According to Exxon, the plant is expected to export its first LNG cargo in Q2 2026.

“Today, we began producing LNG at our terminal in Sabine Pass, marking the completion of a significant effort to construct, commission, and start up the first LNG train,” said Alex Savva, president and CEO of Golden Pass.

He further said that once fully operational, Golden Pass will be able to produce 18 million metric tons per annum.

“Golden Pass LNG will strengthen US energy production and reinforce the nation’s role as a reliable supplier to global markets, enhancing energy security and helping meet worldwide demand,” Exxon said.

Discussing Golden Pass LNG, QatarEnergy holds a 70% stake in the project, while Exxon’s stake stands at 30%.

“Train 1, the initial production unit, will add 6 mtpa of new LNG capacity. Based on equity ownership, QatarEnergy ‌will receive just over 4 mtpa while Exxon will receive just under 2 mtpa. This milestone reflects an unwavering commitment to safety and continued progress toward full operations,” Exxon remarked further.

The development also gives a major breather to QatarEnergy, the world’s second‑largest LNG exporter, after being compelled to declare force majeure on its production activities in the Gulf region, citing the Middle East conflict, which also saw Iranian strikes upon its facilities, which account for roughly 20% of the global LNG supply. Damages to those infrastructures could leave the company without about 17% of its current output for up to five years.

The USD 10 billion Golden Pass project itself faced delays and cost overruns since construction began in 2019, including the bankruptcy of its original lead contractor.

The plant’s ability to sustain liquefaction operations and meet its commercial and strategic targets will be under the radar, as supply disruptions from Qatar have resulted in a spike in Asian LNG prices, prompting countries to turn to coal or restrict energy exports to contend with the shortages.

The post Exxon and QatarEnergy’s joint venture produces first LNG at Texas facility appeared first on International Finance.

The new services (GULF SHUTTLE, REDEX, JADE, AE19 and SE4), launched in collaboration with major global shipping companies including MSC, CMA CGM, Maersk and Hapag-Lloyd, will operate across multiple maritime routes linking Saudi ports with key regional and international destinations, expanding connectivity and improving logistics performance.

According to Saudi Gazette, these services provide a combined capacity of approximately 63,594 twenty-foot equivalent units (TEUs), strengthening the operational capabilities of Saudi ports and offering greater flexibility for exporters and importers while supporting smoother trade flows.

The initiative will mitigate the impact of disruptions affecting vital maritime corridors, including the all-crucial Strait of Hormuz, while enhancing Red Sea connectivity, to improve overall supply chain efficiency.

Stating that all Saudi-based ports will be integrated with the action plan, Mawani further said the move is part of proactive efforts to enhance the maritime sector’s readiness by ensuring uninterrupted supply chains and strengthening the reliability of Saudi ports as key nodes in international trade.

Mawani will also provide integrated services for ships in the Eastern Region, including fuel, water, essential supplies, crew changes, and other operational requirements to keep the Gulf region’s maritime operations running.

As part of the initiative, the authority will also provide an updated list of approved ship suppliers and fuel service providers, enabling industry stakeholders to coordinate their needs directly and efficiently with these entities. Mawani has also kept its customer service and knowledge centre operational to proactively handle inquiries and facilitate requests.

The post Strait of Hormuz disruption: Saudi ports add new shipping services appeared first on International Finance.

While 21st century businesses have no other option but to take the volatile geopolitics into consideration while expanding their operations, the insurance sector faces the challenge of accurately assessing the possible outcome of damages and calculating appropriate premiums to charge.

As of 2026, war insurance remains an unknown quantity for insurance companies, with a high risk that a policy issued in this domain could lead to insolvency.

While industries like aviation and maritime trade still get specific war insurance options tailored to their needs, International Finance, using the ongoing Middle East conflict as a case study, examines how the broader War risk insurance industry has come under tremendous stress.

In Dire “Straits at Hormuz”

On February 28, 2026, the coalition of the US and Israel launched targeted air raids against Iran’s military and missile infrastructures, along with its decision-makers, repeating a similar act from 2025, killing the Western Asian nation’s Supreme Leader Ali Khamenei and many senior government and military officials.

Since then, Iran’s retaliatory missile and drone attacks across the Middle East have introduced chaos in the entire region. Apart from the American bases located in the region, energy production facilities are being attacked, while maritime trade through the Strait of Hormuz (one of the important shipping lanes) faces severe disruption.

While aviation and maritime trade are known for getting specific war insurance options, immediately after the conflict’s beginning, marine insurers started cancelling war risk coverage for vessels, as three tankers were damaged in the first week.

Through the Strait, oil equal to about one-fifth of global demand is moved by Saudi Arabia, the United Arab Emirates (UAE), Iraq, Iran, and Kuwait, with tankers hauling diesel, jet fuel, gasoline and other products. While maritime insurance majors, including Gard, Skuld, NorthStandard, the London P&I Club, and the American Club, excluded Iranian waters, Gulf and adjacent waters from their War risk insurance commitments, Skuld is reportedly working on a buy-back option to reinstate cover.

This move has led to a situation where the costs of shipping oil from the Middle East to Asia, already at six-year highs, could put the global energy trade under tremendous financial stress.

By March 13, the rates for a weekly coverage reportedly stood around ten times higher than before the beginning of the conflict, raising the transportation cost in the shipping corridor as well.

Nick Francis, Partner with Kennedys Legal Solutions in Singapore and Hong Kong, told International Finance that the coverage rise should be viewed using the parameter called additional war risks premiums (AWRP).

“AWRP, as the name suggests, is driven by risk. The risk in the Persian Gulf and surrounding areas has obviously escalated dramatically since the Iran conflict began. As a sidenote, while AWRP has exponentially increased, so have charter rates for these vessels – particularly tankers – so owners/operators are willing to pay the AWRP (which is usually passed on to charterers of vessels under charterparties in any event),” said Nick.

According to the marine journal Lloyd’s List, as of March 13, high-risk voyages were being quoted at approximately 7.5% of the ship’s value. This ratio may rise to 10% or more. Before the war onset, additional premiums (AP) for voyages through the Middle East Gulf (MEG) typically ranged from 0.15% to 0.25%.

The geopolitical developments in the last three to four years (including those in Ukraine and the Suez Canal) have made one thing clear: the choking of shipping lanes will be the new normal. In that case, will it add pressure to the WRI industry?

Nick, a leading shipping and international trade lawyer, told International Finance, “The insurance industry is built on an ability to price risk. I think the market is well steeled for the current conflict, given the recent experiences with the Black Sea/Sea of Azov following the Russian invasion of Ukraine, and the Houthi attacks in the Red Sea.”

Could the insurers have handled the Hormuz situation in a better manner?

Nick said, “The insurance industry is there to provide cover for various risks, which it does. It doesn’t create the risk.”

Shipping sector in a tight spot

Discussing risks, things are getting uncertain within the commercial marine industry itself, with a strong probability of hull rates rising. Dylan Mortimer, Vice-President of New York-based insurance player Marsh, told the Reinsurance News that there could be near-term rate increases for the Marine Hull line of businesses operating in the Gulf region by 25%-50%, with underwriters swiftly cancelling certain annual hull war policies under standard seven-day war clauses.

Stephen Rudman, head of marine for Asia at Aon, told Modern Diplomacy that the increase in hull war market rates should be seen as a quick response to the risk of significant losses if multiple vessels are attacked at the Strait of Hormuz. According to Rudman, there will be heightened underwriting scrutiny for voyages into or near sensitive (conflict) zones, including a potential requirement for prior approval.

Estimates by global investment giant Jefferies suggests that damages from seven reported vessels at the Strait (figures as of March 6) could lead to industry losses of up to USD 1.75 billion. Tankers valued at USD 200-USD $300 million could face new insurance rates of approximately 3%, translating to about USD 7.5 million in premiums, a significant rise from roughly USD 625,000 before the conflict.

Shedding further light upon the crisis, Nick noted, “When costs rise for the owner and operators of vessels, they will inevitably be priced into charter rates. Increased cargo premiums will obviously affect the landed value of goods – and will eventually be passed on to the end consumer.”

According to Sheila Cameron from the Lloyd’s Market Association, by March 6, about 1,000 vessels (mostly oil and gas tankers), with a total hull value exceeding USD 25 billion were in the Persian/Arabian Gulf region.

Stating that while most of these vessels are insured within the London market, she told Modern Diplomacy, “Reinsurers may respond to increased risks by adjusting the conditions under which their liability begins, potentially leaving main insurers with more risk and stress on their solvency levels.”

Also, the International Group of P&I Clubs has ceased coverage for vessels operating in and around Iran. Without it, shipowners will face open-ended liabilities, often halting voyages in high-risk areas. Industry reports reveal that such war-risk exclusions in the past led to reduced traffic and higher freight costs, and the same pattern can now re-emerge in the Persian Gulf as well.

According to London-headquartered GlobalData, reinsurers are repricing exposures across sectors such as marine, aviation and energy, while maintaining coverage continuity wherever possible. The conflict is affecting the sector through both direct exposure to loss events and indirect pressures, including higher reinsurance costs, capital flows, and inflation.

If anything, the changing geopolitics have taught the 21st century global socio-economic order that businesses need to engage with insurers to address disruptions and risks tied to war-like events, without any laxity.

Expressing confidence in the sector’s resilience, Nick concluded, “War is not new. War risk insurers have been recently dealing with the events in the Black Sea/Sea of Azov, involving missile strikes on vessels and, later, numerous constructive total losses (following a 12-month deprivation period), and missile attacks by Houthis in the Red Sea – so they are well- prepared to deal with the current events in the Persian Gulf.”

The post IF Insights: Choking of Strait of Hormuz tests limits of war risk insurance appeared first on International Finance.

As of March 11, three commercial container vessels were struck by missiles or drones in Gulf waters within days of each other. These incidents included a Thai-flagged vessel that was hit 11 nautical miles north of Oman, a Japanese vessel that struck off the coast of the UAE, and a third vessel targeted northwest of Dubai. And they weren’t near misses or accidents; most were hit directly. This has changed how logistics works in the region.

The industry has responded quickly, though cargo owners have been disoriented. Major container ship operators terminated their contracts, offloaded their legal obligations, and dropped containers at the nearest safe port. However, “the nearest available port” is a loosely applied concept. Because operators make unilateral decisions about where goods land, there is little transparency or logic behind their choices. Cargo owners are now finding their shipments stranded in ports they never contracted for.

Ports in Saudi Arabia, Bahrain, and the UAE have suspended operations entirely, while others are working with significant delays. Although the global port network remains open, it is currently absorbing a surge of redirected traffic that has led to congestion and vessel bunching at major hubs like Singapore and Rotterdam. This phenomenon, where ships must queue because ports cannot process arrivals fast enough, has created a prominent side effect characterised by rising labour costs, lower unloading speeds, and significant strains on storage capacity.

Cargo owners will bear the brunt of this catastrophe in the coming days. Goods are sitting exposed at ports without adequate storage infrastructure and are vulnerable to loss and damage.

Recovering these losses depends on the contracts that were signed between shippers and vessel owners, though they vary from company to company and contract to contract. Delay-related losses are usually excluded under the standard Institute Cargo Clauses (A), meaning the cargo policy simply will not pay out.

In addition to cargo owners, ports and terminals face significant hardships as congestion-related incidents become increasingly common and insurance coverage remains dependent on regional policies.

Consequently, businesses moving goods through Gulf waters must review their contracts, stress test their insurance coverage, and prepare for persistent delays and rerouting for the duration of the conflict.

The post Gulf shipping crisis: What cargo owners and port operators need to know appeared first on International Finance.

Commercial Islamic banks operate as normal market-based financial institutions. However, their operational framework, compliant with Sharia principles, sets these entities apart from the non-Islamic segment. These values prohibit the interest payment, also known as riba, and outlaw purely speculative transactions.

Besides these contractual obligations, Islamic banks finance the same needs (SMEs, trade, housing, equipment and imports) as their conventional counterparts. Financing gets structured around contracts anchored in the real economy, such as Murabaha (cost-plus financing that avoids interest-based lending), Ijara (leasing arrangement), or Musharaka (risk- and profit-sharing partnership).

Also, Islamic banking is gaining prominence in Africa. UAE-based Dubai Islamic Bank (DIB) made the first move in 2022. Through its subsidiary “DIB Bank Kenya,” the venture announced the opening of a branch in Nairobi’s business district to strengthen SME financing and facilitate trade flows between Kenya and the UAE. DIB’s strategy has been to capitalize on the East African country’s growing economic hubs.

In Egypt, Abu Dhabi Islamic Bank (ADIB) has taken a different approach, by consolidating its longer-established and deeply rooted presence further. ADIB’s growing prominence in Egypt also makes the North African major a key entry point for other Gulf-based commercial Islamic financial entities, which combine elements such as retail banking, corporate financing and capital market operations in their product offerings.

However, alongside the expansion of Gulf banks, there is also evidence of a less obvious but equally significant phenomenon: the development of African players to dominate the sharia-compliant market while using the Gulf as a springboard to raise their profile.

Nyla Bank, a Ghanaian fintech described as a pan-African digital Islamic bank project, was selected as a semi-finalist in the Milken Motsepe Prize in FinTech in 2024 and is set to make a presentation at the Middle East and Africa summit organised by the Milken Institute in Abu Dhabi. This, therefore, also suggests that the sector’s development is being driven by African players with ties to the Gulf.

Apart from physical networks, some transactions evidence the increasing incorporation of commercial Islamic banks into African financing circuits, especially regarding syndicated murabaha operations and capital markets interventions. The aforementioned operations evidence a gradual, though targeted, level of integration into African economies. The commercial dimension is complemented by the second pillar of Islamic finance in Africa: development institutions.

Discussing Islamic banking’s growth in Africa, Saudi Arabia is also playing an important role. Jeddah-based Islamic Development Bank has now emerged as a dominant force for multilateral Islamic financing on the continent. Its operations focus on public projects, trade finance and risk mitigation, going well beyond traditional banking activities.

Meanwhile, Kuwait has largely concentrated its Islamic banking activities in North Africa, with Egypt emerging as the primary hub. Kuwait Finance House also enhanced its presence in 2025 by changing the name of Ahli United Bank Egypt to “KFH Egypt.” KFH Egypt is an entity that is fully sharia-compliant and has a considerable branch network. This is in addition to capital markets; an example is the issuance of sovereign sukuk with the involvement of KFH.

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In fact, according to Saad al-Kaabi, Qatar’s energy minister, if the ongoing conflict forces Gulf energy producers to ⁠shut down exports within weeks, it could drive oil to USD 150 a barrel. In response to the US-Israel joint strikes on its territory, which were launched on February 28, Tehran has stopped the traffic of tankers moving through the Strait of Hormuz, which handles roughly one-fifth of global daily oil supply. The conflict has also resulted in the disruption of output, as refineries and liquefied natural gas (LNG) plants are facing shutdowns.

“Every day the Strait stays closed, prices will go higher. The belief in the market was that Donald Trump might pull back at some point because he doesn’t want to have high oil prices, but the longer that takes, the clearer it is how much is at risk,” said Giovanni Staunovo, commodity analyst at UBS, while interacting with Reuters.

As per a White House official, the Donald Trump administration will likely announce measures to combat rising energy prices from the conflict.

In fact, the Treasury granted waivers on March 5 for companies to buy sanctioned Russian oil stored on tankers to ease supply constraints that have resulted in Asia-based refineries cutting fuel processing. As per the ship-tracking firm Kpler, about ⁠30 million barrels of Russian oil are available and loaded on vessels in the Indian Ocean, Arabian Sea region and Singapore Strait, including volumes in floating storage.

Meanwhile, spot Middle East crude premiums have spiked to multi-year highs in the first week of March, a trend that also suggests higher costs for regional refiners, with the latter struggling to find immediate alternatives and facing potential output cuts, resulting in the global hike for crude prices.

Along with Brent crude futures and West Texas Intermediate, benchmark Dubai’s cash premium jumped to USD 19.63 per barrel, the reported highest from 2018. Premiums for Oman and Murban crude also soared, hitting USD 19.15 and USD 17.87 per barrel, respectively.

“Dubai spreads have surged as crude exports remain stranded within the Middle East Gulf, making price discovery nearly impossible. We expect Strait of Hormuz disruptions to continue through at least mid-March. There are concerns that Dubai price assessment will be nearly impossible once Oman- and Fujairah-loading Murban shipment volumes are exhausted this cycle,” said Richard Jones, a crude analyst at ⁠Energy Aspects, while interacting with Reuters.

The post Oil price stares at massive gain amid Middle East crisis appeared first on International Finance.

The Iranian Revolutionary Guard announced on March 5 that the choke-point would be under their control for the duration of the war. This makes any voyage through the narrow pass extremely risky.

IRGC Navy official Mohammad Akbarzadeh claimed, “Currently, the Strait of Hormuz is under the complete control of the Islamic Republic’s Navy,” warning ships risk missile or drone damage.

Major international container liners like Maersk, MSC, and CMA CGM are all halting operations effective immediately and navigating their vessels to safe contingency ports.

Among them, Danish shipping titan Maersk also halted cargo bookings from most Gulf markets after a war-driven risk assessment. The company confirmed that there shall be no more bookings accepted from Iraq, Qatar, UAE, Kuwait, Bahrain, and certain parts of Saudi Arabia and Oman “until further notice.” Maersk assured that there will be humanitarian exceptions that apply to food, medicine, and essential goods.

However, operations to Jordan and Lebanon will remain unaffected, and there are two Maersk vessels in the Gulf currently.

The 33-kilometre-long strait controls roughly 20% of all global crude oil shipments, as well as noteworthy volumes of liquefied natural gas.

Khaled Ramadan, a Cairo-based economist, said that oil and gas transit through the strait would fall by 80% with escalating tensions. Consequently, worldwide prices for oil and goods are expected to spike.

Maersk is not the only company wary of Gulf waters. German carrier Hapag-Lloyd also suspended shipments to and from the upper Gulf. Hapag-Lloyd said: The suspension is “a necessary response to current security conditions and regulatory restrictions,” as “safety of its crews, vessels, and cargo remains its highest priority.”

China’s COSCO cancelled bookings to multiple Gulf ports. Mediterranean Shipping Co. also declared an end of voyage for all Gulf-bound cargo, is diverting vessels to the nearest safe port, and is imposing a surcharge of $800 per container.

France’s CMA CGM prioritised the safety of its crew and vessel, and APM Terminals Bahrain also used emergency measures to divert its vessels and sailors to Khalifa bin Salman Port.

Inflammatory remarks by Iranians like Brig. Gen. Sardar Ebrahim Jabbari, who said that the “Strait of Hormuz is closed,” while vowing to “burn any ship that tries to pass”, is of great concern to insurers.

The insurance markets are reassessing their insurance premiums. It’s going to be an expensive affair to insure all the transport ships passing through the strait under such perilous conditions. Some prominent London insurers are still willing to offer coverage, but at extremely sharp premiums that are rising daily.

Marsh McLennan, an insurance broker, met with US officials to remedy maritime trade woes amidst the deepening crisis. Without de-escalation, global supply chains and energy markets will be consumed by inflationary chaos.

However, US officials have promised respite and intervention. US President Donald Trump claimed that the US Development Finance Corporation (DFC) will provide political risk insurance at a very reasonable price, and added, “If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz.”

McLennan noted pre-conflict rates were 0.25%, now doubling as “insurers are cancelling pre-existing war risk policies and looking to renegotiate at higher prices.”

War-risk premiums could rise up to 50%, e.g., from $250,000 to $375,000 for a $100M vessel per voyage.

Experts say this could be part of Iran’s economic war. It doesn’t have to sink every ship that passes through the Strait of Hormuz. It just needs to make it unsafe enough to be uninsurable. Thereby driving up the costs of shipping and consequently the goods astronomically.

“Tanker traffic depends not just on whether ships can technically pass through Hormuz, but on whether operators can obtain war-risk coverage… Once coverage becomes uncertain or prohibitively expensive, trade slows faster than the formal status of the waterway changes. Insurance, in effect, becomes the market’s enforcement mechanism for geopolitical fear,” said Umud Shokri, energy strategist at Stimson Centre.

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The balance sheet growth comes amid the backdrop of listed Gulf banks report significant, record third-quarter profits. The combined net income for the period stood at USD 16.6 billion, an 11.6% increase from a year earlier, apart from marking a third consecutive quarterly increase, said a Kamco Invest report from December 2025, as credit conditions improved across the region.

Al-Budaiwi noted, “This path has been adopted by the GCC states as a steadfast approach and an unwavering commitment in all fields, especially within the monetary and banking sectors.”

While highlighting swift transformations in the world economy against a backdrop of successive political crises, the GCC Secretary-General remarked, “This necessitated enhancing the readiness of economic and monetary policies and taking measures to address these variables and mitigate their impacts.”

Talking about the 86th Meeting of the Committee of Central Bank Governors in Manama, the meeting was chaired by Central Bank of Bahrain Governor Khalid Ebrahim Humaidan and attended by his counterparts from across the six-member bloc.

During the event, Al-Budaiwi emphasised that GCC states have proven their ability to remain resilient and overcome various crises with efficiency and competence, making it imperative to enhance the responsiveness of economic and monetary policies and implement measures to address fluctuations.

Turning to the bloc’s standing on the world stage, Al-Budaiwi asserted that member nations have solidified their position as reliable international economic partners due to the robustness of their economies, along with factors like the stability of their fiscal and monetary policies and the effectiveness of their institutional structures. All these indicators now clearly confirm the strength and resilience of the banking and monetary sectors within the member states.

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The official remarked, “The partnership is also active through academic and technical cooperation, as Boeing is a founding partner of Al-Faisal University and has partnerships with King Abdullah University of Science and Technology, or KAUST, and King Abdulaziz City for Science and Technology.”

While stating industry and supply chain localisation as key objectives for companies operating in Saudi Arabia, Al-Jomoai added that partnerships with firms like SAMI are boosting the Kingdom’s goal of localising more than 50% of its military spending by 2030. Boeing considers itself a central partner in localisation and technology transfer.

According to Al-Jomoai, Boeing’s relationship with Saudi Arabia, which spans more than 81 years, has been a fruitful one, with the aviation giant delivering more than 170 commercial aircraft in recent years.

Boeing’s existing contracts within Saudi Arabia’s military-industrial set-up include maintenance and technical support for advanced defence systems, most notably F-15 fighter jets, with the Kingdom being the largest operator of the aircraft outside the United States. These contracts also cover Apache attack helicopters and AH-6i aircraft, light helicopter gunships often known as the “Little Bird.”

Al-Jomoai said that although support agreements cover both commercial and defence sectors, defence operations currently dominate in the Kingdom’s aviation discourse, as the Gulf major continues to expand its military spending.

According to Boeing’s website, Boeing Defence, Space & Security’s relationship with the Royal Saudi Air Force began in 1978 when Saudi Arabia selected its first fleet of F-15C/D aircraft, forming the backbone of the Kingdom’s air defence.

The fleet expanded significantly in December 2011 when Saudi Arabia and the United States signed a military sales agreement, the largest in America’s history at the time, covering F-15SA fighter jets, AH-64E Apache attack helicopters, and AH-6 light armed reconnaissance helicopters.

The post Through 400 industry partners, Boeing consolidates its Saudi presence appeared first on International Finance.

By 2030, the Gulf nation wants to reach the mark of 150 million annual visitors. Total tourism spending, on the other hand, reached the estimated SR300 billion mark (USD 81 billion), up 6% from 2024, underscoring the sector’s growing economic impact.

The development also validated the impacts created by the strategic investments and policy corrections, that the Gulf nation’s administration has implemented into the tourism sector, be it coming up with global destination projects or executing things visa reforms and expanding hospitality infrastructure, that underpin Vision 2030’s drive to diversify the economy and position the Kingdom as a leading tourism hub.

The Minister of Tourism, Ahmed Al-Khateeb, highlighted the achievement on X (formerly Twitter), thanking Saudi Arabia’s leadership for their support, which he said “delivered another year of record performance and sustained growth.”

He added, “These preliminary figures, unveiled at WEF26 (World Economic Forum 2026), underscore a clear reality: Saudi tourism is no longer an emerging story. It is a growth engine, building investor confidence, shaping global demand, and unlocking long-term opportunity at scale.”

In 2024, the Kingdom welcomed 116 million tourists, exceeding its annual visitor target for the second consecutive year, according to the Ministry of Tourism’s statistical report released in June 2025. The total comprised 29.7 million inbound visitors, marking an 8% year-on-year increase, and 86.2 million domestic trips, up 5% from 2023.

After surpassing its original 100 million visitor target six years ahead of schedule in 2023, the Kingdom revised its tourism ambitions, setting a new goal of 150 million annual tourists by 2030, including 70 million international visitors and 80 million domestic tourists.

Tourism, which currently accounts for 18% of global GDP, is emerging as another growth engine in the Kingdom’s diversification efforts, covering 5% of the nation’s GDP, Minister Al-Khateeb said.

During the ninth Future Investment Initiative conference in October 2025, Al-Khateeb said: “We aspire to double that figure within the next five years, which will represent 10% of total jobs.”

He also highlighted the rapid transformation of the Kingdom’s tourism landscape, driven by the expansion of new segments like entertainment, sports, culture, and conferences, events, and exhibitions.

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