Saudi Arabia’s Ministry of Tourism announced an investment of approximately $11 billion in the tourism sector, which is expected to create 120,000 new jobs, as revealed by the Minister of Tourism, Ahmed Al-Khatib. The investment follows the ‘Tourism Investment Enabler Program (TIEP)’ formulated by the Ministry of Tourism and Ministry of Investment. The program aims to encourage private investments in major tourist destinations and increase the annual GDP by $4 billion by 2030. The government will facilitate access to state-owned lands, streamline development processes, reduce entry barriers to the market, and adjust regulations to reduce business costs and foster industry growth. This will create attractive investment opportunities for both domestic and international investors. In addition, in collaboration with the Saudi Business Center, a Tourism Investment Fund One-Stop Shop will be launched later this year to provide all services of the tourism ecosystem in one place, incorporating online integration and digital experiences to support investments. Minister Ahmed Al-Khatib stated, “The Kingdom of Saudi Arabia offers a rich diversity and culture to the world. Vision 2030 aims to position the Kingdom as a global tourism powerhouse, with the tourism sector being a vital force in economic diversification. In 2023, the demand for tourism business licenses increased by 390%, but this is just the beginning. Over the next decade, the Kingdom will become the world’s top investment destination in the tourism sector.” In 2023, the number of tourists surpassed the initial plan seven years ahead of schedule, reaching 100 million, demonstrating a significant surge in tourism. The new goal is set to reach 150 million tourists by 2030.
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