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Arabian Post
2 days ago
- Business
- Arabian Post
Saudi Crown Charts Tourism Surge Ahead of 2034 Boom
Global tourism is projected to reach 30 billion trips by 2034 and contribute $16 trillion to world GDP, growing 1.5 times faster than the global economy, according to the World Economic Forum's latest report. Amid this surge, Saudi Arabia is emerging as a pivotal force, ranking the second fastest-growing tourism destination and leading global investments in innovation, infrastructure, and sustainability The WEF report, Travel and Tourism at a Turning Point: Principles for Transformative Growth, produced with Kearney and the Saudi Ministry of Tourism, highlights the Kingdom's rapid evolution. Under Vision 2030, it aims to attract 150 million visitors by 2030, underpinned by major mega-projects like NEOM, Soudah Peaks in Asir, Trojena, Al‑Ula, and the Red Sea Project. These initiatives reflect bold efforts to diversify beyond oil and position Saudi Arabia as a global tourism and cultural hub. Minister of Tourism Ahmed Al Khateeb emphasises that tourism goes beyond economic benefit; it fosters cultural diplomacy and long‑term resilience. He asserts that developing 'regenerative destinations, future‑ready infrastructure, and talent pipelines' is central to both national growth and shaping future global tourism. Saudi Arabia's investments via the Quality of Life Program—backed by a US$34.6 billion budget—underscore its commitment to improving recreation and entertainment infrastructure while supporting emerging tourism projects. ADVERTISEMENT Saudi mega-developments like NEOM's Sindalah island and the mountain resorts of Soudah Peaks and Trojena illustrate the Kingdom's integrated approach. Sindalah, an ultra‑luxury island destination opened in October 2024, with 85‑berth marina and high‑end amenities, aims to host 2,400 visitors daily by 2028. Soudah Peaks, a US$7.7 billion project nestled in the Asir Mountains, targets two million annual visitors by 2033 and aims to contribute US$7.8 billion to GDP. Trojena, designed as a year‑round mountain resort with skiing and adventure tourism, continues despite budget pressures, though a 2023 audit flagged soaring costs and alleged financial irregularities. Globally, Asia is highlighted as the fastest‑growing tourism region, with India and China expected to account for over 25% of outbound trips by 2030. Within this broader context, Saudi Arabia stands out for its strategic role in shaping global travel through luxury endeavours, sports tourism, ecotourism, and travel tech investment. Rapid industry expansion demands extensive infrastructure: an additional 7 million hotel rooms, 15 million flights annually, and substantial investments in transport and hospitality—areas where Saudi Arabia is heavily investing. Yet, the WEF report raises red flags: tourism already accounts for approximately 8% of global greenhouse gas emissions and that share could climb to 15% by 2034 if unchecked. Tourist‑derived waste is expected to reach 205 million tonnes annually—about 7% of global solid waste—and acute labour shortages plague countries worldwide, with UK turnover at 53% and US firms struggling with rising wages. WEF President Børge Brende warns of potential losses of up to $6 trillion by 2030 due to inadequate planning and lack of collaboration. He calls for transformative public‑private partnerships and sustainable fuel standards to underpin the sector's future. Kearney's Bob Willen echoes this, highlighting the need for investment in green infrastructure, workforce support, cultural preservation, and community benefit. Saudi Arabia appears poised to lead this shift. Its Vision 2030 agenda is channeling funds into infrastructure, entertainment, and training to support the projected 150 million annual visitors. Initiatives like cinemas, tourism visas, and Quality of Life enhancements are central to this strategy. By aligning mega-projects with sustainability and community inclusion objectives, Riyadh seeks to set an example of responsible tourism transformation.
Time of India
5 days ago
- Business
- Time of India
$1.2 trillion needed for grid-forming battery storage to support global renewable push: Report
New Delhi: Global investment of $1.2 trillion will be required in battery energy storage systems (BESS) over the next decade to support the addition of 5,900 gigawatts (GW) of new wind and solar capacity worldwide, energy consultancy Wood Mackenzie said in its latest analysis. The report forecasts a 55 per cent increase in global power demand by 2034 , with more than 80 per cent of new capacity additions expected to come from variable renewable energy sources. 'Grid-forming battery energy storage systems represent a critical breakthrough for renewable energy integration ,' Robert Liew, Research Director at Wood Mackenzie, said. 'As global power demand is projected to surge 55 per cent by 2034, with variable renewable energy comprising over 80 per cent of new capacity additions, GFM BESS provides the technological bridge between renewable abundance and grid stability requirements .' Grid-forming battery systems differ from traditional grid-following systems by actively supporting voltage and frequency stability, which is essential as the share of intermittent renewable sources increases. According to the report, the power sector faces a 1,400 GW capacity gap for grid-forming battery storage installations between 2024 and 2034. This shortfall highlights the need for large-scale deployment of storage systems to ensure grid reliability. Several Asia-Pacific markets are already operating with wind and solar contributing between 46 per cent and 90 per cent of peak demand. The report notes that markets with high renewable penetration are likely to prefer grid-forming capabilities to address stability concerns. 'Grid-forming BESS provides multiple critical functions for stability including independent voltage source capabilities, high current transient support during disturbances, inertia response similar to conventional power plants, and black start functions,' it said. The report cited the 2025 Spanish blackout as an example of the risks associated with high renewable penetration without corresponding grid-forming infrastructure. Liew highlighted the Red Sea Project as a case study for grid-forming technology, stating, 'As the world's largest off-grid renewable energy project, it showcases how a utility-scale power system can operate continuously on 100 per cent renewable energy for almost two years.' While grid-forming capabilities add about 15 per cent to system costs, primarily due to advanced inverters and software, battery prices have declined by 10–40 per cent across global markets over the past year. The report said this has improved the economic feasibility of such installations. Hybrid utility-scale solar and battery storage systems are already cost-competitive with onshore wind, and projections suggest that battery systems will undercut coal and gas power generation costs in several non-US markets by 2040. Regulatory momentum is also building for grid-forming battery technology. Countries such as China, the United States, and Australia have issued technical guidelines to facilitate the deployment of such systems. 'Increasing clean energy targets , policy developments, and proven pilot projects are accelerating the adoption of grid-forming technology,' Liew added. 'With global battery capacity expected to triple by 2035, grid-forming capabilities will likely become a baseline requirement for new storage deployments.' India, China, Japan, and Vietnam are currently managing renewable energy penetration of 46 per cent to 92 per cent of peak demand, making them key regions for early adoption of grid-forming storage systems. The report noted that managing renewable curtailment and improving grid resilience will be central to energy transition efforts in these markets.
Al Arabiya
6 days ago
- Business
- Al Arabiya
Saudi Arabia's Expo 2030 fuels surge in business, event travel across the Kingdom
Saudi Arabia is rapidly emerging as a premier destination for business and event travel, as preparations for Expo 2030 and massive Vision 2030 giga-projects accelerate infrastructure, tourism, and international engagement across the Kingdom. 'Expo 2030 is set to be a significant event for Saudi Arabia, establishing Riyadh as a hub of global dialogue and innovation,' said Stan Klyuy, Chief Commercial Officer of Tumodo, a digital platform that manages corporate travel. Redefining tourism Giga-projects like NEOM, a $500 billion futuristic city; The Red Sea Project, an ultra-luxury regenerative tourism destination; and Qiddiya, a major entertainment hub outside Riyadh, are all redefining what business and leisure tourism look like in the region. 'Extended stays and multi-purpose trips will become more common, with travelers combining Expo participation with site visits to giga-projects such as NEOM and the Red Sea developments,' Klyuy said. Saudi Arabia's Vision 2030 reform agenda originally aimed to attract 100 million visitors annually by 2030 – but already surpassed that goal seven years early. The Kingdom recorded a total of 116 million visitors in 2024, including 29.7 million international arrivals, an 8 percent increase from 2023, according to the Ministry of Tourism. The new goal now targets 150 million annual visitors by 2030. Tourism's contribution to Saudi Arabia's GDP has also surged, reaching 11.5 percent in 2023, up from just 3 percent in 2019, according to the World Travel and Tourism Council. Inbound tourism spending in 2024 hit $45 billion (SAR 168.5 billion) – a 19 percent year-on-year rise. Corporate travel behavior According to Klyuy, Tumodo has observed distinct changes in corporate travel behavior. Riyadh has become a MICE (meetings, incentives, conferences, and exhibitions) destination, with international conferences, summits, and investment forums increasingly scheduled around major cultural and sporting events. 'We've seen a clear rise in last-minute bookings, multi-city itineraries, and extended stays,' he noted. 'These trends reflect how Saudi Arabia's mega-events are reshaping travel demand and driving sustained economic engagement.' He added that events like Expo 2030 are prompting more companies to adopt sustainable travel policies aligned with the Kingdom's environmental goals. 'In line with Vision 2030's focus on sustainability, companies will place greater emphasis on responsible travel choices,' Klyuy said. According to the CCO, four industries are leading the demand for event-related travel to Saudi Arabia. These include: technology and startups, which regularly attend innovation events such as LEAP in Riyadh; energy and sustainability, driven by the Kingdom's Green Initiative; finance and investment, including sovereign wealth funds and global VCs; and hospitality and real estate, as major developments seek international partnerships A booming entertainment sector Meanwhile, Saudi Arabia's entertainment sector is also booming, according to Cosmin Ivan, CEO of Platinumlist, a regional ticketing platform. 'Fans in this region don't sit around waiting; they book, they fly, they show up,' Ivan said. 'We've seen this again and again: when people don't get the show at home, they go find it. But now, more and more of those shows are coming to Saudi Arabia.' Platinumlist is seeing growing demand from regional and international travelers to attend events in the Kingdom, as Saudi cities host high-profile concerts, sporting events, and festivals. In 2024, Riyadh Season alone attracted more than 16 million visitors, according to the Saudi General Entertainment Authority (GEA). 'Big international events open the door for massive opportunities,' Ivan said. 'In Saudi Arabia, we're not just seeing ticket sales rise, but also long-term shifts in how people travel, spend, and explore.' With Expo 2030 expected to bring tens of millions of visitors to Riyadh, Ivan said Platinumlist is preparing to meet international demand through multi-language listings, cross-border payments, and curated travel guides that help guests explore Saudi Arabia's evolving cultural and entertainment scene. Catalyst for long-term change Both executives agree that Saudi Arabia's transformation is far from temporary – it's setting the stage for sustained global engagement. 'These events aren't one-offs,' Klyuy said. 'They're catalysts for long-term change. The Expo, NEOM, the Red Sea Project – these are reshaping how the world sees Saudi Arabia and how businesses operate in the region.' With billions invested, record-breaking tourist figures, and an expanding global events portfolio, Saudi Arabia is positioning Expo 2030 not just as a milestone, but as a launching pad for a new era of tourism-driven growth and international engagement.
Time Business News
26-06-2025
- Business
- Time Business News
Navigating Saudi Arabia's Investment Landscape: Tips for Long-Term Success
Saudi Arabia offers a wealth of investment opportunities. Its Vision 2030 plan pushes for growth beyond oil. The economy is opening up. Investors can find success with the right approach. This guide shares clear, practical advice for thriving in this market. It highlights key sectors, rules, and steps for long-term gains. Saudi Arabia stands out as a top destination. It has the Middle East's biggest economy. Vision 2030 drives change, focusing on new industries. The government welcomes foreign investors. Here's why it's appealing: Economic Shift : Vision 2030 boosts tech, tourism, and healthcare. Non-oil sectors grew 4.8% in 2022. : Vision 2030 boosts tech, tourism, and healthcare. Non-oil sectors grew 4.8% in 2022. Young Market : Most Saudis are under 30. They fuel demand for digital services and products. : Most Saudis are under 30. They fuel demand for digital services and products. Global Hub : The country links three continents. It's perfect for trade and logistics. : The country links three continents. It's perfect for trade and logistics. Government Backing: The Public Investment Fund (PIF) funds projects like NEOM with billions. The market promises strong returns. Understanding it is key to success. Certain industries shine brightly. They align with Vision 2030 goals. Here are the best areas to explore: Tech is a major focus. The government prioritizes artificial intelligence. AI spending will hit $1.9 billion by 2027. The Saudi Data and AI Authority (SDAIA) leads the charge. It works with global companies on cutting-edge tools. Opportunity : Back AI startups or collaborate with SDAIA. : Back AI startups or collaborate with SDAIA. Example: NEOM uses AI for smart city planning. Tourism is growing fast. Projects like the Red Sea Project draw crowds. The goal is 380,000 tourism jobs by 2030. Opportunity : Invest in hotels or local events. : Invest in hotels or local events. Example: AlUla's cultural festivals attract global visitors. Healthcare is expanding. The government plans to modernize hospitals with $65 billion. Digital health services are on the rise. Opportunity : Fund medical tech or clinic projects. : Fund medical tech or clinic projects. Example: Telemedicine helps rural communities. Saudi Arabia aims to be a logistics leader. It plans to boost air freight to 4.5 million tons. Projects like Oxagon in NEOM focus on trade. Opportunity : Support port or transport projects. : Support port or transport projects. Example: Dammam's sea port drives regional trade. Regulations can seem tricky. The Ministry of Investment (MISA) oversees foreign investors. Knowing the process helps. Here's what to expect: Licenses : MISA requires registration and financial records. Approval takes about a week. : MISA requires registration and financial records. Approval takes about a week. Business Setup : Register with the Ministry of Commerce (MOC). It takes around three weeks. : Register with the Ministry of Commerce (MOC). It takes around three weeks. Special Zones: Areas like the Logistics Bonded Zone offer tax breaks. Partner with locals. An investment company KSA can ease the process. Investing has risks. Being aware helps you plan. Here are the main hurdles: Complex Rules : Licensing can be slow. MISA helps, but delays happen. : Licensing can be slow. MISA helps, but delays happen. Regional Tensions : Political issues may raise concerns. Experts say risks are often exaggerated. : Political issues may raise concerns. Experts say risks are often exaggerated. Market Liquidity : Some sectors lack easy cash flow. Venture capital is still growing. : Some sectors lack easy cash flow. Venture capital is still growing. Cultural Differences: Business customs vary. Local partners bridge the gap. The potential outweighs these challenges. Smart planning reduces risks. Success takes effort. These steps will guide you: Research Thoroughly: Study market trends and Vision 2030 goals. Find Local Allies: An investment company Saudi Arabia can navigate rules. Target Growth Sectors: Focus on tech, tourism, or logistics. Use MISA Tools: Check Invest Saudi for sector details. Join Events: Attend LEAP to meet startups and investors. Stay Updated: Track legal changes with local experts. Boost Online Reach: Use keywords like 'Riyadh investment' for visibility. These steps create a solid plan. They pave the way for growth. Here are answers to frequent questions: Is investing safe? Yes, MISA simplifies processes. Political risks can be managed. Yes, MISA simplifies processes. Political risks can be managed. What's Vision 2030? It's a plan to grow non-oil industries like tech and tourism. It's a plan to grow non-oil industries like tech and tourism. How do I start a business? Register with MOC and MISA. It takes about three weeks. Register with MOC and MISA. It takes about three weeks. Which sectors are hot? Tech, tourism, and logistics are growing fast. These answers help readers. They also improve search rankings. Digital visibility is crucial. Saudi Arabia has near-total internet access. Try these tips: Local SEO : Use phrases like 'investment in Jeddah.' Most users browse on phones. : Use phrases like 'investment in Jeddah.' Most users browse on phones. Voice Search : Optimize for questions like 'where to invest in Saudi Arabia.' : Optimize for questions like 'where to invest in Saudi Arabia.' Social Media : Saudis spend hours on YouTube and Instagram. Share your brand there. : Saudis spend hours on YouTube and Instagram. Share your brand there. Local Focus: Write about regional news or events to attract readers. These strategies boost your reach. They match Saudi Arabia's digital culture. Saudi Arabia is a global player. Its $1.1 trillion economy leads the region. Vision 2030 draws companies like Amazon. Projects like NEOM set it apart. The young population drives innovation. Its location boosts trade. With $402 billion in reserves, the economy is stable. PIF funds massive projects. These factors make it a top choice. Saudi Arabia's investment landscape is full of promise. Vision 2030 opens doors in tech, tourism, and more. Rules can be complex, but local partners help. Digital strategies increase your reach. Challenges exist, but the rewards are worth it. Start today. Research the market. Connect with local firms. Attend events like LEAP. Focus on growing sectors. With careful steps, your investments will succeed. TIME BUSINESS NEWS
Yahoo
06-06-2025
- Business
- Yahoo
Saudi Arabia Landscaping Market Grows to $2.50B as Giga Projects Expand
The KSA landscaping market sees a rise to USD 2.50 billion, supported by major developments like NEOM and the Red Sea Project. Urbanization in Riyadh and Makkah, coupled with initiatives like the Riyadh Green Initiative, fuel demand. Challenges include water scarcity and skills gap, met with opportunities in climate-responsive landscaping and smart irrigation solutions. Dublin, June 06, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Landscaping Market Outlook to 2029" has been added to offering. The Kingdom of Saudi Arabia (KSA) Landscaping Market is experiencing remarkable growth, valued at USD 2.50 billion, reflecting increased investments in public infrastructure and private residential projects. The sector's growth is fuelled by large-scale projects like the Red Sea Project, NEOM, and King Abdullah Financial District. The expanding pipeline of giga projects and mixed-use developments continues to propel the demand for landscaping across the kingdom. In particular, the Riyadh Province and cities like Makkah and Jeddah are at the forefront of this expansion. High urbanization rates, substantial hotel developments, and commercial growth in these areas have significantly boosted the demand for green spaces and water-efficient outdoor amenities. Makkah alone contributes 85,000 hotel room keys under development. Initiatives such as the Riyadh Green Initiative aim to plant 7.5 million trees, enhancing the region's landscaping projects and drawing attention from public and private sector contracts. Landscaping companies in Saudi Arabia navigate regulatory frameworks established by the Ministry of Municipal, Rural Affairs, and Housing and adhere to guidelines from the Saudi Contractors Authority. New policies, including the 2.5% white land tax, incentivize urban development, while further initiatives support the Vision 2030 goals of increasing green space per capita, emphasizing environmental sustainability. Contractual regulations mandate performance bonds, insurance guarantees, and restrictions on subcontracting. KSA Landscaping Market Segmentation By Product Type: The market covers categories such as Hardscaping, Softscaping, Lighting and Water Features, and Green Infrastructure. Hardscaping is prominent due to infrastructure projects like NEOM and Diriyah Gate, focusing on pathways, plazas, and long-lasting surfaces. By Service Type: It includes Design & Planning, Installation & Construction, and Maintenance & Irrigation Management. The arid climate necessitates robust maintenance and irrigation services, especially notable with large-scale hotel developments underway. KSA Landscaping Market Competitive Landscape The market is moderately fragmented, with a blend of local contractors and established engineering firms. Companies with expertise in smart irrigation, drought-tolerant designs, and involvement in giga-projects are gaining a competitive edge, as sustainability becomes a primary bid criterion. KSA Landscaping Market Analysis Growth Drivers Main drivers include the Vision 2030 Urban Greening Mandate and tourism-related aesthetic enhancements. Giant developments like NEOM require intricate landscaping in resorts and urban plazas, while the real estate expansion prioritizes greenery and eco-friendly solutions. Market Challenges Key challenges involve water scarcity and a shortage of skilled landscaping professionals. Successful projects depend on efficient irrigation and drought-resistant techniques, challenging the sector amidst labor constraints and a lack of specialized training programs. KSA Landscaping Market Future Outlook Projected to grow steadily over the next five years, the market will be driven by urban expansion, tourism beautification, and green infrastructure development. Companies focusing on native plant systems and integrated smart technology are poised to secure significant long-term contracts. Market Opportunities Climate-responsive landscaping, leveraging native plant solutions, and smart irrigation technologies present new opportunities. End-to-end solutions from green tech firms are becoming increasingly popular, especially for municipal and high-end real estate projects. Company Coverage: Nesma & Partners Rashid Trading & Contracting Company SALCO (Saudi Landscape Company) Zaid Alhussain Group Safari Group Key Topics Covered: 1. Executive Summary1.1. Market Overview of KSA Landscaping Market1.2. Ecosystem of Players in the Market2. KSA Landscaping Market Overview2.1. Growth in Commercial, Residential, and Public Projects2.2. Vision 2030 and Giga Project Landscaping Demand2.3. Tourism-Driven Outdoor Aesthetic Development2.4. Urban Greening and Government Spending Initiatives2.5. Smart Irrigation and Sustainability Trends3. KSA Landscaping Market Sizing3.1. Market Value 2024 and Forecast to 20303.2. CAGR Analysis by Revenue Type (Products & Services)3.3. Regional Demand Breakdown - Riyadh, Makkah, Tabuk3.4. Application-Wise Landscape Demand (Public, Commercial, Residential)4. KSA Landscaping Market Segmentations4.1. By Revenue Type4.2. By Product Type4.3. By Service Type4.4. By Application4.5. By Region5. Competitive Landscape5.1. Competitive Overview5.2. Cross-Comparison of Key Players6. Market Growth Drivers6.1. Vision 2030 Urban Greening Mandates6.2. Tourism and Giga Project Development6.3. Real Estate and Mixed-Use Landscaping Demand7. Market Challenges7.1. Water Scarcity and Irrigation Dependency7.2. Workforce Skill Gap in Design and Execution8. Future Outlook8.1. Market Evolution to 20308.2. Role of Sustainability and Green Technologies9. Market Opportunities9.1. Demand for Native and Xeriscape Landscaping9.2. Integration of Smart Irrigation Systems10. Scope of the Report10.1 By Revenue Type10.2 By Product Type10.3 By Service Type10.4 By Application10.5 By Region For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
