In a warm appeal to global investors, the Tourism Minister of Saudi Arabia, Ahmed Al-Khateeb, has made a compelling case for investment in the Kingdom’s rapidly expanding tourism industry. Addressing attendees at the Future Investment Initiative Institute’s Priority Rio de Janeiro Summit, Al-Khateeb shed light on the significant growth prospects powered by the nation’s strategic economic reform program, Vision 2030.
While acknowledging the hurdles in shifting away from a traditional oil-dependent economy, the minister spotlighted the emergence of enticing, globally relevant opportunities within the sector. He referenced a report by the World Travel and Tourism Council, projecting the industry’s global economic contribution to soar to an impressive $16 trillion by 2034, making up 11.4% of the world’s economic output.
Al-Khateeb reaffirmed Saudi Arabia’s pledge to foster a conducive atmosphere for international investors, highlighting initiatives aimed at simplifying investment procedures and reducing operational expenses. He also underscored the country’s commitment to sustainable tourism development, orchestrated by the Sustainable Tourism Global Center, with a focus on achieving net-zero emissions and conserving the environment.
The minister expressed enthusiasm for fortifying global alliances, referencing the 2022 memorandum of understanding with Brazil as a testament to the Kingdom’s dedication to international cooperation. He applauded the exemplary relationship with Brazil and expressed hope for a more robust tourism partnership.
Detailing Saudi Arabia’s enhancements to tourism infrastructure, Al-Khateeb mentioned significant upgrades to airport facilities and the expansion of international air routes to the Kingdom. The successful roll-out of e-visas has also played a pivotal role, drawing in over 27 million international visitors in the previous year alone.