海角直播

Pharmaceutical industry growth proving just the pill for 海角直播鈥檚 healthcare goals

Pharmaceutical industry growth proving just the pill for 海角直播鈥檚 healthcare goals
A key factor in fueling this increase is the increasing localization of the pharmaceutical industry 鈥 a strategy which plays into the Kingdom鈥檚 economic diversification strategy Vision 2030. (File/Shutterstock)
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Updated 01 September 2024

Pharmaceutical industry growth proving just the pill for 海角直播鈥檚 healthcare goals

Pharmaceutical industry growth proving just the pill for 海角直播鈥檚 healthcare goals
  • According to Statista, the pharmaceuticals market in the Kingdom is anticipated to achieve a revenue of $5.53 billion by 2024
  • 海角直播 is set to see a compound annual growth rate of 4.62 percent, resulting in a market volume of $6.93 billion by 2029

RIYADH: As the Saudi government makes substantial investments in healthcare infrastructure, there is a notable increase in the demand for pharmaceuticals in the country.

According to Statista, a German online platform that specializes in data gathering and visualization, the pharmaceuticals market in the Kingdom is anticipated to achieve a revenue of $5.53 billion by 2024.

While significantly lower than the global leader the US 鈥 poised to generate $630.3 billion in revenue in 2024 鈥 海角直播 is set to see a compound annual growth rate of 4.62 percent, resulting in a market volume of $6.93 billion by 2029.

A key factor in fueling this increase is the increasing localization of the pharmaceutical industry 鈥 a strategy which plays into the Kingdom鈥檚 economic diversification strategy Vision 2030.

鈥淲hile we will have to ascertain the quantified impact of localization on the pharmaceutical industry in 海角直播, we definitely expect it to increase access, reduce cost and make the local pharmaceutical industry more resilient and innovative,鈥 Partha Basumatary, principal in Oliver Wyman鈥檚 India, Middle East and Africa Healthcare and Life Sciences Practice told Arab News.

鈥淟ocalization initiatives have laid the foundation for the Kingdom to become a regional hub of manufacturing for biotech products for the entire Middle East region,鈥 Basumatary added, noting that the Kingdom鈥檚 focus on localization for NCD drugs, particularly those targeting type-2 diabetes, is a strong start.聽聽 聽

鈥淭o truly maximize its impact, however, the Kingdom needs to expand these initiatives beyond NCDs and encompass other critical areas like cancer, infectious diseases, and auto-immune disorders,鈥 Basumatary said.

According to Matthew Lawrence, director of Pharma and Life Sciences, Operations Transformation Lead at PwC Middle East, the Kingdom鈥檚 access to, cost of, and standard of healthcare services have all significantly improved thanks to 海角直播鈥檚 transformation of the industry.

As a result of these current localization actions, the pharmaceutical industry in 海角直播 will continue to see significant change towards accessibility, quality, and economic impact, Lawrence disclosed.

In terms of accessibility, he told Arab News: 鈥淟ocal production ensures a sustainable economy, reducing reliance on imports, therefore, a stable supply of medications, and faster response time during health crises.鈥

As for quality, he explained that the Saudi Food and Drug Authority ensures that locally manufactured pharmaceuticals meet high quality standards, which leads to improved healthcare services.

With regard to economic impact, Lawrence noted that the industry鈥檚 growth has spurred job creation and attracted investments, aiding in economic diversification.

鈥淎ccording to the Kingdom鈥檚 National Biotechnology Strategy, there will be 11,000 job opportunities by 2030, and contribute $34.6 billion to the non-oil GDP, by 2040 - potentially positioning 海角直播 as one of the leading global hubs for pharmaceutical manufacturing, research, and innovation,鈥 he said.

鈥淭his is a clear testament to the major impact Vision 2030 has created in order to improve the healthcare sector across the Kingdom,鈥 the PwC partner added.

Key steps taken by 海角直播 to localize the pharmaceutical industry

In keeping with the Kingdom鈥檚 Vision 2030 drive, 海角直播 has taken important steps to incentivize local manufacturing.

鈥淔irst and foremost, it (海角直播) has offered various incentives to the pharma companies to drive localization, including lower minimum capital requirement, tax incentives, customs duties exemptions etc,鈥 Basumatary said.

鈥淚t has also taken steps to improve regulatory approvals for drugs in the country with the introduction of abridged verification and registration processes,鈥 he added, before going on to explain how the Kingdom has also developed a framework to favor locally manufactured products for tenders.

The Oliver Wyman principal highlighted successful examples of localization, such as Boehringer Ingelheim鈥檚 partnership with Alpha Pharma for localization of a Type-2 diabetes product in 海角直播.

鈥淥ther notable examples include MSD鈥檚 partnership with Jamjoom Pharma to localize another Type-2 diabetes drug sitagliptin phosphate. Such initiatives will help the industry to become more resilient when it comes to future outbreaks such as COVID-19,鈥 Basumatary said, adding: 鈥淚t would also sow the seeds for future innovation and growth of the domestic pharma industry, including potentially giving a positive push to the Kingdom鈥檚 aspirations of becoming a regional biotech hub.鈥

Government support

As expected, the Saudi government plays a pivotal role in accelerating the localisation of the pharmaceutical industry and is already investing in driving strategic programs to advance the healthcare system:

From Oliver Wyman鈥檚 perspective, Basumatary said: 鈥淎s observed in other geographies, Singapore government鈥檚 stable policy framework, favorable incentives, and access to knowledge/talent motivated BionTech to establish a state-of-the-art mRNA manufacturing facility in the country.鈥

The principal further noted that the pharmaceutical industry expects enhanced market accessibility, support for localization, and strong IP protection when it comes to making localization decisions.

鈥満=侵辈モ檚 involvement and support has delivered an impact as we have seen from the recent pharma localization initiatives. It will, however, be critical to continue innovating on that front, as the competition for such localization initiatives continues to increase globally and regionally,鈥 he underlined.

PwC Middle East鈥檚 Lawrence revealed that some of the notable government efforts include favorable policies like tax incentives and labor laws to incentivize research and development as well as manufacturing.

They also entail enabling regulatory frameworks to drive life science sector growth, with measures around strong intellectual property laws, patent protection, mutual recognition agreements to facilitate market access, and competition laws.

Other initiatives include not-for-profit funding, such as targeted grants, to incentivize research, as well as public financing such as subsidies or incentives to enable long-term growth of the healthcare ecosystem.聽 聽

鈥淭he government's ongoing commitment to localization is a clear long-term strategic plan, building on Vision 2030. The alignment of government policies with Vision 2030 goals underscores their influence in driving the progress of pharmaceutical localization across the Kingdom,鈥 Lawrence said.

鈥淭hese policies and initiatives will not only attract future investment but also foster innovation, build local capabilities, and ultimately contribute to the sustainable growth of the healthcare sector,鈥 he added.

Looking to the future

In recent years, 海角直播 has intensified its focus on life sciences and has made substantial advancements to align with the objectives of Vision 2030.

This has involved endeavors to enhance the overall health and well-being of individuals, promote economic expansion and diversity, reinforce the Kingdom's global leadership in the sector, stimulate innovation, and enhance patient outcomes and quality of life.

According to Lawrence, one of the key initiatives contributing to the advancements of the life science industry is national biotechnology strategy.

鈥淭his helps to develop end-to-end vaccine manufacturing, establish biotechnology platform for biologics and biosimilars, and expands genomics programs for preventative medicine,鈥 Lawrence told Arab News.

The PwC partner also shed light on the Healthcare Sector Transformation Program, explaining that it is responsible for strategizing the Kingdom鈥檚 resilient supply chain through different initiatives that help in enabling the localization of the pharmaceutical industry.

Other key players include the Local Content and Government Procurement Authority, which works on enhancing awareness and participation in local content and provides knowledge-based policies and tools, as well as the National Industrial Development and Logistics Program which focuses on expanding the pharmaceutical manufacturing sector.

It also includes incentives for local and international companies to establish production facilities in 海角直播.

The Saudi Food Drug Administration is also playing a pivotal role as it enhances regulatory frameworks to help speed up the approval process for new drugs and encourage innovation in local pharmaceutical production.

Pharmaceuticals and Vision 2030

The strategic initiatives of the pharmaceutical industry are closely aligned with the Kingdom鈥檚 Vision 2030 goals, echoing ambitions in economic diversification, job creation, and innovation, as well as technology transfer and self-sufficiency.

鈥淟ife science sector expansion is expected to create thousands of jobs, helping to reduce unemployment rates among Saudis, particularly in high-skilled areas. Encouraging partnerships and collaboration leads to technology transfer and innovation,鈥 Lawrence said.

With regards to self-sufficiency, the PwC partner noted that localizing pharmaceutical production ensures a stable supply of essential medicines and reduces the health sector's vulnerability to global supply chain disruptions.

鈥淭hese initiatives are aligned with Vision 2030 goals as they contribute to the Kingdom鈥檚 economic growth, job creation and localization initiatives for Saudi nationals, as well as the enhancement of healthcare services across the country,鈥 he said.

鈥淏y localizing the pharmaceutical industry and expanding these initiatives, 海角直播 can further improve healthcare accessibility, reduce healthcare costs, and ensure sustainability in the healthcare demands of its growing population,鈥 Lawrence said.


Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

Abu Dhabi index gains on oil surge, Dubai falls on profit-taking
Updated 18 July 2025

Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

BENGALURU: Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the EU introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions鈥 gains.

Abu Dhabi鈥檚 benchmark index recorded gains for the fourth session with the index finishing 0.2 percent higher, led by a 1.7 percent jump in Emirates Telecom Group, while its biggest lender First Abu Dhabi Bank added 0.5 percent.

Dubai鈥檚 main index meanwhile fell 0.2 percent, ending a five-day winning streak after reaching its highest level in 17 and a half years during the previous session.

Losses were driven by a decline in financial sector stocks as Dubai鈥檚 top lender Emirates NBD Bank dropped 2.4 percent after three consecutive session gains, while Commercial Bank of Dubai slumped 3.6 percent.

However, budget airline Air Arabia rose by 0.8 percent, continuing its upward trend after Air Arabia Abu Dhabi announced plans to increase its operational capacity by 40 percent in 2025.

The Dubai index saw profit-taking on Friday, but its sustained rally last week has pushed the index to a key resistance level. Next week鈥檚 corporate earnings may provide the catalyst needed to break through this barrier, said Ahmed Negm, head of market research MENA at XS.com.

Dubai鈥檚 index went up 4.1 percent and Abu Dhabi鈥檚 rose 2 percent in their fourth week of gains, according to LSEG data.

Markets remain steady, supported by positive corporate earnings and stable oil prices, though global developments continue to have an impact on investor confidence, said Negm. 


Global Markets 鈥 shares rise as US consumer holds up, yen weak ahead of Japan vote

Global Markets 鈥 shares rise as US consumer holds up, yen weak ahead of Japan vote
Updated 18 July 2025

Global Markets 鈥 shares rise as US consumer holds up, yen weak ahead of Japan vote

Global Markets 鈥 shares rise as US consumer holds up, yen weak ahead of Japan vote

LONDON/SYDNEY: Global shares edged higher on Friday as robust US economic data and corporate earnings this week tempered tariff concerns for now, while the yen headed toward a second successive weekly loss ahead of a crunch legislative election in Japan on Sunday.

Stronger-than-expected US retail sales and jobless claims suggesting modest improvement in economic activity helped to push the S&P 500 and the Nasdaq to close at record highs on Thursday.

Asian and European shares followed suit with gains on Friday, with Asian shares outside Japan up 0.9 percent, while European stocks were last up 0.4 percent. Wall Street futures were also up around 0.1 percent.

A solid start to earnings season in the US 鈥 with companies including streaming giant Netflix beating forecasts 鈥 was also supporting investor confidence, said Eren Osman, managing director of wealth management at Arbuthnot Latham.

鈥淲e鈥檙e pretty constructive on the (US) macro backdrop ... We do see some scope for slowing growth, but not for anything material and that鈥檚 giving the markets quite a nice bounce,鈥 Osman said, adding the potential full impact of US tariffs was still in focus.

Alphabet and Tesla are among the companies reporting half-year results next week, which will further test the market mood.

The dollar was broadly flat against the yen at 148.65 but was down nearly 1 percent this week after polls showed Prime Minister Shigeru Ishiba鈥檚 coalition was in danger of losing its majority in the upper house election on Sunday.

Data on Friday showed Japan鈥檚 core inflation slowed in June due to temporary cuts in utility bills but stayed above the central bank鈥檚 2 percent target. The rising cost of living, including the soaring price of rice, is among the reasons for Ishiba鈥檚 declining popularity.

鈥淚f PM Ishiba decides to resign on an election loss, USDJPY could easily break above 149.7 as it would usher in an initial period of political turbulence,鈥 said Jayati Bharadwaj, head of FX strategy at TD Securities, adding: 鈥淛PY could reverse the recent dramatic weakness if the ruling coalition wins and is able to make swift progress on a trade deal with Trump.鈥

In currency markets, the US dollar index slipped 0.1 percent to 98.365, but was heading for a second successive weekly gain, bouncing from a 3-1/2 year low hit over two weeks ago.

Fed Governor Christopher Waller said on Thursday he continues to believe the central bank should cut interest rates at the end of this month, though most officials who have spoken publicly have signalled no desire to move.

Treasury yields were slightly lower. Benchmark 10-year US Treasury yields dropped 2 basis points to 4.44 percent, two-year yields also edged 2 bps lower to 3.90 percent.


Saudi bank loans hit $845bn as corporate lending booms

Saudi bank loans hit $845bn as corporate lending booms
Updated 18 July 2025

Saudi bank loans hit $845bn as corporate lending booms

Saudi bank loans hit $845bn as corporate lending booms

RIYADH: Saudi banks鈥 total outstanding loans reached SR3.17 trillion ($844.7 billion) at the end of May, an annual increase of 16.28 percent, according to the latest official data.

Figures released by the Saudi Central Bank, also known as SAMA, show that this marks one of the fastest annual credit expansions in recent years, underscoring strong economic momentum in the Kingdom.

The SAMA data revealed that business loans now comprise 55.35 percent of all bank credit, up from 52.87 percent a year ago.

Corporate lending surged 21.73 percent year on year to SR1.75 trillion, far outpacing personal lending, which rose around 10 percent to SR1.41 trillion.

This shift highlights how companies have become the dominant force in 海角直播鈥檚 lending landscape, as banks pivot from consumer finance to funding large projects and enterprises.

The Kingdom鈥檚 credit boom stands out within the region. Across the Gulf Cooperation Council countries, most banking sectors are expanding on the back of post-pandemic economic growth and government spending, but Saudi banks are leading the pack in loan growth.

A Kamco Invest report published in May found the Kingdom posted the region鈥檚 highest year-on-year loan growth in the first quarter of 2025, outpacing other Gulf markets.

This growth was broad-based across sectors 鈥 including construction, real estate, education, and transport 鈥 whereas some neighboring countries saw more subdued or narrowly focused increases.

The UAE, the region鈥檚 second-largest banking market, is also seeing solid credit expansion supported by its own infrastructure and economic reforms.

Gulf banks in general benefit from strong capitalization and government backing, which has kept credit flowing. The International Monetary Fund projects GCC economies to grow around 3.5 percent in 2025, with 海角直播, the UAE, and Qatar driving non-oil growth.

This trend aligns with the Kingdom鈥檚 Vision 2030 diversification plan, which emphasizes infrastructure, industry, and non-oil sectors. It also indicates that after a decade of mortgage-fueled expansion, banks are rebalancing portfolios toward commercial lending in response to market demand and government priorities.

This 鈥渟tructural hand-off鈥 means business lending is now the engine of Saudi banking 鈥 a significant change after years when consumer mortgages dominated credit creation.

Real estate dominates; education and transport soar

Within corporate lending, real estate developers remain the single largest borrower group according to SAMA data. Real estate activities accounted for 21.35 percent of outstanding corporate credit, totaling approximately SR374 billion in May.

This segment grew by a remarkable 37.7 percent annually, reflecting heightened demand for housing, commercial infrastructure, and mega-project development across the Kingdom.

海角直播鈥檚 ambitious construction boom 鈥 from new housing in major cities to giga-projects like NEOM, the Red Sea tourism resorts, and large mixed-use developments 鈥 has driven banks to significantly increase financing for land purchases, building, and property development.

According to a March report by real estate consultancy JLL, 海角直播鈥檚 real estate sector is set for sustained growth, driven by Vision 2030 diversification goals and robust non-oil economic expansion.

The construction sector recorded $29.5 billion in project awards in 2024, while the property market is forecast by the Real Estate General Authority to reach $101.6 billion by 2029, growing at a compound annual rate of 8 percent. 

Grade-A office demand in Riyadh surged, with vacancy falling to just 0.2 percent by the end of 2024 and average rents reaching $609 per sq. meter.

JLL noted that 326,000 sq. meters of leasable space was delivered in 2024, with an additional 888,600 sq. meters in the pipeline for 2025. The firm added that Jeddah is emerging as a competitive alternative, attracting regional and international firms, while rising office and logistics rents in both Riyadh and Jeddah indicate strong commercial demand.

The report also highlighted real estate tailwinds from upcoming mega-events like the 2030 FIFA World Cup and Expo 2030, which are expected to inject significant capital and further boost infrastructure development across the Kingdom.

Other major sectors in banks鈥 corporate portfolios include wholesale and retail trade, around 12.2 percent of corporate credit, utilities like electricity, water and gas of 11 percent, and manufacturing at 11 percent.

Each of these recorded healthy double-digit growth, supported by increased public and private investment and industrial reforms.

This includes lending to the utilities sector growing to SR196 billion, as 海角直播 expands power grids, renewable energy projects, and water infrastructure to meet rising demand.

Manufacturing loans 鈥 about SR191 billion 鈥 reflect ongoing expansion in petrochemicals, metals, and consumer goods production under diversification initiatives.

Crucially, some of the fastest growth rates were seen in smaller, emerging segments, highlighting shifting priorities. 

Education sector credit, though making up only 0.55 percent of corporate loans, jumped by over 48 percent year on year to around SR9.58 billion.

This was the highest growth of any sector, fueled by a national drive to expand and modernize educational institutions. 海角直播 is encouraging more private investment in schools, universities, and training centers as part of Vision 2030鈥檚 human capital development goals.

Transport and logistics is another booming area. Loans for transportation and storage climbed 43 percent year on year, reaching SR68 billion.

This reflects 海角直播鈥檚 push to become a global logistics hub, building new ports, airports, railways, and warehouses. Huge projects such as the expansion of Riyadh鈥檚 King Salman International Airport and the launch of a new national airline, as well as improvements in roads and shipping infrastructure, require significant funding.

The government鈥檚 National Transport and Logistics Strategy envisions $150 billion of investments in transport infrastructure by 2030, with 80 percent of these coming from the private sector via public-private partnerships and privatizations in airports and roadways.

Banks are playing a key role by lending to contractors and logistics firms involved in these ventures. The result is that transport and logistics finance has seen one of the sharpest upticks across all industries, second only to education in growth rate.

Going forward, Saudi lenders are expected to maintain a delicate balance, financing aggressive growth in the corporate sector while guarding against liquidity and risk pressures.


Oil Updates 鈥 prices rise after EU new sanctions on Russia

Oil Updates 鈥 prices rise after EU new sanctions on Russia
Updated 18 July 2025

Oil Updates 鈥 prices rise after EU new sanctions on Russia

Oil Updates 鈥 prices rise after EU new sanctions on Russia

LONDON: Crude oil futures rose on Friday while gasoil futures jumped to a 17-month high as investors weighed new EU sanctions against Russia.

Brent crude futures climbed 73 cents, or 1.05 percent, to $70.25 a barrel by 1:51 p.m. Saudi time. US West Texas Intermediate crude futures gained 83 cents, or 1.23 percent, to $68.37.

The premium on low-sulfur gasoil futures to Brent crude was up $3.50 at $27.27, the almost 15 percent increase lifting the spread to its highest since February 2024.

The EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia鈥檚 oil and energy industries.

Its latest sanctions package will lower the G7鈥檚 price cap for buying Russian crude oil to $47.6 a barrel, diplomats told Reuters.

The EU will also no longer import any petroleum products made from Russian crude, though the ban will not apply to imports from Norway, Britain, the US, Canada and Switzerland, EU diplomats said.

EU foreign policy chief Kaja Kallas also said on X that the EU has designated the largest Rosneft oil refinery in India as part of the measures.

Higher gasoil futures could be driven by an EU ban on fuel imports derived from Russian crude, UBS analyst Giovanni Staunovo said, as well as low inventories in northwest Europe.

The EU and UK have imported about 196,000 barrels per day of refined fuel from India so far this year, the majority of which was diesel, gasoil and jet fuel, according to data from analytics business Kpler.

Europe produces less diesel and jet fuel than it consumes, making it reliant on imports from other regions.

鈥淭his shows the market fears the loss of diesel supply into Europe, as India had been a source of barrels,鈥 said Rystad Energy鈥檚 vice president of oil markets, Janiv Shah.

Investors were considering the potential impact of the price cap change and vessel designations on crude markets.

Investors are awaiting news from the US on possible further sanctions after President Donald Trump this week threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal in 50 days.

鈥淯ltimately, it is now a matter of waiting for possible major changes in US sanctions and tariff policy,鈥 Commerzbank analysts said in a note.

The US has not backed Europe on the latest sanctions package, leaving the EU with limited power to enforce the measures.

鈥淲e expect limited impact from the lower price cap and tanker sanctions; landed prices for diesel in Europe could increase somewhat due to larger logistics issues to get products into Europe, but we think enforcement challenges limit the impact on flows,鈥 said BNP Paribas analyst Aldo Spanjer.

Prices could also have received support after Reuters reported that a restart of Iraq鈥檚 Kurdish oil exports is not imminent despite Iraq鈥檚 federal government saying on Thursday that shipments would resume immediately. 


Jordan tourism revenues climb 11.9% in H1 despite regional headwinds

Jordan tourism revenues climb 11.9% in H1 despite regional headwinds
Updated 17 July 2025

Jordan tourism revenues climb 11.9% in H1 despite regional headwinds

Jordan tourism revenues climb 11.9% in H1 despite regional headwinds
  • 海角直播 led the region with a 148% rise in international tourism revenue in 2024
  • Spending by Jordanians on outbound tourism rose 3.3% year on year

RIYADH: Jordan鈥檚 tourism revenues rose 11.9 percent year on year in the first half of 2025 to reach $3.67 billion, underscoring the sector鈥檚 resilience amid geopolitical tensions in the region. 

According to data from the Central Bank of Jordan, the growth came despite a slight setback in June, when monthly revenues fell 3.7 percent to $619.2 million, state-run Petra news agency reported. 

 Turki Faisal Al-RasheedDespite this, Jordan鈥檚 performance reflects a broader tourism surge across the Middle East, with a May release by the World Travel & Tourism Council showing the sector added $341.9 billion to gross domestic product and 7.3 million jobs in 2024, with projections of $367.3 billion and 7.7 million jobs in 2025. 

海角直播 led the region with a 148 percent rise in international tourism revenue in 2024, according to its Ministry of Tourism, while Oman, the UAE, and Qatar continued to attract strong visitor flows through investment, connectivity, and major events. 

Citing the central bank data, Petra said: 鈥淭ourism revenues from Asian visitors surged by 42.9 percent during the first half of the year, while revenues from European tourists increased by 35.6 percent, Americans by 25.8 percent, Arabs by 11.5 percent, and other nationalities by 43.0 percent.鈥  

It added: 鈥淐onversely, revenues from Jordanian expatriates visiting the Kingdom registered a modest decline of 0.8 percent over the same period.鈥 

Spending by Jordanians on outbound tourism rose 3.3 percent year on year in the first half of 2025, reaching $999.7 million, despite a 22.7 percent decline in June alone, when spending fell to $195.6 million. 

This comes on the back of a strong start to 2025, with Jordan welcoming 1.51 million visitors in the first quarter 鈥 a 13 percent increase from the same period last year 鈥 while receipts rose 8.85 percent to 1.22 billion Jordanian dinars ( $1.72 billion), according to the Ministry of Tourism and Antiquities鈥 first-quarter report. 

The recovery was further supported by the return of air connectivity, which had nearly disappeared in 2024. New agreements with European carriers expanded the number of low-cost direct routes to 25 this year, including 20 to Amman for the summer and five to Aqaba in the winter. These routes are expected to bring in around 270,000 travelers, the report added. 

Looking ahead, the ministry said it is developing a new National Tourism Strategy for 2025鈥2028, building on the previous plan and aligning with the country鈥檚 Economic Modernization Vision. 

The updated roadmap aims to diversify source markets, including China, India, Russia, Africa, and Southeast Asia, and promote high-potential segments such as medical, wellness, faith-based, adventure, and meetings, incentives, conferences, and exhibitions, or MICE, tourism.