KSA Attracts $13Bln from Investments in Saudi Tourism
The Kingdom of Saudi Arabia attracted around 13 billion dollars from private sector investments in the Saudi tourism industry; it aims to share the costs associated with its plan to become a new travel destination, reported Al Arabiya.
Future Plans for Saudi Tourism
Investments are expected to range between 150,000 to 200,000 more hotel rooms over the next two years, according to Princess Haifa Bint Mohammed Al Saud, the Vice Minister of Tourism. She added that the Kingdom also targets to increase tourism revenues to 85 billion dollars this year up from about 66 billion dollars in 2023. According to the Ministry of Tourism, Saudi Arabia hosted 106 million visitors in 2023, contributing more than SAR billion (66.66 billion dollars) to the country’s economy.
Investments in Saudi Tourism
Saudi Minister of Tourism Ahmed Al-Khateeb said in an interview with the CNN that the Kingdom is investing $800 billion to build new destinations and experiences in KSA, reported KSA Projects on X. This step aims to boost tourism.
Al-Khateeb added that citizens of 57 countries can obtain a multi-entry tourist visa in less than 5 minutes. He expressed the Kingdom’s hope to welcome 70 million international tourists by the year 2030.
Saudi Tourism in 2023
The Saudi Ministry of Tourism announced impressive figures for 2023. Tourists, both from within the country and abroad, exceeded 100 million. Their spending surpassed 250 billion Riyals. This spending boosted the GDP by over 4%, with a notable 7% contribution to the non-oil GDP.
Significant Growth in Saudi Tourism
Tourism in KSA has seen substantial qualitative growth. The total number of tourists reached 106.2 million. Compared to 2019, this was a 56% increase and a 12% rise from 2022.
The international tourist count stood at 27.4 million. This was a significant increase of 56% from 2019 and 65% from 2022. This growth reflects Saudi Arabia’s growing appeal as a global tourist destination.
Related Topics
UNWTO Acknowledges Saudi Min. Programs as Model of Tourism Education
