Saudi Arabia Targets SR42 Billion Investments and 120,000 Jobs in Hospitality Sector by 2030

KSA, 19 April, 2024 : Saudi Arabia is offering promising opportunities for investors in its burgeoning tourism sector, as highlighted by Eng. Mahmoud Abdulhadi, the deputy minister of tourism for destination enablement. At the International Hospitality Investment Forum (IHIF) in Berlin, Abdulhadi announced the Hospitality Investment Enablers (HIE) initiative, aiming to draw SR42 billion ($11 billion) in private investments and create 120,000 new jobs by 2030.

The HIE is a key component of the Tourism Investment Enablers Program (TIEP), projected to contribute SR16 billion ($4 billion) to the Kingdom’s GDP by 2030. This initiative aligns with Vision 2030's strategic objectives, focusing on enhancing Saudi Arabia’s global tourism position and offering lucrative opportunities for both local and international investors. Abdulhadi emphasized that the HIE aims to diversify tourism offerings, enhance hospitality facilities, and boost the capacity of tourist destinations.

Supported by various strategic enablers, the HIE offers advantages like access to government-owned land, streamlined project development, and regulatory adjustments to reduce market entry barriers and operational costs. The initiative is expected to increase hotel rooms by 42,000 and provide 120,000 job opportunities in targeted destinations by 2030.

Saudi Arabia's active participation at IHIF underscores its commitment to showcasing the Kingdom as an attractive investment destination in the tourism and hospitality sectors. The Ministry of Tourism aims to form lasting partnerships and highlight the Kingdom's dedication to elevating tourism industry standards and fostering sustainable growth.

Recent achievements in 2023 saw Saudi Arabia exceeding its tourism goals, with over 106 million tourists and foreign tourist spending surpassing SR135 billion. The Kingdom aims to increase hotel rooms to over 500,000 and host 150 million tourists annually by 2030. This ambitious strategy seeks to revitalize the hospitality sector, enhance tourist destinations, and offer unique opportunities for investors to capitalize on Saudi Arabia's tourism boom.

Source : www.saudigazette.com.sa