Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

Saudi tourism on growth path despite hiccups

  • The $500 billion development on the Red Sea coast, which will include luxury resorts, residential developments, and a nature reserve, is one of the key tourism projects.
  • The Kingdom is also developing the UNESCO World Heritage Site of AlUla into a major tourist destination.

Dubai, UAE — Saudi Arabia has been investing heavily in tourism as part of its Vision 2030 plan to diversify the economy and reduce reliance on oil. The government has set a target of attracting 100 million tourists by 2030. The $500 billion development on the Red Sea coast, which will include luxury resorts, residential developments, and a nature reserve, is one of the key tourism projects. The $500 billion futuristic city NEOM being built in the northwest of the country will be a hub for tourism besides technology and innovation. The Kingdom is also developing the UNESCO World Heritage Site of AlUla into a major tourist destination. TRENDS takes a look at how tourism industry has evolved during the past more than a decade: