HONG KONG
Saudi Arabia is emerging as a global leader in tourism, showcasing significant achievements in 2023. At the IHIF Asia International Hospitality Investment Forum in Hong Kong, the Saudi Ministry of Tourism emphasized the Kingdom’s vast potential for international investors.
Saudi Arabia’s strategic position at the crossroads of three continents and its strong economic ties with Asia make it an attractive global tourism hub. In 2023, over 20.9 million tourists from Asia visited, spending $25.7 billion, demonstrating increasing confidence in Saudi Arabia’s tourism sector. The rise in tourism receipts underscores this growing appeal.
To build on this momentum, Saudi Arabia launched the Tourism Investment Enablers Program (TIEP), with the Hospitality Investment Enablers (HIE) initiative as a key component. HIE aims to enhance accommodation capacity, drive private investments up to $11 billion, and boost the annual GDP by $4.3 billion by 2030. It also plans to create 120,000 new jobs, supporting broader economic diversification. Incentives include corporate tax exemptions, VAT reductions, and access to government-owned land on favorable terms.
A notable event at IHIF Asia was the panel discussion “Invest, Enable, Prosper: Empowering Tourism Destinations,” led by Tareq Al-Shaghrood, General Manager of Investment Planning & Attraction at the Saudi Ministry of Tourism. He highlighted Saudi Arabia’s comprehensive approach to developing a diverse tourism ecosystem, supported by robust incentives for investors. “Our vision is to enable and empower those who join us in this transformative journey, ensuring prosperity for all stakeholders,” Al-Shaghrood stated.
In 2023, Saudi Arabia ranked 14th globally in international arrivals, improving by 11 positions since 2019. It also ranked 12th in international tourism receipts, moving up 15 positions. According to the UN Tourism Barometer (May 2024), Saudi Arabia was the top performer among large tourism destinations in terms of growth rate of international arrivals and receipts compared to pre-pandemic levels.
As Saudi Arabia continues to rise as a premier tourism destination, the Kingdom invites global investors to join this remarkable transformation. With its strategic location, robust infrastructure, and commitment to sustainable growth, Saudi Arabia offers unparalleled opportunities for investment.