Saudi Arabia aims to generate 120,000 jobs in tourism and attract an $11.2B investment to the Kingdom’s hospitality sector through the Tourism Investment Enablers Program.
Minister of Tourism Ahmed bin Aqeel Al-Khateeb unveiled the initiative, in collaboration with the Ministry of Investment, to enhance business practices and investment appeal for both local and international investors.
The Hospitality Sector Investment Enablers Initiative, part of the program, focuses on expanding and diversifying tourism offerings, and strengthening hospitality facilities in specific tourist destinations across the Kingdom. With an investment target of approximately $11.2B, the initiative anticipates contributing around $4.3B to the Kingdom’s GDP by 2030.
Al-Khateeb highlighted Saudi Arabia’s rich tourism potential, aligning with Saudi Vision 2030 to position the country as a globally sought-after destination. He noted a significant uptick in tourism activity licenses, signaling substantial investment in the sector over the next decade, providing opportunities for both local and international investors.
The initiative includes strategic enablers to enhance the ease and cost-effectiveness of business operations. These measures involve facilitating access to government lands under favourable conditions, simplifying project development processes, addressing investor challenges, and implementing laws to reduce operational costs, fostering growth in the tourism industry.
Anticipated benefits encompass the creation of approximately 42,000 hotel rooms and around 120,000 job opportunities in targeted destinations by 2030, contributing to talent development and supporting nationalization efforts in the local job market, according to Arabian Business.
