Saudi Arabia considering investing more than $1 trillion in tourism in the next 10 years

Published on : Thursday, October 28, 2021

Saudi Arabia is thinking to invest more than $1 trillion in the tourism sector over the next 10 years, said Ahmed Al Khateeb, the Saudi Minister of Tourism.

The world’s largest oil exporter is also one of the biggest investors in tourism, which got affected seriously due to travel restrictions during the Covid-19 pandemic, said Mr. Al Khateeb.

“Tourism and travel were the most affected by the Covid-19 pandemic among the sectors of the global economy, but we are on the path to a return to recovery, which requires international co-operation to enhance the recovery phase,” he said.

The kingdom believes that the retrieval of the global economy depends on the recovery of the tourism sector, “so we need to work together to reactivate tourism according to effective principles of work, to achieve common goals”, Mr. Al Khateeb said.

Investing in tourism is one of the main goals of the Saudi Vision 2030 transformation initiative that seeks to expand the economy reducing its dependence on oil. Saudi Arabia aims to increase tourism’s contribution to its economy to more than 10 per cent of gross domestic product by 2030 from about 3 per cent.

Under the Vision 2030 plan,Saudi Arabia aims to attract 100 million local and international visitors annually by 2030, with the tourism sector generating asurplusof one million jobs, boosting total employment in the industry to 1.6 million jobs.

Tourism is expected to provide 260,000 jobs over the next three years, said Mr. Al Khateeb.

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