Oman’s broad money supply surges 13.3%

RIYADH: Saudi Arabia’s multi-project developer Red Sea Global currently employs 70 percent of its workforce from the local population, according to the firm’s group chief financial officer.

Speaking at the PIF’s Private Sector Forum in Riyadh on Feb.13, Martin Greenslade said that the Kingdom’s leisure tourism industry witnessed substantial growth in recent years, as the country welcomed 17.5 million tourists in 2024, representing a rise of 656 percent compared to 2019.

These developments align with Saudi Arabia’s National Tourism Strategy, which aims to attract 150 million tourists by the end of this decade.

“In our company, we are around 70 percent Saudis. When it comes to the hotels and the workforce, that is something we are scaling rapidly by providing opportunities to as many people as we can,” said Greenslade.

He added: “Saudi Arabia is witnessing a massively growing environment of leisure tourism. Over the last five years, leisure tourists increased in Saudi Arabia by over 600 percent, 17.5 million visitors a year, just for leisure tourism. If we add all the other tourists, we are well over 100 million. So, we are on a sweet spot of growth.”

Regarding the number of visitors to the Red Sea, Greenslade revealed that the figures are still in the thousands as hotels are currently under development, adding that they will grow significantly in the coming years.

He added that 92 percent of visitors to the Red Sea are from the Gulf Cooperation Council region, with the majority being Saudi citizens.

“Right now, we only have these few hotels opened, and they have a very limited number of keys. So, the number of tourists is in the thousands. And they have largely come from the Gulf Cooperation Council. So, there have been some challenges with international tourism; the events in Gaza are challenging. But we are putting on more international flights,” said Greenslade.

He added that Shura Island, which falls within the Red Sea, will see the opening of 11 hotels in 2025, while seven hotels will be opened in AMAALA this year.

During the talk, the Red Sea official added that the company has paid over $20 billion in contracts to suppliers, and around 70 percent of that has gone to Saudi-based organizations.

Greenslade said about the potential spending in 2025: “I do not want to give the exact amount this year, but we are spending billions of dollars a year on developing this destination. Some of those are funded through debt financing and some of those from the PIF.”

Greenslade added that developing the residential side of the Red Sea is very important, as it is one of the best ways to attract private investments.

He highlighted that individuals wishing to consider the Red Sea a second home can also buy a residential unit.

“When you finish the visit to Red Sea, you feel so sad to leave, and if you never want to leave, you can buy your own residence,” said Greenslade.

He mentioned that tourists visiting the Red Sea will have an unforgettable experience.

“If you want to go to somewhere truly breathtaking, somewhere iconic, somewhere very different from anywhere else on earth, you book a ticket to the Red Sea. You would fly and land at the brand-new airport. The airport in the Red Sea has a runway large enough to take any plane,” said Greenslade.

He added: “Tourists visiting the Red Sea will get an electric vehicle to reach the seaplane terminal or boat where they will be guided to an island. These islands are incredible, the corals are fantastic, the snorkeling is amazing.”

The official further said that the company is eyeing to plant 50 million mangroves in the Red Sea project, aimed at ensuring sustainability.

He also highlighted that resorts in the Red Sea are fully powered using solar energy, and the same initiative will also be taken in AMAALA.

“We want to redefine how tourism interacts with the environment. We call it regenerative tourism. Mangroves are very important. We are looking to plant and preserve around 50 million mangroves. Mangroves are extremely important to coastal protection and for the wildlife that settles in and around it,” said Greenslade.

He added: “We are aiming to increase biodiversity by 30 percent. So, we have got an enormous nursery, a million sq. feet building, one of the largest nurseries in the world. We will see some 30 million plants go through there.”

JEDDAH: Saudi low-cost carrier flynas expects to receive more than 100 Airbus aircraft over the next five years, part of its broader deal for 280 Airbus jets, as it expands its fleet to meet growth targets. 

The announcement coincided with a visit from Airbus senior management to flynas’ headquarters in Riyadh. 

The airline aims to operate over 160 aircraft by 2030, with its 280-plane order — worth more than SR161 billion ($43 billion) — making it the largest holder of single-aisle aircraft purchase orders in the Middle East. 

This comes amid a growing backlog of aircraft orders in the aviation industry, with manufacturers like Boeing reducing delivery schedules for 2025, impacting Gulf carriers that have had to delay their launches.

Dubai-based Emirates has been hit hard as Boeing’s 777X faces major delays, with deliveries now expected no sooner than 2027. 

“We value the visit of the Airbus senior management, which reflects the position of flynas as a leading Saudi carrier at the global level and also reflects the importance of our long-term partnership that has strengthened the contribution of flynas to achieving national goals in the aviation industry,” said Bander Al-Muhanna, CEO and managing director of flynas. 

He noted that flynas’ partnership with Airbus began at its inception and strengthened in 2016 with an order for 120 aircraft. The collaboration reached a new level in 2024 with an agreement to purchase 160 Airbus A320 and A330 wide-body jets. 

The expansion aligns with Saudi Arabia’s National Civil Aviation Strategy, which aims to connect the Kingdom with 250 international destinations, accommodate 330 million passengers annually, and attract 150 million tourists by 2030. 

The initiative also supports the Pilgrims Experience Program, designed to facilitate access to the Two Holy Mosques, the company said in a press release. 

The Airbus delegation’s visit also marked flynas receiving a new Airbus A320neo last week — the first delivery of the year — bringing its fleet of the models to 54 aircraft. 

During their visit, Airbus executives toured flynas’ headquarters and reviewed the airline’s latest aviation innovations. They also met with senior officials from the Saudi airline to discuss ways to strengthen their long-term partnership. 

Saudi Arabia has been pushing to expand its aviation sector under Vision 2030, with national carriers ramping up fleet expansions to meet the Kingdom’s growing travel and tourism targets.