Saudi Arabia eyes SAR 220 bln investments by 2023, says Tourism Minister

Saudi Arabia is aiming to attract new investments worth SAR 220 billion by 2023, and more than SAR 500 billion until 2030, Minister of Tourism Ahmed Al-Khatib said during the 2021 Budget Forum.

He added that investors are keen to invest in the tourism sector, and the primary beneficiary is the private sector. “The Ministry of Tourism has to go a long way to boost the sector’s contribution to the national economy,” Al-Khatib said.

The Kingdom is optimistic about the tourism sector for the next five to 10 years, as Vision 2030 put focus on it and developed necessary plans, the minister noted.

He pointed out that the tourism sector constitutes 3.5% of the total gross domestic product (GDP) in the Kingdom, and the ministry aims to raise it to 10%.

The tourism sector contributes 4% of the total employment in Saudi Arabia.

Al-Khatib added that the Kingdom did not face any challenges during the summer campaign despite the travel of 8 million people, indicating that this campaign was successful and raised the hotel occupancy rates from 10% to 80%.

He further highlighted that there is a great movement to amend regulations and legislation to attract investors, highlighting that hotel licenses are currently issued within only 10 days.

Saudi Arabia has all the basics in the tourism sector that qualify it to be one of the largest contributors across the world, the minister concluded.