With sights set on becoming a global tourism leader, Saudi Arabia is targeting a place among the top 10 nations in the tourism sector this year, as announced by the minister responsible for tourism.
At the Manafea Forum held in Madinah, Ahmed Al-Khateeb disclosed that the Kingdom possesses all the necessary elements to reach this ambitious goal. This was confirmed in a statement released by the ministry.
Al-Khateeb pointed out that tourism’s contribution to Saudi Arabia’s gross domestic product (GDP) is projected to be around 5 percent by the end of 2023, with plans to double that contribution to 10 percent by the year 2030.
The Kingdom’s current employment statistics in tourism and hospitality stand at 940,000 jobs, with an objective to hit the 1 million mark within the next seven years.
These statements mirror the objectives of Saudi Arabia’s National Tourism Strategy, which includes an ambitious target to attract in excess of 150 million visitors by 2030.
Development of the tourism and entertainment sectors is a pivotal aspect of Saudi Arabia’s Vision 2030 plan, which focuses on reducing the nation’s dependence on oil revenue.
Al-Khateeb emphasized the launch of the Tourism Investment Enablers program, designed to boost these goals through enhancing private sector participation and simplifying investment procedures.
At the Ministry of Tourism, we were keen to make the legislation regulating the tourism sector characterized by ease, flexibility and clarity, and we introduced new licenses with regard to guest facilities and hospitality,
he stated.
He also mentioned that the Kingdom invests in training 100,000 Saudi citizens every year to prepare them for the industry, with a training budget exceeding SR375 million (approximately $99.9 million) annually.
Moreover, Al-Khateeb stressed the importance of enhancing the experience for tourists by ensuring historical and archaeological sites are well-prepared for visitors.
To support this initiative, the Tourism Development Fund (TDF), with a robust $4 billion in capital established in June 2020, has financed more than 50 projects. The TDF’s aim is to provide easy access to promising tourism investments in Saudi Arabia for both local and international investors.