RIYADH: Saudi Arabia is building up its mid- and upper-mid-range tourism options and plans to increase access to hotel accommodation for religious pilgrimages after years focused on developing expensive luxury resorts, the kingdom’s tourism minister said.
“We started with building luxury destinations for luxury travelers. And we have already started building destinations for the middle class and upper middle class,” Saudi Tourism Minister Ahmed Al-Khateeb told Reuters.
“We will not ignore this segment,” he said on the sidelines of the UN’s yearly tourism conference, being hosted in Riyadh for the first time.
Attracting tourists is a central pillar of Saudi Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the kingdom’s economy away from oil and transform society in the once-ultra conservative kingdom.
Under the plan, Saudi Arabia aims to attract 150 million tourists per year by 2030, at least a third of them from abroad.
With flagship Red Sea coast resorts running at around $2,000 per night, few mid-income travelers currently have hotel options.
Khateeb said 10 new resorts due to open in the coming months on the Red Sea’s Shebara Island would offer a “much lower price point” than existing options, without providing figures.
Religious tourism remains at the core of Saudi Arabia’s economic plans.
Khateeb said Saudi Arabia planned to nearly double the number coming to the kingdom for pilgrimage to the holy cities of Makkah and Medina to 30 million by 2030, enabled by tens of thousands of new hotel rooms.
Saudi Arabia is looking to encourage people in the region to come to the kingdom, including via a plan to create a Schengen-style visa for Gulf Cooperation Council countries.
Khateeb said that should become available “in 2026, maximum 2027.”
After luxury push, Saudi Arabia targets broader tourist market, minister says
https://arab.news/nwsx6
After luxury push, Saudi Arabia targets broader tourist market, minister says
- Saudi Arabia is looking to encourage people in the region to come to the kingdom, including via a plan to create a Schengen-style visa for Gulf Cooperation Council countries
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
