Tourism Min. Presents Investment Program in Jeddah Chamber

Sanaa Hasan March 20, 2024

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Min of Tourism Presents Investment Program in Jeddah Chamber — The Ministry of Tourism, represented by the Tourism Destinations Empowerment Agency, participated in a meeting with investors at the Jeddah Chamber titled "Launching the Tourism Sector Investment Potentials Program."

The Ministry of Tourism, represented by the Tourism Destinations Empowerment Agency, participated in a meeting with investors at the Jeddah Chamber titled “Launching the Tourism Sector Investment Potentials Program.”

Table of Contents

Unveiling Potentials Program

The Ministry’s Deputy for Empowering Tourist Destinations, Engineer Mahmoud Abdelhadi, presented during the meeting the “Possibilities Program” launched by the Minister of Tourism, Professor Ahmed Al-Khateeb, during the celebration of reaching 100 million tourists.

Nationwide Engagement

This meeting is part of a nationwide tour conducted by the Ministry of Tourism in collaboration with the Saudi Chambers of Commerce across the Kingdom’s cities and provinces. Moreover, its aim is to familiarize investors with the program and its benefits.

Goals and Initiatives

The Hospitality Sector Investment Potentials initiative, launched by the Ministry in collaboration with the Ministry of Investment, aims to increase and diversify tourism offerings. Additionally, it seeks to attract investments, estimated at around 42 billion SAR, generating approximately 16 billion SAR in GDP by 2030.

Strategic Measures

The initiative includes strategic measures to improve business cost-effectiveness and ease, such as facilitating access to government lands.

Positive Impact

In 2023, there was a 390% increase in demand for tourism activity licenses, signaling positive market reception. The Ministry also aims to create economic benefits by increasing hotel room capacity by approximately 42,000 rooms and providing around 120,000 job opportunities in targeted destinations by 2030.

Additional Initiatives

The Ministry is launching various other initiatives, including the Comprehensive Tourist Services Center in collaboration with the Saudi Business Center. Regulatory amendments related to tourism licenses and the introduction of diverse licenses tailored to investor needs are also underway.

Collaboration with various government sectors has led to a 22% reduction in annual government fees, improving the investor journey.

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