logo
GCC, Japan officials hold talks on trade, economy in Riyadh

GCC, Japan officials hold talks on trade, economy in Riyadh

Arab Newsa day ago
RIYADH: The GCC's Secretary-General Jasem Albudaiwi and Japan's Ambassador to Saudi Arabia Morino Yasunari held talks in Riyadh on Tuesday.
During their meeting at the headquarters of the GCC's general secretariat, the two officials discussed ways to boost relations.
According to the Saudi Press Agency, they discussed preparations for Albudaiwi's visit to Japan this week, a review of free trade agreement negotiations, and a follow-up on the joint action plan for the period 2024-2028.
On Monday, the GCC and Japan launched the second round of negotiations for a free trade agreement, with talks to be held in Tokyo until July 4.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Saudi Arabia posts SAR 27B BoP travel surplus in Q1 2025
Saudi Arabia posts SAR 27B BoP travel surplus in Q1 2025

Argaam

time21 minutes ago

  • Argaam

Saudi Arabia posts SAR 27B BoP travel surplus in Q1 2025

Saudi Arabia achieved a record balance of payment (BoP) surplus of approximately SAR 26.8 billion for travel in Q1 2025, compared with a year earlier, driven by a significant increase in spending by international visitors. Spending by inbound tourists reached a record SAR 49.4 billion in Q1 2025, marking a 10% hike compared to Q1 2024, according to Ministry of Tourism. Accordingly, the first-quarter travel surplus grew by 12% year-on-year (YoY), the ministry said, citing data from the Saudi Central Bank (SAMA). Travel surplus represents the difference between the spending of inbound and outbound travelers. Spending by outbound travelers reached SAR 22.6 billion by the end of March 2025, up from about SAR 21 billion a year earlier, as shown in the following table: Travel Item Details in BoP in Q1 2025 (SAR bln) Q1 2024 Q1 2025 Change Spending by Inbound Tourists 45.0 49.4 10 % Spending by Outbound Travelers* 21.0 22.6 8 % Surplus 24.0 26.8 12 % *Spending by Saudi nationals and residents The following table shows travel item in BoP since 2016: *Spending by Saudi nationals and residents

Saudi Arabia concludes camelids year presidency
Saudi Arabia concludes camelids year presidency

Arab News

time28 minutes ago

  • Arab News

Saudi Arabia concludes camelids year presidency

RIYADH: Saudi Arabia has concluded its presidency of the International Year of Camelids, an initiative launched by the UN's Food and Agriculture Organization to highlight the cultural, social and economic importance of the camel and related species. The Kingdom used the occasion to raise global awareness and promote research and development related to camelids, the Saudi Press Agency reported. The initiative began under Saudi Arabia's leadership in June last year, in partnership with a coalition of Latin American and Caribbean countries led by Bolivia. The Food and Agriculture Organization hosted a closing ceremony at its headquarters in Rome, attended by Prince Fahd bin Jalawi, president of World Camelids Sports, with officials, diplomats, and international representatives. The event recognized camelids' role in food security, sports, economic development, and cultural heritage, the SPA reported. The observance highlighted camelids' environmental, economic, and social value, and aimed to support pastoralist communities globally. The International Camel Organization also participated in the ceremony. The organization played an active role throughout the year in promoting awareness and support for the camel sector. Fahd bin Falah bin Hathleen, the organization's chairman, said: 'Our involvement in the International Year of Camelids has been rooted in our mission to elevate the camel sector on the global stage. 'Camels are considered a symbol of cultural identity and supporters of rural communities' sustainability and livelihoods. 'We remain committed to supporting their role across all scientific, cultural, sport, economic, and welfare sectors.' At the ceremony, Ali Alshaikhi, assistant undersecretary for fisheries and livestock wealth at the Ministry of Environment, Water and Agriculture, reaffirmed the Kingdom's commitment to recognizing the value of camels. He said they are a key food source, economic asset, and cultural symbol deserving of greater global attention and investment. He outlined Saudi Arabia's efforts during its presidency, including holding more than 50 local and international events, providing 15 research grants, and organizing 18 strategic meetings. The Kingdom also organized 20 international exhibitions, starting at the Food and Agriculture Organization in Rome and the UN in Geneva, to raise awareness of camels' vital role in various communities, he added. Alshaikhi said the initiative strengthened global appreciation for camels and supported their role in food security and economic growth. He added that Saudi Arabia invested more than SR1 billion ($267 million) in related efforts. He highlighted the Kingdom's broader leadership in agriculture and food security, driven by a strategic vision focused on sustainability, innovation, resilient food systems, self-sufficiency, and modern technologies.

International visitor spending in Saudi Arabia hits $13bn in Q1
International visitor spending in Saudi Arabia hits $13bn in Q1

Arab News

time28 minutes ago

  • Arab News

International visitor spending in Saudi Arabia hits $13bn in Q1

RIYADH: International tourists spent SR49.37 billion ($13.16 billion) in Saudi Arabia during the first quarter of 2025, a 10 percent increase compared to the same period last year, recent data showed. According to figures released by the Saudi Central Bank, also known as SAMA, the rise pushed the Kingdom's travel account surplus to SR26.78 billion, up 11.7 percent year on year, underlining the sector's growing contribution to the country's non-oil economy. This comes as Saudi Arabia accelerates its Vision 2030 push to position tourism as a pillar of economic diversification, raising its target to 150 million annual visitors by 2030 after surpassing the 100 million mark ahead of schedule. In 2024, the sector hit a milestone, with international tourism revenue soaring 148 percent from 2019 — the fastest growth among G20 nations. Saudi Tourism Minister Ahmed Al-Khateeb, commenting on the sector's performance following the release of the Ministry of Tourism's 2024 Annual Statistical Report in June, said the document 'showcases the sector's remarkable growth and its role in enabling Saudi Vision 2030, a record performance achieved with the support and guidance of the Kingdom's visionary leadership.' The report said that Saudi Arabia welcomed 115.9 million tourists in 2024 — 29.7 million inbound and 86.2 million domestic trips — easily surpassing the Vision 2030 milestone of 100 million visits, five years ahead of schedule. Total visitor spending reached SR283.8 billion, of which SR168.5 billion came from international travelers and SR115.3 billion from domestic tourists. Since Vision 2030's launch, Saudi tourism has expanded at breakneck speed. Inbound arrivals have climbed from 17.5 million in 2019 to 29.7 million in 2024, a 70 percent jump, while their spending ballooned by 63 percent, from SR103.4 billion to SR168.5 billion over the same period. Domestic trips almost doubled, according to the annual report figures, rising from 47.8 million to 86.2 million over the same period. The sector's success is underpinned by multibillion-riyal investments in destination infrastructure. The first island resorts of the Red Sea Project will open later this year, while construction races ahead at NEOM's Trojena mountain resort and Riyadh's heritage-rich Diriyah Gate. Developers are lining up more than 320,000 hotel rooms, and Red Sea International Airport is expected to start commercial flights in 2025, sharpening long-haul connectivity for high-end travelers. Global recognition has followed, with UN Tourism data, cited in the Annual Statistical Report, showing Saudi Arabia ranked first among G20 nations for growth in international tourist numbers in 2024 and second globally compared to pre-pandemic levels. Speaking in April 2024, Ahmad Arab, founder of tourism and hospitality firm DRB Arabia and former deputy minister at the Ministry of Tourism of Saudi Arabia, told GLG Insights the industry is on track to create 1 million tourism-related jobs by 2030, solidifying its place as a cornerstone of the Kingdom's diversifying non-oil economy. A notable trend, according to the Ministry of Tourism's annual report, is the shift toward leisure travel. Non-religious visits accounted for 59 percent of inbound arrivals in 2024, up from 44 percent in 2019, as streamlined e-visas, entertainment seasons, and high-profile sporting events broadened the Kingdom's appeal. Egypt remained the top source market with 3.2 million visitors, followed by Pakistan with 2.8 million and Bahrain with 2.6 million. Makkah Al-Mukarramah led all destinations with 17.4 million overnight foreign visitors, while Riyadh and Jeddah also attracted millions. Domestic tourism is expanding in parallel: trips rose 5 percent to 86.2 million in 2024, fueling record domestic outlays of SR115.3 billion. Leisure remained the top purpose, helped by school-holiday campaigns and new regional festivals. With first-quarter spending at an all-time high and visitor volumes already outpacing long-term targets, Riyadh's next challenge is to sustain capacity growth while maintaining service quality.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store