Saudi Arabia Secures $13 Billion in Private Sector Investments for Tourism Industry
In a bold move to become a top destination, Saudi Arabia has successfully attracted $13 billion in private sector investments for its booming tourism industry. Princess Haifa Al-Saud, the Kingdom’s vice minister for tourism, revealed that these investments will lead to a substantial increase in hotel room availability, with expectations set at 150,000 to 200,000 rooms within the next two years.
Ambitious Goals for Tourism Revenue Growth
Princess Haifa shared ambitious goals for the Kingdom’s tourism revenue, aiming to reach $85 billion this year, up from approximately $66 billion in 2023. She emphasized the target of increasing the GDP contribution from 4.5 percent to 10 percent by 2030, highlighting the significant progress made since opening up for tourism.
Strategic Vision for Future Tourism
Saudi Arabia is setting its sights high, with plans to attract 150 million tourists annually by 2030 as part of Crown Prince Mohammed bin Salman’s economic diversification strategy. The Kingdom is investing in projects like Qiddiya and industries such as football to entice foreign visitors, positioning itself as the sole bidder for the 2034 World Cup.
Revised Targets and Growth Projections
In a recent development, the hospitality sector revised its 2030 target to 150 million visitors, up from the initial 100 million. Minister of Tourism, Al-Khateeb, explained that Crown Prince Mohammed bin Salman’s directive to revise targets was based on the impressive performance in tourism, with an estimated 75 million international travelers and 75 million domestic visitors expected in the future.