In 2022, Saudi Arabia’s tourism industry experienced a remarkable surge, with airports across the Kingdom welcoming over 93.5 million tourists. This figure includes approximately 77 million domestic visitors and 16.5 million international tourists, highlighting the industry’s robust growth. The impressive increase in tourist numbers has been attributed to several regulatory adjustments implemented to facilitate easier access to the Saudi Arabian Kingdom.
In 2023, Saudi Arabia’s travel sector has exceeded expectations, leading to a revised target of 150 million visitors by 2030. The Kingdom has witnessed significant growth in tourist arrivals, domestic and international, bolstered by regulatory changes such as the new ‘Visiting Investor’ visa. As part of its economic diversification strategy, Saudi Arabia aims to make tourism its second largest revenue source by 2030. The launch of Riyadh Air and the Air Connectivity Program are key initiatives driving industry growth.
Radisson Hotel Group celebrates its latest addition to Saudi Arabia’s hospitality scene, the Radisson Hotel & Residence Riyadh Olaya. Situated in the vibrant capital city of Riyadh, this new establishment marks the group’s 28th property in the kingdom and the 9th in Riyadh. Designed with a modern urban aesthetic, the hotel offers 201 guest rooms and suites, catering to the needs of both business and leisure travelers. Facilities include a full-service restaurant, a cozy lobby lounge, state-of-the-art meeting and event spaces, and recreational amenities such as fitness centers, a swimming pool, a spa, and a kids club. This opening aligns with Saudi Arabia’s Vision 2030, which aims to bolster the country’s tourism and hospitality sectors.
Saudi Arabia made a bold statement in the fashion world by hosting its inaugural fashion show, featuring swimsuit models for the first time in the country’s history. The event showcased the collection of Moroccan designer Yasmina Qanzal and marked a significant departure from the nation’s conservative traditions, where women were once required to wear body-covering abayas. The fashion show was held during the second day of the inaugural Red Sea Fashion Week and aligns with Crown Prince Mohammed bin Salman’s Vision 2030 social and economic reform program, which aims to soften Saudi Arabia’s austere image and expand its fashion and tourism sectors.
The opening of EDITION Hotels in Jeddah, Saudi Arabia marks a transformative moment for the country and the hospitality industry in the region. Embracing the ambitious Vision 2030 roadmap, EDITION Jeddah is a beacon of change, embodying Saudi Arabia’s commitment to economic and social diversification. With its multicultural ethos and sophisticated style, EDITION Jeddah redefines hospitality, heralding an era of advancement and prosperity.
Asset manager BlackRock is launching an investment platform in Riyadh with a $5 billion anchor investment from the Saudi Public Investment Fund (PIF). The platform, called BlackRock Riyadh Investment Management (BRIM), aims to bring foreign institutional investment into Saudi Arabia, develop the local asset management industry, and support the development of the kingdom’s asset management talent.
Saudi Arabia’s economy minister, Faisal Al Ibrahim, has rejected reports that the kingdom’s $1.5 trillion NEOM megaproject is reducing its plans. Al Ibrahim stressed that all projects are progressing according to schedule, but decisions are being made with consideration for optimal economic impact. The minister emphasized that the project’s scale remains unchanged, despite reports that The Line project would be significantly reduced in size. NEOM, part of Saudi Arabia’s Vision 2030 initiative, aims to diversify the economy and attract investors with innovative projects.
