‘Milestone’ $26bn deals to spur Saudi Arabia’s tourism growth
As Saudi Arabia opens its doors to tourists from across the world, the General Investment Authority (SAGIA) and Saudi Commission for Tourism and National Heritage (SCTH) have agreed on partnerships with regional and global investors worth more than SR100 billion ($26.6 billion).
The agreements and memorandums of understanding signed at a ceremony held at the Ritz-Carlton hotel in Riyadh reflect the enormous potential Saudi Arabia’s growing tourism sector offers to investors across the Kingdom and the world. Opening Saudi Arabia to tourism is a cornerstone in the implementation of Vision 2030, which seeks to diversify the country’s economy and reduce its dependence on oil.
Saudi Arabia expects to increase international and domestic visits to 100 million a year by 2030, attracting significant foreign and domestic investment, and creating more than a million jobs.
By 2030, tourism is expected to contribute up to 10 percent of Saudi Arabia’s gross domestic product, compared with just 3 percent today. The agreements demonstrate the private sector’s confidence in the potential of the country’s tourism sector and its prospects for future growth.
SAGIA Gov. Ibrahim Al-Omar said: “In Saudi Arabia, the market fundamentals are in place for a vibrant tourism industry, and we believe that the private sector will play a crucial role in unlocking this potential. “At SAGIA, our role is to empower and enable domestic and international investors by identifying and developing new opportunities, fostering partnerships and shaping regulatory reforms. Signing these agreements represents a milestone for the Kingdom as we continue charting a path to a new diversified economy.”
Elaborate plans were launched on Friday to attract tourists from around the world as the Kingdom “seeks to attract 100 million global and domestic visits by 2030.” Addressing a large gathering in the historic Ad-Diriyah region, Ahmed Al-Khateeb, SCTH chairman, said: “We look forward to giving every guest a warm welcome and showing them the hospitality and generosity for which Arabia is famous.”
Visitors to Saudi Arabia will be surprised and delighted to discover the Kingdom’s many treasures — “the warmth of our people, our rich heritage, vibrant culture and breathtaking natural beauty,” he said.
“Visitors will discover that Saudi Arabia is a land of great diversity and many contrasts,” he said. “Saudi Arabia’s unique heritage attractions include the UNESCO World Heritage Site at Ad-Diriyah, the AlUla archaeological site and the Jeddah Historical District. The Kingdom’s variety of natural attractions range from the mountains of Abha to the beaches of the Red Sea and the shifting sands of the Empty Quarter.