Saudi Round-Up: Accelerated Economic Growth and Transformation
This week’s round-up covers general business and the economy, as usual, but also underscores the vital relationship between tourism development and environmental sustainability.
From 16 April to 22 April, 2024
General Business and Economy
IMF Predicts 6% Saudi Economic Growth in 2025
The International Monetary Fund predicts that Saudi Arabia’s growth will reach 6% in 2025, more than the prediction of 5.5% made earlier this year. Earlier this month, the World Bank also increased its estimate of the Kingdom’s growth from 4.2% to 5.9%.
The figures demonstrate the Kingdom’s dynamic leadership and continued success in economic growth and the diversification of the economic landscape.
Tourism
Future Hospitality Summit to Highlight Saudi Tourism
1,200 investors are set to participate in Saudi Arabia’s Future Hospitality Summit from April 29th to May 1st. The event will focus on sustainable tourism and technology-driven hospitality.
Strategically aligned with Vision 2030, FHS’ goals include adopting new technology, innovating, and growing entrepreneurship across the sector. The summit is expected to emphasize growth strategies for the hospitality sector, positioning it as a key driver of Saudi economic diversification.
Diriyah Group CEO Becomes UN Tourism Ambassador
Jerry Inzerillo, CEO of Diriyah Group, was appointed as a UN tourism ambassador during UN Sustainability Week. The position recognizes his lifelong commitment to supporting local communities and cultivating new tourism experiences through creative strategies and innovation.
Inzerillo noted his responsibility to ensure the group’s innovation and positive impact in one of the fastest-growing sectors in the world. Secretary-General Zurab Pololikashvil underlined how Inzerillo aligns with UN Tourism’s key messages about how tourism can drive transformation and help achieve sustainable growth.
Tourism Development Fund to Collaborate With Karisma Hotels and Resorts International
The Tourism Development Fund agreed to a partnership on Wednesday to enhance developments in tourism. The agreement includes a roadmap to determine investment criteria and details about providing financial and non-financial support for local and international investors.
Tourism Development Fund CEO Qusai Al-Fakhri emphasized the partnership’s potential to grow the tourism sector through funding and innovative projects.
Entertainment
Cinema Sector Revenue Approaches $1 Billion
Since the first cinema opened in Saudi Arabia 6 years ago, the Saudi box office has been thriving, selling more than 61 million tickets across 66 cinemas with revenue reaching $986 million since 2018.
The Saudi Arabia Film Commission drastically reduced film licensing fees to stimulate the sector’s growth. Meanwhile, the Red Sea Festival and the Saudi Film Festival contribute to the Kingdom’s cultural and economic transformation and its positioning as a center for creativity and excellence.
Sustainability
Masdar City CEO Plans Over $1 Billion Worth of Investments in Sustainable Energy and AI
Ahmed Baghoum, CEO of Masdar City, said the development is poised to deliver sustainable energy and AI projects worth $1.08 billion. The project offers attractive advantages and incentives for companies considering relocating to this world-class business and technology hub.
The ongoing projects at Masdar City are projected to be complete by mid-2025, including the world’s first net-zero energy-shared working and living facility.
This week’s Saudi Round-Up speaks to success and transformation on a local and global scale. Continual developments, large and small, drive the nation toward its Vision 2030 objectives. Bookmark us and return next week for your summary of the latest moves driving the Kingdom’s unprecedented economic transformation.
