Sunday 19 May 2024

Delegates at the International Hospitality Investment Forum

Saudi Arabia unveils key tourism investment opportunities at Berlin forum

RIYADH, April 19, 2024

The Saudi Ministry of Tourism took centre stage at the International Hospitality Investment Forum (IHIF) held from April 15-17, in Berlin, and presented a unique opportunity for global investors to dive into the thriving tourism landscape of the kingdom.

With the spotlight on the recently announced Tourism Investment Enablers Program (TIEP), Saudi Arabia is intensely pursuing its Vision 2030 goal of being a top global tourism destination for investors and tourists alike.

The flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion in the hospitality sector of up to SAR42 billion ($11.2 billion) in key destinations, which alone is anticipated to create 120,000 new jobs by 2030.

The kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030.

The HIE stands at the core of these ambitions, designed to energize the hospitality sector by introducing a new wave of supply in targeted tourism hotspots, significantly enriching the Kingdom's diverse tourism offerings.

The initiative is supported by a suite of strategic enablers, including access to government-owned land under favourable terms, streamlined project development processes, and regulatory adjustments aimed at reducing barriers to market entry and operational costs.

This comprehensive approach is expected to catalyse a significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR42.3 billion and a forecasted annual GDP increase of SAR16.4 billion by 2030.

Saudi Arabia’s active participation in IHIF aims to showcase the kingdom as an enticing investment frontier for international investors, emphasising the lucrative opportunities within the tourism and hospitality sectors.

This global stage provides the perfect platform for the Ministry of Tourism to forge lasting partnerships and highlight the kingdom's commitment to elevating its tourism industry standards, fostering sustainable growth, and offering robust support to investors.

Through this engagement, the Saudi Ministry of Tourism is not just showcasing investment opportunities; it is inviting the world to be a part of Saudi Arabia's ambitious journey towards redefining global tourism norms.

Investors are encouraged to seize this opportunity to collaborate with the kingdom, as it paves the way for a new era of tourism excellence aligned with Vision 2030's transformative objectives.

It is notable that Saudi Arabia's tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasising the sector's growing contribution to the national GDP. – TradeArabia News Service


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