Latest news with #Al-Ekhbariya
Arab News
08-04-2025
- Business
- Arab News
Saudi tourism license applications up 390% after World Cup announcement: vice minister
RIYADH: Tourism license applications in Saudi Arabia have surged nearly fourfold since the Kingdom secured hosting rights for the 2034 FIFA World Cup, a senior official has revealed. Speaking at a panel discussion during the Sports Investment Forum in Riyadh, taking place from April 7 to 9, the Kingdom's Vice Minister of Tourism, Princess Haifa bint Mohammed Al-Saud, said applications had surged by 390 percent — highlighting the growing interest of international tourists and boosting economic growth, according to local broadcaster Al-Ekhbariya. The increase comes as Saudi Arabia ramps up investments in sports infrastructure as part of Vision 2030, the Kingdom's strategic framework to diversify the economy and reduce dependence on oil. It also aligns with the growing recognition that sports tourism is a key driver of economic development, accounting for 10 percent of global tourism expenditure and projected to grow by 17.5 percent by the end of this decade. 'Sports tourism has no limits. The number of tourists who came solely to attend sporting events reached 14 million by last year, spending nearly SR22 billion ($5.86 billion),' Princess Haifa said, according to a post on Al-Ekhbariya's X account. 'In 2018, visitors from 70 nationalities visited the Kingdom to attend sporting events, and today the number has exceeded 160 nationalities, thanks to various facilities,' she added. During the session, the vice minister emphasized the role of the broader tourism ecosystem in supporting the Kingdom's sporting ambitions and contributing to sustainable economic development through public-private collaboration. The inaugural edition of the three-day Sports Investment Forum sees local and international leaders, officials, investors, and entrepreneurs exploring opportunities in the Kingdom's evolving sports landscape. The forum aims to expand the scope of sports investment in Saudi Arabia by fostering effective partnerships, attracting capital, and launching initiatives to drive growth across the sector.
Daily Tribune
07-04-2025
- Business
- Daily Tribune
Saudi stocks take 5-year record fall after US tariffs: state media
The Saudi stock exchange was down 6.78 percent on Sunday, the worst daily loss since the Covid-19 pandemic according to state media, after sweeping US trade tariffs sent global markets tumbling. President Donald Trump's tariff offensive unleashed this week has sparked a global stock market rout, also raising fears of a general trade war and recession. In Saudi Arabia, the state-run Al-Ekhbariya television channel reported online that 'the Saudi stock index closed trading down (nearly) 7%, losing more than 800 points' on Sunday. The network called it 'the largest daily loss in five years' since the early days of the Covid-19 pandemic, with dozens of Saudi companies including oil giant Aramco in the red. 'Trump's tariffs weighed heavily on global markets, and specifically today on Saudi markets,' Al-Ekhbariya reported. The utilities sector was down 8.4 percent, banking 6.9 percent, telecommunications 5.9 percent and energy 5.29 percent, it added. Shares in Saudi Aramco -- the crown jewel of the kingdom's economy -- fell 6.2%. State-run financial newspaper Al-Eqtisadiah said that 'the Saudi stock market lost more than half a trillion riyals (about $133 billion) in market value during Sunday's trading'. A large portion of the losses was attributed to Aramco shares, with the energy giant's market value falling by 'more than 340 billion riyals', according to Al-Eqtisadiah. Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs affecting US allies and rivals alike. According to official news agencies, Kuwait's primary index fell 5.7%, the Qatari stock exchange was down 4.2%, and in Oman, the Muscat stock market closed with a 2.6% decline. There was no trade in Abu Dhabi and Dubai, as the United Arab Emirates now has a Western-style Saturday-Sunday weekend. Under Trump's policy, goods from Saudi Arabia, Kuwait, Qatar, Oman and the United Arab Emirates will be subject to a 10% 'baseline' tariff. The uncertainty over trade and manufacturing has helped to fuel a days-long panic in global markets. Stock exchanges in Europe and Asia closed at a loss on Friday, and analysts expect further declines when they reopen on Monday.
Express Tribune
06-04-2025
- Business
- Express Tribune
Saudi stocks lose $133b as global markets react to US tariffs
Listen to article The Saudi stock market experienced its largest daily drop in five years on Sunday, losing more than 500 billion riyals as the index fell by 6.78%. This marked the worst loss since the early days of the COVID-19 pandemic, according to state media. The sharp decline was triggered by the imposition of sweeping trade tariffs by the United States, which led to a global stock market rout and raised fears of a full-scale trade war and potential recession. State-run television channel Al-Ekhbariya noted that the Saudi stock index closed nearly 7% lower, shedding over 800 points. It described the drop as "the largest daily loss in five years," with major Saudi companies, including oil giant Aramco, suffering significant blows. The tariffs, introduced by former President Donald Trump, have significantly impacted global markets, with Saudi stocks bearing the brunt of the fallout. The utilities sector saw an 8.4% drop, while banking, telecommunications, and energy sectors fell by 6.9%, 5.9%, and 5.29%, respectively. Shares of Saudi Aramco, a cornerstone of the kingdom's economy, plummeted by 6.2%. According to Al-Eqtisadiah, the state-run financial newspaper, the Saudi stock market lost more than half a trillion riyals (approximately $133 billion) in value during Sunday's trading session. A significant portion of the losses was attributed to Aramco's market value, which fell by more than 340 billion riyals. Other Gulf stock markets mirrored the global trend, suffering substantial losses as countries around the world grappled with the impact of Trump's tariffs. Analysts predict further declines when markets reopen on Monday.
Al-Ahram Weekly
06-04-2025
- Business
- Al-Ahram Weekly
Saudi stocks take 5-year record fall after US tariffs: State media - Economy
The Saudi stock exchange was down 6.78 percent on Sunday, the worst daily loss since the Covid-19 pandemic according to state media, after sweeping US trade tariffs sent global markets tumbling. President Donald Trump's tariff offensive unleashed this week has sparked a global stock market rout, also raising fears of a general trade war and recession. In Saudi Arabia, the state-run Al-Ekhbariya television channel reported online that "the Saudi stock index closed trading down (nearly) 7 percent, losing more than 800 points" on Sunday. The network called it "the largest daily loss in five years" since the early days of the Covid-19 pandemic, with dozens of Saudi companies, including oil giant Aramco, in the red. "Trump's tariffs weighed heavily on global markets, and specifically today on Saudi markets," Al-Ekhbariya reported. The utilities sector was down 8.4 percent, banking 6.9 percent, telecommunications 5.9 percent and energy 5.29 percent, it added. Shares in Saudi Aramco -- the crown jewel of the kingdom's economy -- fell 6.2 percent. State-run financial newspaper Al-Eqtisadiah said that "the Saudi stock market lost more than half a trillion riyals (about $133 billion) in market value during Sunday's trading". A large portion of the losses was attributed to Aramco shares, with the energy giant's market value falling by "more than 340 billion riyals", according to Al-Eqtisadiah. Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs affecting US allies and rivals alike. According to official news agencies, Kuwait's primary index fell 5.7 percent, the Qatari stock exchange was down 4.2 percent, and in Oman, the Muscat stock market closed with a 2.6-percent decline. There was no trade in Abu Dhabi and Dubai, as the United Arab Emirates now has a Western-style Saturday-Sunday weekend. Under Trump's policy, goods from Saudi Arabia, Kuwait, Qatar, Oman and the United Arab Emirates will be subject to a 10-percent "baseline" tariff. The uncertainty over trade and manufacturing has helped to fuel a days-long panic in global markets. Stock exchanges in Europe and Asia closed at a loss on Friday, and analysts expect further declines when they reopen on Monday. Follow us on: Facebook Instagram Whatsapp Short link:
Saudi Gazette
03-04-2025
- Business
- Saudi Gazette
Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market
Saudi Gazette report RIYADH — Finance Minister Mohammed Al-Jadaan affirmed that the directives of Crown Prince and Prime Minister Mohammed bin Salman reflect the leadership's priorities in providing adequate housing for citizens and ensuring a decent life for them. Speaking to Al-Ekhbariya channel, Al-Jadaan explained that the directives of the Crown Prince confirm the government's ability to use the tools available to it to bring back balance to the real estate market, whether through regulations, policies, or procedures, to enhance the supply of land, and residential and commercial properties to achieve economic growth and create more jobs. The minister said that a balanced real estate market contributes to narrowing the gap between supply and demand and limiting unjustified price increases. 'The issued directives focused on a set of targets, the first of which is the citizen, particularly the most needy citizens, and introduction of controls to limit the leakage of support to undeserving groups. He also outlined solutions to immediately enhance the real estate supply by lifting the suspensions in northern Riyadh. Al-Jadaan emphasized that the leadership's directives provided solutions to ensure continued supply in the medium and long term, whether through amendments to the Law of White Land Tax or through directives issued to establish controls for the relationship between landlords and tenants to protect their rights. The Crown Prince had issued five measures in this regard to achieve balance in the real estate sector, against the backdrop of rising land prices and rents in Riyadh in recent years. The measures included lifting the suspension on sales, purchases, divisions, and subdivisions, as well as the issuance of building permits and approval of land plans. The total area of land that covered the lifting of sales suspension in Riyadh is 81.48 square kilometers. The measures include the Royal Commission for Riyadh City working to provide citizens with planned and developed residential land plots, ranging from 10,000 to 40,000 plots annually over the next five years, depending on supply and demand. The plots are available at prices not exceeding SR1,500 per square meter for married citizens or those over the age of 25. This is provided that the applicant does not previously own any other real estate and meets all other requirements, including not selling, leasing, mortgaging, or otherwise disposing of the land within 10 years, except for mortgaging to finance the construction of the land. If the land is not constructed within this period, the land will be reclaimed and its value will be returned to the applicant. The Crown Prince directed to take the necessary regulatory measures to urgently issue the proposed amendments to the Law of White Land Tax within a period not exceeding 60 days, ensuring increased real estate supply. The Crown Prince also directed that the necessary regulatory measures shall be taken within a period not exceeding 90 days to regulate the relationship between landlords and tenants, ensuring a balance between the interests of all parties. The General Authority for Real Estate and the Royal Commission for Riyadh City were also tasked with monitoring and controlling real estate prices in Riyadh and submitting periodic reports.
