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HomeBusinessSaudi Arabia Pledges $100M to Boost Tourism Expertise

Saudi Arabia Pledges $100M to Boost Tourism Expertise

Investment Aims to Elevate Local Talent in Tourism Sector

March 27, 2024
in Business
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Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has recently disclosed an investment of approximately SAR375 million, equating to $100 million, for the advancement of skill sets within the nation’s tourism industry. This initiative underscores the country’s commitment to augmenting the proficiency of its citizens. During his address at the Manafea Forum in Madinah, Al-Khateeb set forth visionary goals to boost local involvement in the tourism sector and to refine the licensing processes to spur further growth.

Investment in skills development

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The minister declared that the yearly investment has been instrumental in uplifting local engagement rates to 40 percent, with an objective to escalate Saudi participation to 50 percent shortly. This strategic focus on skills enhancement mirrors Saudi Arabia’s resolve to cultivate a highly competent workforce that will propel the advancement of the tourism sector.

Tourism sector surge

Al-Khateeb emphasized the transformative promise of the tourism sector, projecting Saudi Arabia’s goal to rank its tourism industry among the top 10 on a global scale. By 2030, the Kingdom aspires to have its tourism industry account for 10 percent of the national economy, a significant rise from the 5 percent recorded last year. Furthermore, the sector is poised for substantial growth and economic influence.

Adding to the discussion, Tawfiq Al-Rabiah, the minister of Hajj and Umrah, accentuated the unprecedented increase in Umrah pilgrims. In 2023, the pilgrim count escalated to 5 million, marking a 60 percent surge from the previous year.

Streamlining licensing procedures

Efforts to streamline the process of issuing licenses within the tourism sector were also highlighted by Al-Khateeb. The Kingdom is striving to reduce the license processing duration from five days to immediate issuance. By simplifying these regulatory measures, Saudi Arabia is dedicated to nurturing an environment more amenable to tourism enterprises, thereby encouraging entrepreneurship and investment within the industry.

Tags: economic growthLicensing Streamliningsaudi arabiaSkills DevelopmentTourism Investment
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