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Gulf visitor spending to hit $224bn by 2034, GCC-Stat says 

Gulf visitor spending to hit $224bn by 2034, GCC-Stat says 
Inbound visitor spending is expected to contribute 13.4 percent to the region’s total exports. Shutterstock
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Updated 22 June 2025

Gulf visitor spending to hit $224bn by 2034, GCC-Stat says 

Gulf visitor spending to hit $224bn by 2034, GCC-Stat says 
  • Inbound visitor spending expected to contribute 13.4% to region’s total exports
  • Total international visitor spending amounted to $135.5 billion in 2023

RIYADH: Visitor spending in Gulf Cooperation Council nations is projected to reach $223.7 billion by 2034, driven by economic diversification, mega-projects, infrastructure upgrades, and relaxed visa policies, new data showed. 

According to the GCC Statistical Center, as reported by Emirates News Agency – WAM, inbound visitor spending is expected to contribute 13.4 percent to the region’s total exports — underscoring tourism’s growing role in Gulf economies seeking to reduce dependence on oil.  

This comes as GCC countries, led by ֱ, ramp up efforts to diversify their economies by investing in tourism. Central to Saudi Vision 2030 is a goal to raise tourism’s share of gross domestic product from 3 to 10 percent and attract 150 million annual visits, with mega-projects like NEOM spearheading the shift.

The WAM report stated: “The centre also indicated that GCC countries are achieving steady progress in many tourism-related indicators.” 

It added: “The data demonstrate that total international visitor spending in GCC countries amounted to $135.5 billion in 2023, with a 28.9 percent increase compared to the figures recorded in 2019.” 




The GCC Statistical Center said Gulf countries are achieving steady progress in many tourism-related indicators. ONA

GCC countries also lead the Middle East and North Africa region in safety and security, outperforming the regional average of 5.86 points on a scale of 1 to 7. 

Additionally, all six Gulf states rank among the top Arab nations in terms of passport power, reinforcing their global travel competitiveness. The findings underscored the GCC’s growing appeal as a premier tourism and business destination. 

This tourism boom aligns with broader economic diversification plans as oil-reliant nations shift their focus toward hospitality, entertainment, and business travel. Additionally, more flexible visa policies and improved infrastructure — such as modern airports and strong safety standards — are helping the region gradually become more attractive to international tourists, offering an alternative to traditional destinations like Europe and Asia. 

The GCC’s geographic advantage as a bridge between East and West, coupled with investments in aviation, has turned the region into a global transit and tourism hotspot. 

All GCC nations are collectively transforming into a global tourism powerhouse, each leveraging unique strengths under ambitious national strategies. 

According to a report by consultancy firm Roland Berger, ֱ leads with Vision 2030, combining religious pilgrimage with giga-projects like NEOM. 

The UAE counters with its Tourism Strategy 2031, doubling down on its established formula of luxury experiences and cultural fusion, aiming for 40 million hotel guests.  

Qatar, building on its World Cup, is refining its urban tourism appeal, while Oman bets on natural beauty to attract 11 million annual visitors.  

Even smaller players like Bahrain and Kuwait are making strategic moves — Bahrain by leveraging Formula 1 to boost leisure tourism and Kuwait through investments in entertainment infrastructure. 


Riyadh Air putting sustainability up front as it scales: CEO 

Riyadh Air putting sustainability up front as it scales: CEO 
Updated 8 sec ago

Riyadh Air putting sustainability up front as it scales: CEO 

Riyadh Air putting sustainability up front as it scales: CEO 

RIYADH: ֱ’s newest airline Riyadh Air intends to be a thought leader in environmental sustainability while growing its global reach, its CEO has said.

Speaking to Arab News on the sidelines of the ninth Future Investment Initiative conference in Riyadh, Tony Douglas said that while the industry’s net-zero goal is difficult, the airline will pursue both alternative fuels and near-term operational efficiencies.

This year’s FII conference is taking place in Riyadh from Oct. 27 to 30, and is being held under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth.”

Riyadh Air, a new Saudi national airline owned by the Public Investment Fund, began operations on Oct. 26 with the successful completion of its first passenger flight from King Khalid International Airport to London Heathrow.

Douglas said: “The net‑zero target that’s out there, given the physics of powered flight, is extremely difficult,” adding: “But we’re absolutely committed to this going forward.”

Day to day, Riyadh Air will cut waste where it starts, with the CEO pointing to catering as an area to target. Legacy airlines uplift too much food, much of it thrown away. That’s waste and weight, which means more fuel burn and emissions, said Douglas.

To combat this, guests will be able to preorder meals in the concierge app. This trims waste and gives people exactly what they want. 

The brand rests on three pillars: obsessive guest experience, a digital‑native mindset, and leadership on environmental sustainability.

“We’re building a national carrier that connects the Kingdom to the world — and delights every guest along the way,” Douglas said. For him, sustainability sits alongside service and tech, not behind them. A digital‑first approach drives personalization and efficiency — from meal preorders to smoother trip planning.

Operations began with a symbolic start. “We’ll never forget October 26,” Douglas said, recalling the first commercial service. Daily flights to London Heathrow are live, with Dubai next as the network ramps.

Growth will be steady and visible. Completed Boeing aircraft are in certification, with more coming off and entering final assembly each month. The plan is roughly one new jet every month through next year, then two per month. That supports a goal of more than 100 international destinations within five years, setting up Riyadh as a serious global hub.

“Global connectivity is an enabler,” Douglas said. In his view, aviation runs across the Kingdom’s diversification pillars under Vision 2030. The impact is macro and human. The airline expects to support well over 200,000 jobs directly and indirectly as routes open markets, attract investors, and bring tourists.

Service remains the test. “It’s not only what we do — it’s how we do it. We want people to be delighted by our service because the brand is real.” 

That ethos extends beyond the cabin. Riyadh Air is launching Sfeer, a lifestyle program rather than a traditional loyalty scheme. Members can pool and pass points with family and friends — even by tapping phones. The aim is simple: more use, less breakage.

Sustainability threads through these choices. Lighter loads, smarter provisioning, and better planning save fuel and cut emissions today, while the fuels partnership targets tomorrow. 

“Solutions will come in all shapes and sizes,” said Douglas. “We intend to be out front.”

From a standing start to a fast‑scaling national carrier, the message is clear: grow with purpose. Add destinations each month. Ramp the fleet on schedule. Make sustainability part of the experience, not a bolt‑on.

“We’re up and running — and we’re only getting started,” he said.


UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 

UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 
Updated 20 min 34 sec ago

UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 

UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 

RIYADH: UAE-based conglomerate Al-Futtaim has committed SR10 billion ($2.6 billion) in new investments over the next three years in ֱ, reinforcing its long-term partnership with the Kingdom. 

The announcement, made at the Future Investment Initiative conference in Riyadh, highlights the group’s focus on localization, talent development, and diversified economic growth, the company said in a press release. 

The new commitment builds on Al-Futtaim’s existing SR5 billion investments in ֱ and is projected to create more than 1,000 jobs. 

The conglomerate’s commitment is part of the broader wave of strategic investments being unveiled at the FII, a platform that has facilitated more than $250 billion in deals since its inception less than a decade ago. 

Marwan Shehahdeh, group director, corporate development at Al-Futtaim, said: “ֱ’s Vision 2030 demands an approach that goes beyond mere deployment of capital. It requires partners who bring operational expertise, regional experience, and a genuine commitment to building from within.” 

He added: “Our SR10 billion pledge is a tangible expression of our confidence in the Kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda.”  

In September, Al-Futtaim acquired a 49.95 percent stake in ֱ’s Cenomi Retail in a $689 million deal. 

The partnership aims to develop omnichannel, AI-driven, and customer-centric retail experiences, expanding access to international brands and elevating the consumer landscape in ֱ. 

Through its insurance arm, Orient Insurance, the group is supporting financial sector resilience and economic inclusion by offering customer-focused insurance and financing solutions. 

Al-Futtaim is also expanding its real estate portfolio to contribute to ֱ’s urban transformation, creating integrated developments that foster community connectivity and enhance quality of life. 

“Our strategic investments are a commitment to fostering a dynamic ecosystem where innovation flourishes, local talent excels, and ֱ’s Vision 2030 is realized through collaborative effort,” Shehahdeh added. 


Saudi economy minister projects 5.1% real GDP growth for 2025

Saudi economy minister projects 5.1% real GDP growth for 2025
Updated 57 min 10 sec ago

Saudi economy minister projects 5.1% real GDP growth for 2025

Saudi economy minister projects 5.1% real GDP growth for 2025

RIYADH: ֱ’s Minister of Economy and Planning Faisal Alibrahim has projected the Kingdom’s real gross domestic product to expand by 5.1 percent in 2025, supported by continued momentum in the non-oil sector as the country advances its diversification agenda.

Speaking on a panel at the Future Investment Initiative conference in Riyadh on Wednesday, Alibrahim said: “We forecast to close the year in terms of total real GDP growth at around 5.1 percent, and for non-oil GDP around 3.8 percent.”

He emphasized that the Kingdom’s ongoing transformation is a long-term restructuring journey aimed at reducing reliance on hydrocarbons and creating a more resilient, productivity-driven economy.

“We are prioritizing diversifying our economy away from having to rely on oil, to become a more resilient economy that witnesses sustainable growth driven by productivity, not just by natural resources,” the minister added.

He also highlighted initiatives aimed at empowering entrepreneurs and small businesses as vital drivers of GDP growth and higher-quality economic expansion, emphasizing their role in generating high-value jobs and attracting global talent to strengthen the local workforce.

According to the Ministry of Finance, real GDP growth is expected to reach 4.4 percent in 2025 and 4.6 percent in 2026, both underpinned by the steady expansion of non-oil activities.

Earlier this month, the International Monetary Fund raised its forecast for ֱ’s 2025 economic growth to 4 percent, citing higher oil output and improving global demand.

The Kingdom is currently undergoing a sweeping economic transformation under Vision 2030, the national strategy launched by Crown Prince Mohammed bin Salman to strengthen non-oil industries, attract foreign investment, and enhance fiscal sustainability.

Government ministers have repeatedly described Vision 2030 as the country’s “north star,” guiding efforts to achieve balanced, long-term growth beyond the oil economy.


Humain partners with AirTrunk for $3bn data center investment in ֱ

Humain partners with AirTrunk for $3bn data center investment in ֱ
Updated 29 October 2025

Humain partners with AirTrunk for $3bn data center investment in ֱ

Humain partners with AirTrunk for $3bn data center investment in ֱ

RIYADH: Artificial intelligence company Humain has reached an agreement with AirTrunk that will see a $3 billion investment for a data center campus in ֱ.

The Public Investment Fund-owned firm will work with the Asia-Pacific company, which is backed by the world’s largest alternative asset manager Blackstone and Canada Pension Plan Investment Board.

Under the deal, Humain will lead ֱ’s efforts to deliver large-scale AI-ready infrastructure, while Blackstone and AirTrunk will bring global expertise, operational excellence and investment capacity. 

The deal aligns with Humain’s mandate to position the Kingdom as a global leader in artificial intelligence and reinforces its commitment to building best-in-class digital and AI infrastructure.

“Together with AirTrunk and Blackstone, Humain is strengthening the technological infrastructure that underpins the Kingdom’s digital economy,” said Tareq Amin, CEO of Humain. 

Amin further said that this partnership also marks a pivotal moment in creating scalable, secure, and sustainable data center capacity to support the rapid growth of AI and cloud computing in ֱ. 

“This initiative not only accelerates ֱ’s technological advancement but also establishes a platform for long-term economic diversification and global competitiveness,” added Amin. 

Under the scope of the partnership, both Humain and AirTrunk will cooperate across several key areas, including data center design, construction, and operation; financing through equity and debt; and go-to-market initiatives to attract hyperscalers and enterprise clients.

The partnership will also focus on developing local talent and capabilities, supporting ֱ’s ambition to build a globally competitive and sustainable digital ecosystem.

“Our strategic partnership with Humain, a key player in the region, will support ֱ to realize its vision of being a data- and AI-driven economy,” said Robin Khuda, founder and CEO at AirTrunk. 

He added: “This announcement strengthens the AirTrunk data center platform as we deliver world-class digital infrastructure for the cloud and AI across the Asia Pacific and now the Middle East, which is one of the fastest growing regions in the world.” 

Stephen Schwarzman, chairman, CEO and co-founder of Blackstone, said that the company continues to bring scale and expertise across the AI ecosystem as the largest provider of data centers globally and a significant investor in related services and infrastructure.

Schwarzman added: “This initiative reinforces Blackstone’s position as one of the world’s leading investors in digital infrastructure and marks a commitment to deepening our presence in the Middle East.”


780 firms move regional HQs to Riyadh, says Saudi investment minister  

780 firms move regional HQs to Riyadh, says Saudi investment minister  
Updated 29 October 2025

780 firms move regional HQs to Riyadh, says Saudi investment minister  

780 firms move regional HQs to Riyadh, says Saudi investment minister  

RIYADH: Saudi Minister of Investment Khalid Al-Falih said the number of companies that have relocated their regional headquarters to Riyadh has exceeded 780, underscoring the Kingdom’s growing appeal as a global business hub, . 

Speaking during a panel session at the Future Investment Initiative in Riyadh, Al-Falih noted that investors in the Saudi Stock Exchange, or Tadawul, have achieved an annual compound return of 11 percent since the 1980s, calling it a key indicator for those seeking long-term investment opportunities in the Kingdom. 

Private sector contribution 

Al-Falih said ֱ aims to increase the private sector’s contribution to gross domestic product to 65 percent, highlighting a decline in the economy’s reliance on oil activities — from more than 90 percent in 2015 to 68 percent in 2024. 

He emphasized that family businesses account for about 95 percent of the Saudi economy, adding that the Kingdom welcomes global family enterprises not only for their capital, but also for their innovative investment ideas and international networks. 

On small and medium-sized enterprises, the minister said they currently contribute 20 percent to the Saudi economy, with a goal of reaching 35 percent, adding: “We have solutions to finance these companies.” 

FDI growth and mega projects 

Al-Falih reiterated that ֱ’s mega-projects are progressing rapidly, adding that foreign investment in the Kingdom has quadrupled since the launch of Vision 2030.  

He said the Kingdom’s economic trajectory has become clearer under the Vision framework, with 90 percent of foreign investments now flowing into non-oil sectors, reflecting a decoupling of the economy from oil prices.