Riyadh, March 04, 2024, Tourism Minister Ahmed bin Aqeel Al-Khateeb has introduced the Tourism Investment Enablers Program, aimed at smoothing business operations and boosting investment appeal for both domestic and international investors.
In line with its ambitious agenda, the Ministry of Tourism, in collaboration with the Ministry of Investment, has launched the Hospitality Sector Investment Enablers Initiative. This initiative seeks to amplify and diversify tourism offerings while enhancing the capacity of hospitality establishments in selected tourist hubs across the Kingdom.
The initiative targets investments in the hospitality sector, with an approximate value of SAR 42 billion, foreseeing potential revenues of about SAR 16 billion to the Kingdom's GDP by 2030.
Al-Khateeb emphasized, "Saudi Arabia possesses a wealth of diverse tourism assets, positioning its tourism industry as globally enticing. Saudi Vision 2030 outlines our trajectory towards becoming a premier global destination, recognizing tourism as a pivotal driver of the national economy."
He further elaborated, "We observed a remarkable 390% surge in demand for tourism activity licenses last year, signaling the commencement of significant investments in the Kingdom's tourism sector over the next decade, presenting opportunities and a favorable investment climate for both local and international investors."
The initiative comprises meticulously devised enablers to enhance the affordability and ease of conducting business. These include simplifying access to government lands on favorable terms, streamlining project development procedures, addressing investor challenges, and crafting legislation to reduce operational expenses, fostering growth in the tourism industry.
Anticipated outcomes of the initiative encompass manifold social and economic advantages, including an estimated surge in hotel room inventory by about 42,000 and the creation of approximately 120,000 job opportunities in targeted locales by 2030. This is expected to positively impact talent cultivation and bolster efforts towards local workforce nationalization.
