Riyadh, Saudi Arabia, April 17, 2024–(BUSINESS WIRE)– The Saudi Ministry of Tourism is currently prominently featured at the International Hospitality Investment Forum (IHIF), offering global investors a unique opportunity to dive into the Kingdom's thriving tourism destination. . The recently announced Tourism Investment Enabler Program (TIEP) is in the spotlight as Saudi Arabia actively moves towards its Vision 2030 goal of becoming a world-class tourism destination for both investors and tourists. are doing.
This strategic presentation comes at a time when Saudi Arabia's tourism sector will reach an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a major step forward towards economic diversification and supporting the sector. ’s increasing contribution to national GDP. One of TIEP's initiatives, the flagship Hospitality Investment Enablers (HIE), aims to capitalize on this momentum, with plans to inject up to R42 billion of investment into the hospitality sector in key destinations. This alone is expected to create 120,000 new jobs by 2030.
IHIF's audience is focused on Saudi Arabia's plans to dramatically expand accommodation capacity. Saudi Arabia aims to increase the number of hotel rooms to more than 500,000 and welcome 150 million tourists a year by 2030. HIE is at the heart of these ambitions and aims to revitalize the hospitality industry by introducing a new wave of supply to targeted tourism hotspots. , greatly enriched the kingdom's diverse tourism services.
This initiative is supported by a series of strategic enablers, including access to government-owned land on favorable terms, streamlined project development processes, and regulatory alignment aimed at reducing market entry barriers and operating costs. Masu. This comprehensive approach is expected to drive significant socio-economic transformation within the Kingdom, with private sector investment expected to reach SAR 42.3 billion by 2030 and an annual GDP increase of SAR 16.4 billion. There is.
Saudi Arabia's active participation in IHIF is aimed at highlighting lucrative opportunities in the tourism and hospitality sector and presenting the Kingdom as an attractive investment frontier for international investors. This global stage comes as the Ministry of Tourism underlines Saudi commitment to building lasting partnerships, raising standards in the tourism industry, promoting sustainable growth and providing strong support to investors. provides the perfect platform for
Through this initiative, the Saudi Ministry of Tourism not only introduces investment opportunities; The world is invited to join Saudi Arabia on its ambitious journey to redefine global tourism norms. Investors are encouraged to seize this unique opportunity to collaborate with Saudi Arabia to pave the way for a new era of tourism excellence in line with the transformative goals of Vision 2030.
sauce: AETOS Wire
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contact address
Nazira al-Khalifa
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Najla@mt.gov.sa
