Sunday 21 April 2024

Saudi tourism

Saudi launches programme to attract investments in tourism

RIYADH, March 5, 2024

Saudi Arabia has unveiled the ‘Tourism Investment Enablers Program’ that is designed to attract local and international investors by facilitating the best business practices and enhancing the potential for tourism, a report said.

As part of this ambitious programme, the Ministry of Tourism, in collaboration with the Ministry of Investment, announced the Hospitality Sector Investment Enablers Initiative aimed at increasing and diversifying tourism offerings, bolstering the capacity of hospitality facilities in targeted tourist destinations across the kingdom, Saudi Press Agency, SPA, said.

The initiative aims to attract investments in the hospitality sector, with a value of approximately SAR 42 billion ($11 billion), projecting estimated revenues of about SAR 16 billion to the kingdom's GDP by 2030.

Minister of Tourism Ahmed bin Aqeel Al Khateeb, who unveiled the programme, said: “The Kingdom of Saudi Arabia boasts rich and diverse tourism wealth, making its tourism industry globally attractive. Saudi Vision 2030 outlines our roadmap to becoming a sought-after global destination, recognising the tourism sector as a key driver of the national economy.”

"We witnessed a 390% increase in demand for tourism activity licenses last year, marking the beginning of the kingdom's significant investment in the tourism sector over the next decade, providing opportunities and a conducive investment environment for both local and international investors."

Tourism Investment Enablers Program involves enablers who work to improve the cost and ease of doing business.

These include facilitating access to government lands under favourable conditions, streamlining project development processes, finding solutions to investor challenges, and developing laws to reduce operational costs, fostering tourism industry growth.

The initiative is expected to yield numerous social and economic benefits, including an increase in the number of hotel rooms by approximately 42,000, creating around 120,000 job opportunities in targeted destinations by 2030.



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