The Saudi Minister of Tourism, Ahmed bin Aqeel Al-Khateeb, recently announced the introduction of the Tourism Investment Enablers Program, a scheme aimed at improving business processes and increasing the allure of investment for national and international stakeholders.
In partnership with the Ministry of Investment, the Tourism Ministry has launched the Hospitality Sector Investment Enablers Initiative. This project’s mission is to enrich and diversify the tourism products available and enhance the infrastructure of hospitality establishments throughout the country’s key touristic locales.
Targeting investments worth around SAR 42 billion in the hospitality domain, the initiative forecasts that it will contribute an estimated SAR 16 billion to the nation’s GDP by the year 2030.
“Saudi Arabia is endowed with a diverse array of tourism treasures, positioning its tourism market as globally competitive. Our framework for becoming a premier global destination is outlined in Saudi Vision 2030, which acknowledges tourism as a pivotal component of our economy,” Al-Khateeb observed.
Al-Khateeb further noted the substantial uptick in the demand for tourism activity licenses, which surged by 390% in the previous year. This marks the inception of a decade-long commitment to nurturing the tourism sector, opening doors to myriad opportunities and creating an attractive investment climate for both domestic and overseas investors.
The newly unveiled initiative includes a suite of tactical enablers that aim to reduce the costs and complexities associated with conducting business. These enablers consist of providing easier access to government-owned lands on advantageous terms, simplifying the progression of project developments, addressing investor hurdles, and revising laws to lower operational expenses. All these steps are intended to catalyze the progression of the tourism industry.
Projected social and economic advantages of the initiative are noteworthy. It is expected to augment the number of hotel rooms in the Kingdom by around 42,000 and spawn approximately 120,000 new employment opportunities in the highlighted destinations by the end of the decade. These advancements are set to have a positive effect on workforce development and bolster nationalization efforts in the Saudi job market.