Saudi Investing $800 Billion in Tourism, Targets 100 Million Tourists by 2030
Saudi Arabia is investing $800 billion in tourism and looking to attract 100 million local and international tourists by 2030, according to Minister of Tourism Ahmed bin Aqeel Al-Khateeb.
He stressed that the Kingdom is the fastest-growing among the Group of Twenty (G20) countries in the tourism sector, as the number of tourists has reached more than 30 million.
He added that this represents 40 percent of the targeted number of tourists, and the sector is one of the most important that contributes to economic growth.
During a session entitled “What Is the Vision for High-Growth Industry?” within the Future Investment Initiative (FII), Al-Khateeb said that work is underway to raise the contribution of the travel and tourism sector to gross domestic product (GDP) from 3 percent in 2019 to 10 percent by 2030 and to reach 100 million local and international tourists.
Saudi Arabia is investing more than $800 billion in the tourism sector through projects such as the Red Sea project, the Diriyah and Qiddiya projects, and other private projects in various regions of the Kingdom that contribute to the advancement of the tourism sector.
He added that the Kingdom will be one of the first countries to facilitate business through legislation and laws, making it one of the most efficient sectors.
