Saudi Arabia’s markets ready for annual surge in demand

The Ministry of Commerce recently sent inspection teams across Madinah, which conducted over 12,765 visits to commercial establishments and centers as part of its Hajj season operational plan to ensure pilgrims a safe shopping experience. (SPA)
The Ministry of Commerce recently sent inspection teams across Madinah, which conducted over 12,765 visits to commercial establishments and centers as part of its Hajj season operational plan to ensure pilgrims a safe shopping experience. (SPA)
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Updated 17 June 2024
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Saudi Arabia’s markets ready for annual surge in demand

Saudi Arabia’s markets ready for annual surge in demand
  • Souvenirs and gifts for loved ones are a cherished homecoming tradition for pilgrims

JEDDAH: Every year, markets in Saudi Arabia witness increased footfall as Hajj pilgrims look for souvenirs and gifts to commemorate the journey of a lifetime.

The gold market, especially in Makkah, Madinah and Jeddah, thrives with its showcase of intricate designs, from traditional to contemporary styles, catering to diverse jewelry tastes.

Speaking to Arab News, Mohammed Akbar, a trader in Jeddah said: “During the Hajj season, we make it a point to showcase designs that cater to all nationalities. Pilgrims from diverse countries have a penchant for various types of gold.




The Ministry of Commerce recently sent inspection teams across Madinah, which conducted over 12,765 visits to commercial establishments and centers as part of its Hajj season operational plan to ensure pilgrims a safe shopping experience. (SPA)

“Buying gold is viewed as an investment, particularly by many Asian and African pilgrims, as they often find gold jewelry to be more affordable and of superior quality compared to what is available in their home countries. We expect an increase in gold sales this year.”

The rising price of gold has emerged as a significant trend, indicating the increasing demand and investment appeal of this valuable metal among pilgrims. As per traders, the rates for 21-carat gold are expected to range between SR250 ($66.6) to SR254 per gram, and SR267 per gram for 22-carat gold during the Hajj season.

HIGHLIGHTS

• Handcrafted goods, such as calligraphy art, prayer beads, and intricately designed prayer rugs, serve as tangible reminders of the sacred journey undertaken by pilgrims.

• Buying gold is viewed as an investment by some pilgrims, as they find Kingdom’s gold jewelry to be more affordable and of superior quality, says Jeddah trader.

Beyond gold purchases, the market for Hajj souvenirs includes an array of items with Islamic motifs. Handcrafted goods, such as calligraphy art, prayer beads, and intricately designed prayer rugs, serve as tangible reminders of the sacred journey undertaken by pilgrims. These souvenirs not only hold sentimental value but also serve as meaningful gifts to loved ones back home.




The Ministry of Commerce recently sent inspection teams across Madinah, which conducted over 12,765 visits to commercial establishments and centers as part of its Hajj season operational plan to ensure pilgrims a safe shopping experience. (SPA)

Mohammed Dossary, an Egyptian pilgrim attending Hajj with his family, said: “This is my second Hajj pilgrimage, but the first with my family. During my previous visit, I only brought simple gifts such as sweets, prayer mats, nuts and toys for the children. However, this time I have noticed a significant change — every shop now offers unique items with a wider range of options.

“Near my hotel, there is a perfume store that personalizes perfumes in 50ml bottles by engraving names on them. We purchased two dozen of these customized perfumes for our family members.”

Waleed Jabir from Oman expressed his surprise at the changes in the markets and price increases. “I am taken aback by the increase in prices across the board. Miswak, previously priced at two riyals, now cost SR15 due to their organic nature and the introduction of modern packaging with a reusable safe case,” he said.

Jabir added that the variety of toys available has also expanded, noting that he purchased Islamic quiz flash cards, board games, and a toy laptop that contains the entire Qur’an recorded on it.

Saleh Mohammed, who owns a shop near Al-Masjid an-Nabawi, said: “Every pilgrim desires distinctive souvenirs such as silverware, precious stones, intricately crafted jewelry, handwoven textiles, or dates. Selling just a single piece of silverware brings in a substantial amount.

“Additionally, engraving names on prayer mats is a service frequently requested by pilgrims. In a society where material goods can lose their significance, these souvenirs are often cherished as lasting memories.”

 


AlUla’s vision based on strong partnerships, holistic development, says royal commission official

AlUla’s vision based on strong partnerships, holistic development, says royal commission official
Updated 6 sec ago
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AlUla’s vision based on strong partnerships, holistic development, says royal commission official

AlUla’s vision based on strong partnerships, holistic development, says royal commission official
  • Ben Hudson highlights pacts with global investors and nations
  • Plan includes $31.9bn contribution to Kingdom’s GDP by 2035

DAVOS: Taking a socially and economically responsible approach to development and working closely with committed partners is the key to fulfilling AlUla’s potential.

This is according to the Royal Commission for AlUla’s Chief Development and Construction Officer Ben Hudson, who spoke to Arab News at the World Economic Forum in Davos this week.

Hudson also emphasized the commission’s commitment to cultural preservation in transforming AlUla into a global destination.

Hudson underscored the RCU’s alignment with Saudi Arabia’s Vision 2030 reform program. “(The) RCU is unlocking AlUla’s economic, investment, and touristic potential through comprehensive regeneration, integrated partnerships, and inclusive sustainable development.”

Highlighting the AlUla Sustainability Charter as a blueprint for the organization’s initiatives, he said the RCU was also focused on revitalizing the built environment, community empowerment, and light-touch tourism.

Citing the example of the Dar Tantora The House Hotel, he said this was tangible proof of its plan in action, where the blending of traditional materials with local expertise has created new socio-economic opportunities while preserving the cultural heritage of the area.

Hudson was keen to highlight the RCU’s plans to contribute SR120 billion ($31.9 billion) to Saudi Arabia’s gross domestic product by 2035, driven by sustainable tourism and investment.

Ben Hudson, Royal Commission for AlUla’s Chief Development and Construction Officer. (Supplied)

In Davos, Hudson said the RCU was looking to foster global partnerships to accelerate AlUla’s regeneration.

“We are building on AlUla’s position as an ancient crossroad of civilizations, transforming AlUla into the world’s largest living museum, and a place for our community to thrive, (and this) can only be achieved when we work together,” he said.

“Our first strategic partnership was established with France, almost at RCU’s inception. Since then, we’ve grown our network, establishing partnerships with China, Italy, the UK, and world-class partners from the US, among others.

“We continue to make progress in evolving our partnership portfolio by working with UNESCO, the International Union for Conservation of Nature, the World Bank, and many others,” he said.

These collaborations enable billions of dollars in private sector investment across hospitality, real estate, cultural conservation, and infrastructure.

Hudson emphasized the importance of co-investment, inviting partners to join in developing key infrastructure, such as power and water, and creating vibrant public spaces. “This gives our partners confidence and provides a platform for sustained engagement, be it with our community or across the business landscape,” he said.

Preserving AlUla’s rich cultural heritage remains central to the RCU’s mission. Hudson described the area as a “hidden gem,” now revealed to the world, with strategies in place to balance conservation with growth.

Collaboration with organizations including the International Council on Monuments and Sites has enabled the creation of Heritage Impact Assessments to protect cultural areas while facilitating new construction, he said.

“Our goals are shaped by community feedback, from the people who stand to benefit the most, whose culture and heritage make AlUla what it is,” he explained.

The RCU’s short-term goals focus on making AlUla a livable destination that embodies the Quality-of-Life Program of Vision 2030, by attracting investment, enhancing infrastructure, and creating opportunities for local and global stakeholders.

Looking to the future, Hudson said the RCU’s commitment was to “creating a destination built around a vibrant culture and ancient heritage —somewhere to live, work, invest, and grow.”


AlUla strengthens global presence with LeBron James, UIM E1 World Championship

AlUla strengthens global presence with LeBron James, UIM E1 World Championship
Updated 25 min 39 sec ago
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AlUla strengthens global presence with LeBron James, UIM E1 World Championship

AlUla strengthens global presence with LeBron James, UIM E1 World Championship
  • Team AlUla championed by LeBron James will take part in the UIM E1 World Championship presented by PIF
  • Title partnership centers around AlUla’s ambition as a premier sports and adventure hub, dedication to supporting high-profile international events

ALULA: AlUla has strengthened its global sporting presence with LeBron James launching a new team in the UIM E1 World Championship presented by the Saudi sovereign wealth fund PIF in the world’s first all-electric race boat championship.

Named after the ancient oasis city in northwestern Saudi Arabia, Team AlUla Championed by LeBron James will compete in the 2025 E1 season, beginning with the E1 Jeddah GP on Jan. 24-25, and will be piloted by talented racers Rusty Wyatt and Catie Munnings.

The partnership centers around AlUla’s ambition as a premier sports and adventure hub, and its dedication to supporting high-profile competitions and sportspeople across the world, a press release issued on Friday said.

Central to AlUla’s development as a destination is the enrichment of its local community — a commitment that closely aligns with LeBron James’ philanthropic efforts in his hometown of Akron, Ohio.

The E1 all-electric race boat series is also in line with AlUla’s commitment to sustainability and comprehensive regeneration, evident in the city’s approach to holistic tourism, which manages visitor numbers, boosts environmental awareness and engages the community in conservation.

Core to its strategy is the AlUla Sustainability Charter, which guarantees the preservation of the natural and historical integrity of the area amid ongoing development.

This commitment is highlighted by initiatives such as designating 50 percent of AlUla as nature reserve and investing in eco-friendly infrastructure.

Rami AlMoallim, vice president of destination management and marketing at the Royal Commission for AlUla, said: “Our partnership with E1 and LeBron James marks a significant moment for AlUla, built on a shared commitment to conservation and community, spanning our desert landscapes to the world’s seas.”

“This collaboration highlights the deep interconnectedness of our environments and the power we all have to make a change. As a champion of regeneration and wildlife conservation, AlUla sees electric boat racing as an opportunity to redefine the future of sports and innovation and we are thrilled to be part of such a visionary partnership,” AlMoallim said.

As a growing heritage luxury boutique destination, and home to Hegra, Saudi Arabia’s first UNESCO World Heritage Site, AlUla has become known for blending history with innovation as it champions world-class home-grown sporting events such as Richard Mille AlUla Desert Polo, AlUla Trail Race, AlUla Tour and more.

Through AlUla’s partnership, Team AlUla Championed by LeBron James will visit iconic host cities such as Doha, Monaco and Miami, reinforcing its status as a premier global destination.


Saudi authorities foil attempt to smuggle $35m worth of captagon pills

Saudi authorities foil attempt to smuggle $35m worth of captagon pills
Updated 24 January 2025
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Saudi authorities foil attempt to smuggle $35m worth of captagon pills

Saudi authorities foil attempt to smuggle $35m worth of captagon pills

RIYADH: The Saudi Zakat, Tax and Customs Authority has thwarted an attempt to smuggle over 1.4 million captagon pills into the Kingdom through the Jeddah Islamic Port.

According to the authority, the pills were found inside a shipment during customs procedures and live detection.

 

 

Coordination with the General Directorate of Narcotics Control led to the arrest of the intended recipients of the seized items in the Kingdom.

Captagon, a type of amphetamine, is used predominantly by young men and teenage boys across the Middle East and has a street value of between $10 and $25 a pill, according to research by the International Journal of Addiction Research.

 

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Saudi Arabia to host regular World Economic Forum event in the Kingdom

Saudi Arabia to host regular World Economic Forum event in the Kingdom
Updated 24 January 2025
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Saudi Arabia to host regular World Economic Forum event in the Kingdom

Saudi Arabia to host regular World Economic Forum event in the Kingdom

DAVOS: Saudi Arabia announced a regular world economic global forum in the Kingdom said the country’s minister of economy Faisal Alibrahim in Davos on Friday. 

Alibrahim said the decision was based on the success of the forum held for the first time last year. 

Saudi Arabia hosted its first two-day WEF special meeting on April 28-29, 2024.

The meeting focused on global collaboration, growth and energy.

At the time of last year’s event Alibrahim said that the forum had recognised that the Kingdom was “becoming a stronger, more impactful leader on the global stage,” and he added: “we found it as an opportune time to bring this global Tier 1 event to the kingdom, and start this new chapter together.”

Saudi Arabia is already the birthplace of the Future Investment Initiative, which holds its annual conference in the Kingdom.


Saudi foreign minister arrives in Damascus on an official visit

Saudi foreign minister arrives in Damascus on an official visit
Updated 24 January 2025
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Saudi foreign minister arrives in Damascus on an official visit

Saudi foreign minister arrives in Damascus on an official visit

RIYADH: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan arrived in Syria on Friday, in an official visit foreign ministry said in a statement.

Prince Faisal will meet with Syria’s de facto leader Ahmed Al-Sharaa and meet with top officials in the new Syrian administration.