impact, contributing to improving the quality of public services, stimulating investment, and strengthening the resilience of public finances.

The council discussed a number of procedural matters, including a draft Government Tenders and Procurement Law, a draft Space Law, and a briefing on steps taken regarding the assignment of the Council of University Affairs to update the regulations necessary for the governance of public and private universities and health colleges, supervise and follow up on them periodically, and update compliance processes in public and private universities and health colleges based on quality standards approved by the Council of University Affairs.

The council was also briefed on the results of the quarterly Real Estate Price Index report, along with two summaries of the monthly Consumer Price Index and Wholesale Price Index reports, and the underlying reports on which the summaries were based.

The council adopted the necessary decisions and recommendations regarding these matters.