Tourism set to diversify Saudi economy from oil
Tourism will play a major role in reducing Saudi Arabia’s dependence on oil revenues, according to experts speaking at Arabian Travel Market.
In a panel discussion titled ‘Why tourism is Saudi’s new white oil’, which took place on ATM 2019’s Global Stage, representatives from Saudia Private Aviation, Dur Hospitality, Colliers International Mena, Marriott International, Jabal Omar Development Company and Saudi General Investment Authority discussed opportunities related to upcoming tourist-focused developments and visa reforms.
Kingdom-based industries in direct contact with tourists are expected to generate more than $25 billion this year — approximately 3.3 per cent of Saudi Arabia’s GDP — according to figures released by the World Travel and Tourism Council .
“Our country has beautiful geographic diversity and a host of cultural
attractions so, once visitors come into the kingdom and see the different projects lined up for them, I think it will market itself,” Reema Al Mokhtar, head of Destination Marketing, Jabal Omar Development Company, said.
Saudi Arabia’s domestic tourist trips are projected to rise by eight per cent in 2019, while inbound visits from international markets are expected to grow by 5.6 per cent per year, according to research conducted by Colliers on behalf of ATM 2019.
Saudi Arabia’s overall number of tourist trips is on course to hit 93.8 million by 2023, up from 64.7 million in 2018.
Our country has beautiful geographic diversity and a host of cultural attractions
Reema Al Mokhtar, Head of Destination Marketing, Jabal Omar Development Company