The Ministry of Tourism recently participated in the International Hospitality Investment Conference (IHIF Asia) in Hong Kong to showcase the investment opportunities available in the tourism sector in Saudi Arabia. Tariq Al-Shaghroud, the Director General of Investment Planning and Attraction at the Ministry, emphasized Saudi Arabia’s commitment to providing a wide range of tourism experiences and supporting investors to take advantage of opportunities in the tourism sector. The Tourism Investment Enablers Program (TIEP) launched by the Ministry provides opportunities for investment in the promising tourism sector, including the Hospitality Investment Enablers Initiative (HIE) to enhance housing capacity, drive private investments, create new jobs, and offer incentives such as tax exemptions and access to government-owned land. The initiative aims to increase annual GDP by 2030 and support economic diversification goals in Saudi Arabia.
The tourism sector in Saudi Arabia has achieved significant progress recently, with more than 109 million tourists visiting in 2023, including 27 million international tourists spending billions in the country. The Ministry highlighted the confidence that Asian markets have in Saudi tourism and the investment opportunities available to investors. The growth of the tourism sector reflects Saudi Arabia’s attractiveness to Asian tourists and the potential for further development in the industry. The Ministry has invited investors to seize the opportunity to be part of the tourism sector’s growth in Saudi Arabia, which has seen promising developments in recent years.
In 2023, the tourism sector in Saudi Arabia made great leaps and achievements, ranking 14th globally in the number of international arrivals and 12th globally in international tourism sector revenues, according to the United Nations Tourism May 2024 report. This represents a significant increase in rankings compared to previous years, showcasing the growth of the tourism sector in Saudi Arabia. The country has become the best-performing major tourist destination in terms of the growth rate of international arrivals and tourism sector revenues compared to pre-pandemic levels, demonstrating its resilience and potential for further growth in the industry.
The Ministry of Tourism’s participation in the IHIF Asia conference in Hong Kong highlights the investment potential in the tourism sector in Saudi Arabia and the government’s commitment to supporting investors. The Tourism Investment Enablers Program offers incentives and opportunities for investors to contribute to the growth of the tourism sector in the country, including the Hospitality Investment Enablers Initiative aimed at increasing housing capacity and driving private investments. The initiative also aims to create new jobs and boost economic diversification goals in Saudi Arabia, providing a supportive environment for investors to enter the market and benefit from the opportunities available.
With millions of tourists visiting Saudi Arabia each year, including a significant number from Asian markets, the tourism sector in the country continues to grow and attract investment. The Ministry of Tourism’s efforts to showcase the opportunities in the sector and invite investors to participate in the development of tourism in Saudi Arabia are likely to contribute to the continued growth and success of the industry. By offering incentives and support to investors, the government is paving the way for further expansion and development of the tourism sector, creating new jobs and driving economic growth in the country. Saudi Arabia’s position as a top tourist destination with increasing international arrivals and revenues reflects its success in attracting visitors and investment to the sector.
