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HomeBusinessSaudi Arabia Unveils Transformative Tourism Program

Saudi Arabia Unveils Transformative Tourism Program

TIEP Aims to Boost Saudi Tourism Investment

May 10, 2024
in Business, Vision 2030
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Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has announced the launch of an innovative initiative designed to accelerate the nation’s rapidly expanding tourism industry. The Tourism Investment Enabler Program (TIEP) is set to create a hospitable and financially attractive climate for both local and global investors, establishing Saudi Arabia as a prominent player on the world tourism stage with a range of supportive measures.

The program’s primary feature, the Hospitality Investment Enablers, is a collaborative effort between the Ministry of Tourism and the Ministry of Investment. Its objective is to expand the Kingdom’s accommodation offerings in strategic tourist locales, increasing the variety of experiences available to visitors and solidifying Saudi Arabia’s status as a top tourism destination.

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The initiative is expected to stimulate private sector investment in critical tourism sites throughout the Kingdom, potentially injecting up to SAR 42 billion ($11 billion) and contributing an estimated annual GDP growth of SAR 16 billion ($4 billion) by 2030.

Strategic elements of the initiative are poised to enhance business operations and project feasibility. These include easier access to government-owned land, streamlined project development, and lowered market entry barriers through regulatory reforms aimed at decreasing operational costs and fostering sector expansion.

Notably, the initiative is designed with local community development in mind, promoting the use of local services for contracting, design, and consulting to generate a direct positive impact on the economy. With an investment exceeding $800 billion to revamp the tourism infrastructure, Saudi Arabia emphasizes its dedication to improving industry standards and presenting investors with appealing opportunities.

The program is projected to have a substantial socio-economic effect, with the anticipation of introducing 42,000 new room keys and creating roughly 120,000 jobs. This effort will enhance talent development and support the nationalization of jobs, known as Saudization.

As part of the broader TIEP, the Ministry of Tourism has introduced regulatory adjustments to tailor tourism licensing to the diverse requirements of investors, easing the investment process and reducing governmental fees by nearly 22%, with further reductions planned.

Another pivotal component of TIEP is the forthcoming Tourism Investment One Stop Shop, set to debut later in the year. A partnership with the Saudi Business Center, the One Stop Shop aims to simplify the investor’s journey by offering comprehensive ecosystem services in a single location, complemented by integrated online and digital platforms.

Minister Al-Khateeb highlighted the Kingdom’s unique cultural tapestry and the role of Vision 2030 in propelling Saudi Arabia towards becoming a leading tourism economy. With tourism licenses on the rise by 390% in 2023, the nation is on track to become the foremost global investor in the sector. The TIEP emerges as a pivotal force in reaching a new milestone of 150 million annual tourists, surpassing the Vision 2030 goal of 100 million visitors ahead of schedule.

Tags: economic growthInvestment EnablersSaudi TourismTIEPVision 2030
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