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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Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period
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United Arab Bank PJSC (UAB or “the Bank”) has announced its financial results for the six months ended 30th June 2024. UAB reported a net profit before tax of AED 152 million for H1 2024, a 26% increase compared to AED 121 million for H1 2023. The net profit after tax for H1 2024 stood at AED 139 million, up 15% from AED 121 million in the same period last year. Earnings per share rose to AED 0.07 in H1 2024 from AED 0.06 in H1 2023.
Total income increased by 10% year-on-year to AED 300 million for H1 2024, compared to AED 273 million for H1 2023, driven by a 26% increase in net interest income. The Bank’s capital position remains strong with a CET1 ratio of 13% and a total capital adequacy ratio (CAR) of 18%.
UAB‘s liquidity profile is robust, with advances to stable resources ratio of 75% and an eligible liquid asset ratio of 19%, both comfortably above regulatory thresholds. The Bank’s credit ratings were affirmed by Fitch and Moody’s at BBB+/Ba1, with stable and positive outlooks respectively.
UAB’s performance in the first half of 2024 demonstrates significant growth in total assets, increasing by 12% compared to December 2023, and reflects a strategic focus on quality and farsighted risk management. These results indicate that the Bank is well-positioned to continue its growth trajectory.
Commenting on the Bank’s performance, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”
He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.
Shirish Bhide, Chief Executive Officer of United Arab Bank, commented: Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”
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
