Saudi Arabia's travel and tourism sector will grow an average 11 per cent annually over the next decade, making it the Middle East's fastest-growing market, the World Travel & Tourism Council (WTTC) has said.
Annual growth in the industry is set to bolster the overall economic recovery of the kingdom, the global tourism body said in a statement on Monday.
By 2032, the sector’s contribution to Saudi Arabia's gross domestic product could reach nearly 635 billion Saudi riyals ($169bn), representing 17.1 per cent of the kingdom's total economy, it said.
“Travel and tourism will become a driving force of the Saudi Arabian economy and will surpass the goals set out in its Vision 2030 blueprint," said Julia Simpson, WTTC president and chief executive.
Saudi Arabia had been developing its tourism industry before the Covid-19 outbreak, as part of its efforts to diversify the country's economy and steer away from dependence on oil. In May, the kingdom achieved the second biggest improvement in ranking among 117 countries featured in the World Economic Forum’s index on travel and tourism. From 2019 to 2021, Saudi Arabia moved up to 33rd position from 43rd, as its score rose by 2.3 per cent.
Employment in Saudi Arabia's travel and tourism sector could double over the next 10 years, creating more than 1.4 million jobs, to reach almost three million employed within the sector by 2032, the WTTC forecasts.
By 2023, Saudi Arabia’s travel and tourism sector contribution to the national economy could surpass pre-pandemic levels, when it is projected to rise 2 per cent above 2019 levels, to reach nearly 297bn riyals.
Employment in the sector could also exceed 2019 levels by 14.1 per cent by the end of next year, the tourism body said.
By the end of 2022, the sector’s contribution to the kingdom's GDP is expected to grow 15.2 per cent to nearly 223bn riyals, amounting to 7.2 per cent of the total economic output, while employment in the sector is set to grow by 16.1 per cent to reach more than 1.5 million jobs.
The kingdom is scheduled to host WTTC’s 22nd Global Summit in Riyadh in November this year.
“I am delighted the kingdom is hosting our 22nd Global Summit, where we will be able to continue our efforts of showcasing the importance of the travel and tourism sector and look ahead to the future of travel," Ms Simpson said.
Before the pandemic, Saudi Arabia’s travel and tourism sector's total contribution to GDP was 9.7 per cent (291.6bn riyals) in 2019, falling to only 6.6 per cent (190.6bn riyals) in 2020.
The sector also supported nearly 1.6 million jobs, before an almost complete halt to international travel, which resulted in a loss of 350,000 jobs (22.2 per cent), to reach slightly more than 1.2 million in 2020.
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Brown/Black belt finals
3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
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3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
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3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
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4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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AT4 Ultimate, as tested
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UAE currency: the story behind the money in your pockets
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Our legal consultant
Name: Hassan Mohsen Elhais
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SERIE A FIXTURES
Friday (UAE kick-off times)
Sassuolo v Bologna (11.45pm)
Saturday
Brescia v Torino (6pm)
Inter Milan v Verona (9pm)
Napoli v Genoa (11.45pm)
Sunday
Cagliari v Verona (3.30pm)
Udinese v SPAL (6pm)
Sampdoria v Atalanta (6pm)
Lazio v Lecce (6pm)
Parma v Roma (9pm)
Juventus v Milan (11.45pm)
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F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
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Match info
Uefa Nations League A Group 4
England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')
Man of the match: Harry Kane (England)
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
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COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
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- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
