The Ministry of Tourism, in collaboration with the Ministry of Investment, unveiled the Hospitality Sector Investment Initiative to enhance both tourism and hospitality facilities all over the Kingdom, reported Saudi Gazette.
The landmark initiative comes within the framework of the Tourism Investment Program themed “Invest in Saudi Arabia and Prosper in Tourism”.
As a part of the ministry’s strategic objectives, Mahmoud Abdel Hadi, Undersecretary of the Ministry of Tourism, stated that the initiative aims to increase and diversify the tourism sector.
Furthermore, it contributes to raising the capacity of tourist hospitality facilities in tourist destinations, providing memorable tourist experiences.
The ministry plans to collaborate with various sectors to seek and attract private investments to the hospitality sector, amounting to approximately SAR 42 billion, with revenues of about SAR 16 billion on the Kingdom’s gross domestic product GDP by 2030.
Accordingly, Abdel Hadi highlighted that these investments are anticipated to provide up to 120,000 additional job opportunities by 2030 in such destinations.
The Ministry’s cooperative initiatives with leading partners and government sectors reflect its commitment to promote the investor’s journey which paid off and led to a notable reduction in sector-related annual government fees by approximately 22%.
During 2022, Saudi welcomed over 93.5 million tourists, with approximately 77 million domestic visitors and 16.5 million international visitors.
In 2023, Saudi Arabia’s tourism sector underscored remarkable resilience, with inbound spending surpassing $37 billion accompanied by significant growth in hotel infrastructure.
As a result, the sector has revised its 2030 target to 150 million visitors, up from the initial 100 million.
With an ambitious aim of emerging as a prominent global travel destination and one of the most frequented countries worldwide, Saudi Arabia is pursuing an accelerated path through these initiatives expecting momentous growth in the upcoming years.
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