Saudi Arabia is investing US$800 billion (AU$1.18 trillion) in tourism over the next decade, the country’s Tourism Minister HE Ahmed Al-Khateeb revealed.
Al-Khateeb said at the 10th edition of the Arab-China Businessmen Conference that the tourism sector in the Kingdom of Saudi Arabia saw a 4.45 per cent growth in the gross domestic product of the country, showing a considerable increase from three per cent recorded in 2019.
“The Kingdom will invest more than $800bn during the next ten years”, the minister said.
The whopping investment demonstrates Saudi Arabia’s move to prioritise the development and expansion of its tourism sector.
Among these moves is the recent announcement from the tourism minister that Saudi Arabia will allow tourists from 49 countries to obtain e-visas. This is part of the Kingdom’s move to facilitate tourism and attract a wider array of visitors from across the globe.
Another investment from the Kingdom is into US$110b (AU$163b) worth of hotels, most of which are luxury properties. It’s expected that over the next five years, the amount of hotel rooms in Saudi Arabia will nearly double to about 200,000.
Speaking on the country’s transition to prioritise tourism, Fahd Hamidaddin, chief executive of the Saudi Tourism Authority, declared that “tourism is the new oil.”
What we’re doing, we are doing for our people, for our economy, and the world is going to reward us. In the 1920s the world came to Saudi for oil, but in the 2020s, we’re expecting the people of the world to come for tourism. And that’s why we say that tourism is the new oil.”
Saudi Arabia originally set a target to hit 100 million annual visitors by 2030, but this target was almost hit in 2022 when the nation welcomed 77 million domestic travellers and 16.5 million international travellers – 93.5 million in total. As the target was almost reached, Hamidaddin said the target will have to change.
Featured Image: Saudi man in traditional attire describe history of At-Turaif (iStock/xavierarnau)
