HONG KONG: The Saudi Ministry of Tourism attended the International Hospitality Investment Forum (IHIF Asia), held from September 9 to 11 in Hong Kong, to highlight the various investment opportunities available in the tourism sector of the Kingdom to international investors, the Saudi Press Agency (SPA) reported on Monday.
The ministry stressed the significant progress achieved by the Saudi tourism sector in recent years, with over 109 million tourists visiting the Kingdom in 2023, including 27 million international tourists and over 20.9 million tourists from Asia. The visitors overall spent a total of $25.7 billion.
General Manager of Investment Planning and Attraction at the Saudi Ministry of Tourism Tareq Al-Shaghrood took part in a panel discussion titled “Invest, Enable, Prosper: Empowering Tourism Destinations,” where he underscored Saudi Arabia’s strategic approach to developing a world-class, diverse tourism ecosystem.
He added that Saudi Arabia’s commitment to creating a wide range of tourism experiences is underpinned by a robust framework of programs and support for investors.
Al-Shaghrood said that the Kingdom has introduced the Tourism Investment Enablers Program to facilitate business in the tourism sector of Saudi Arabia. The Hospitality Investment Enablers initiative offers multiple opportunities for investors to invest in the Kingdom.
The program is designed to significantly enhance accommodation capacity in major tourism areas, driving private investments up to $11 billion and boosting annual GDP by $4.3 billion by 2030. The initiative also aims to create 120,000 new jobs, supporting Saudi Arabia’s wider economic diversification objectives. It introduces key incentives such as VAT reductions, corporate tax exemptions, and access to government-owned land under favorable terms, making it easier and more cost-effective for investors to enter the Saudi market.
The ministry encouraged investors attending the event to take advantage of the significant developments unfolding in Saudi Arabia’s tourism sector.
Saudi Arabia’s international tourism performance in 2023 was quite impressive, ranking 14th internationally in international arrivals—an improvement of 11 positions since 2019. Saudi Arabia also ranked 12th globally in international tourism receipts, moving up 15 positions compared to 2019.
According to the UN Tourism Barometer for May 2024, Saudi Arabia topped the best-performing large tourism destinations in terms of the growth rate of international arrivals.
