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Saudi Arabia Welcomes Worldwide Investments in Promising Tourism Sector

The Saudi Tourism Minister Ahmed Al-Khateeb has expressed the Kingdom’s welcome to international investors who are eager to embark on the Saudi tourism industry, reported the Saudi Press Agency (SPA).

During his participation at the Future Investment Initiative (FII) Institute’s Priority Rio de Janeiro Summit, Al-Khateeb mentioned that Saudi Arabia is a pioneering destination for promising investment opportunities amid the great transformation in the tourism sector.

Al-Khateeb underscored that tourism investment is a key pillar outlined by the Saudi Vision 2030, highlighting the challenges they faced throughout the Kingdom’s transformation from an oil-based economy to a diversified economy focused on tourism.

Saudi Arabia Welcomes Worldwide Investments in Promising Tourism Sector
The Saudi Tourism Minister Ahmed Al-Khateeb has expressed the Kingdom’s welcome to international investors who are eager to embark on the Saudi tourism industry.

He indicated the significance of tourism in increasing the economic growth, mentioning a recent World Travel and Tourism Council (WTTC) report, which anticipates that the sector’s contribution to the global economy will hike to $16 trillion by 2034, accounting for 11.4%.

Furthermore, he pointed out that the Investment Enablers Program launched by the ministry plays a pivotal role in promoting sustainable investment, facilitating investment processes and eliminating any obstacles the investors might encounter.

“We are keen to provide a favorable environment for international investors,” said Al-Khateeb.

Sustainable Tourism

During discussion panels, the Minister stressed the Kingdom’s commitment to achieving sustainable tourism through the Sustainable Tourism Global Centre (STGC) by protecting the environment and promoting net-zero emissions.

Saudi Arabia Welcomes Worldwide Investments in Promising Tourism Sector

In the same context, he underlined Saudi Arabia’s dedication to establishing strategic partnerships and deals with countries around the world to enhance the tourism sector for instance the memorandum of understanding between the Kingdom and Brazil in 2022.

Al-Khateeb confirmed that the Kingdom is currently fostering the tourism’s infrastructure by establishing and expanding Saudi airports under the umbrella of the air connectivity program.

Moreover, the issuance of electric visa has increased the number of tourists with more than 27 million tourists from abroad during 2023.

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