Saudi Arabia Achieves 12% Growth in travel and tourism
Saudi Arabia has generated a 12% increase in its travel and tourism sector, surpassing levels seen before the pandemic, according to Ahmed Al-Khateeb.
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During his participation at the France-Saudi Investment Forum held in Paris, Mr. Ahmed Al-Khateeb, the country’s Minister of Tourism, showcased the significant growth and record-breaking achievements in the tourism industry.
Al-Khateeb mentioned that 2024 is expected to set another milestone in travel and tourism, aiming for a growth target of 130% by 2032 compared to the current figures. Currently, the tourism sector contributes between 3% and 4% to Saudi Arabia’s GDP, with plans to elevate this contribution to 10%, aligning with the global average.
Using France as a reference, he pointed out that tourism accounts for 14 percent of France’s GDP, emphasizing the substantial room for growth in Saudi Arabia’s tourism sector. Consequently, the Kingdom has launched e-visas for nationals of 49 countries, representing 80% of the worldwide travel and tourism market, aiming to increase international tourism.
This year, Saudi Arabia achieved a new high with 7.8 million international visitors and has set ambitious goals of reaching 30 million by the end of 2023 and 70 million by 2030. The shift in tourism dynamics is changing visitor habits, with people increasingly blending business trips with leisure, leading to longer stays and more spending. The average stay has now extended to two weeks, up from nine nights.
Al-Khateeb highlighted the crucial role of tourism in Saudi Arabia’s economic growth and diversification strategy, contributing to the nation’s GDP and reinforcing its status as a leading global destination for tourists and investors, as part of Vision 2030‘s objectives.
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Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
