By 2023, Saudi Arabia is focusing on attracting new investments worth SAR 220 billion

Published on : Thursday, December 24, 2020

By 2023, Saudi Arabia is primarily focusing on attracting new investments worth SAR 220 billion (USD 58 billion) and more than SAR 500 billion (USD 133.27 billion) until 2030. During the 2021 Budget Forum, this was unveiled by the minister of tourism, Ahmad Al-Khatib of Saudi Arabia.


He further explained that investors are interested to invest in tourism, and private sector is the primary beneficiary. “The Ministry of Tourism has to go a long way to boost the sector’s contribution to the national economy,” Al-Khatib said. It is hopeful about the sector for the coming five to ten years, as Vision 2030 focuses on it and set up important plans, the minister noted.


He also emphasized that tourism constitutes 3.5 per cent of the total GDP in Saudi, and the ministry wants to take it to 10%. In Saudi Arabia, the tourism sector contributes 4% of the total employment. The minister has also mentioned that during the summer campaign, the kingdom did not encounter challenges despite the travel of 8 million people, showing that this campaign was fruitful in raising the hotel occupancy rates from 10% to 80%.


He also mentioned that there is a great movement to alter regulations and legislations that would help in attracting investors, emphasizing the fact that currently, hotel licenses are issued within 10 days. In the tourism sector, Saudi Arabia has all the basics that meet the criteria to be one of the largest contributors across the world, the minister concluded.


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