Saudi Arabia has reported that it received 30mn foreign tourists last year, up from around 27.5mn in 2023. The sector has been a key focus point of the Vision 2030 reform agenda in KSA and transport was one of the fastest growing sectors last year. The aim is for 70mn foreign visitors annually by the end of the decade, with a host of major international sports and cultural entertainment events alongside the development of Riyad Air set to support the growth targets. Crown Prince Mohammed bin Salman reportedly spoke with President Trump yesterday, telling him that KSA was prepared to boost its investments in the US by USD 600bn over the next four years, or more should the opportunities arise.
In other news from Saudi Arabia, the Public Investment Firm is reportedly selling its Thiqah Business Services company to Elm company for USD 907mn as it looks to boost its cash levels in order to support high levels of spending planned domestically. PIF owns a 67% stake in Elm, with the move set to consolidate digital services in the country. There has been a slew of cash raising in Saudi Arabia since the start of the year (see further below) with a budget shortfall that needs to be covered if investment plans are to continue as scheduled.
In the absence of any major data points over the past several days the focus for international markets has been on the newly installed Trump administration in the US, and any news around tariffs in particular. Yesterday was a relatively slow day by the standards of the first 48 hours, but Trump did state that he would increase sanctions on Russia, and its energy sector in particular, in order to bring it to the table on Ukraine.
Today’s Economic Data and Events
15:00 Turkey central bank decision, forecast: 45.00%
17:30 US initial jobless claims, week to January 23. Forecast: 220,000
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