This week it was announced that Saudi Arabia has welcomed 2.5 million sports tourists, hosting 80 international sporting events as part of its rapid transformation under Vision 2030. Events like Formula 1 in Jeddah, brought in visitors from 160 countries, created 20,000 jobs and generated a SAR 900 million economic impact. Sports tourism now accounts for 10% of global tourism expenditure and is expected to grow by 17% by 2030. The Kingdom has hosted various global sporting events, including the WWE Super Showdown, the Saudi Pro-Golf Championship, Battle of the Champions, Formula E, E-Prix, International Handball Federation Super Globe and Saudi International Meeting for Disabilities Sport. By 2030, Saudi Arabia is anticipating 150 million international tourists annually, with direct flights from 250 destinations.
In other news, Saudi energy giant Aramco reported a net profit of SR398.42 billion ($106.2 billion) in 2024, despite challenging market conditions, including lower prices for crude oil, refined products and chemicals. In a press statement, the company revealed that its net profit declined by 12% from $121.3 billion in the previous year. Despite the earnings decline, the company raised its quarterly base dividend by 4.2% to $21.1 billion, underscoring its commitment to shareholder returns. This represents a 12% increase over the past three years, reinforcing Aramco’s focus on sustainable and progressive payouts. Additionally, the company has declared a performance-linked dividend of $0.2 billion to be paid in the first quarter of 2025.
Economy, Budgets and Finance
Arab News: Saudi Aramco posts $106.2 billion profit for 2024. Read Here
Saudi Gazette: Non-profit sector contributes over SAR 100 billion to Saudi economy for first time. Read Here
Arab News: Saudi Arabia’s non-profit sector tops $26 billion in economic contribution for the first time. Read Here
Arab News: Saudi riyal symbol is a strategic step toward global financial standing. Read Here
Defence & Security
Saudi Gazzette: Saudi Arabia to host US-Ukraine meeting on peace framework next week. Read Here
Commercial
Arab News: Saudi Public Investment Fund partners with Goldman Sachs Asset Management. Read Here
Saudi Gazette: More Saudi women take the lead with over 78,000 in senior roles and 551,000 business owners. Read Here
Arab News: Saudi Arabia’s M&A market sees 63% rise in February. Read Here
Arab News: Saudi Arabia’s Tadawul dominates Arab exchanges with 62% market share in 2024. Read Here
Social
Gulf News: Saudi Arabia has attracted 2.5 million sports tourists in the last four years. Read Here
Arab News: Saudi Arabia plans $40bn push into artificial intelligence. Read Here
Arab News: Riyadh Air’s all-female engineering program propels Saudi women to new heights. Read Here
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