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Saudi Arabia is investing heavily in tourism as it looks to take a share of the sector tipped to reach $16tn in 10 years’ time.

Tourism Minister Ahmed Al Khateeb extended a warm welcome to international investors interested in the Kingdom’s flourishing tourism industry. During his participation at the Future Investment Initiative (FII) Institute’s Priority Rio de Janeiro Summit, Al Khateeb highlighted the vast potential within the sector, fuelled by Saudi Arabia’s ambitious Vision 2030 economic diversification plan.

A Global Tourism Sector on the Rise

He acknowledged the challenges faced in transitioning from an oil-reliant economy but emphasised the creation of exciting opportunities with global significance. The minister underscored the global importance of tourism, citing a recent World Travel and Tourism Council (WTTC) report, which predicts the sector’s contribution to the global economy will reach $16tn by 2034, accounting for 11.4 per cent.

Creating a Business-Friendly Environment

Al Khateeb emphasised Saudi Arabia’s commitment to attracting international investors, stressing efforts to create a business-friendly environment with streamlined investment processes and reduced costs.

Sustainable Tourism Practices

The minister highlighted Saudi Arabia’s dedication to sustainable tourism practices. The Sustainable Tourism Global Centre (STGC) spearheads efforts to achieve net-zero emissions and environmental preservation.

Strengthening International Partnerships

Al Khateeb expressed a keen desire to establish strong partnerships with countries worldwide, pointing to the 2022 memorandum of understanding signed with Brazil as a prime example. Praising the exceptional relations between the two nations, he welcomed the potential for a strengthened tourism partnership.

Investing in Tourism Infrastructure

The minister elaborated on Saudi Arabia’s efforts to enhance tourism-related infrastructure, including airport development and expansion. The air connectivity program aims to increase international air routes into the Kingdom.

Electronic Visas: A Game-Changer for Tourism

The implementation of electronic visas has contributed significantly, attracting more than 27m international tourists in 2023.