Boost in tourism in Saudi Arabia by a $13 billion investment.
- $13 billion in private investments to Boost in tourism efforts was acquired.
- These investments are expected to bring in between 150,000 to 200,000 new hotel rooms within the next two years
- The Kingdom aims to increase tourism revenues to $85 billion this year, up from around $66 billion in 2023.
Saudi Arabia has recently attracted around $13 billion in private investments for its developing tourism industry, positioning the country as an upcoming travel destination.
These investments are expected to bring in between 150,000 to 200,000 new hotel rooms within the next two years, as part of the country’s ambitious plans to expand its tourism offerings.
Princess Haifa Al Saud, Saudi Deputy Minister of Tourism, mentioned in an interview with Bloomberg that the Kingdom aims to increase tourism revenues to $85 billion this year, up from around $66 billion in 2023.
This initiative aligns with Crown Prince Mohammed bin Salman’s broader economic vision, which seeks to diversify the nation’s income streams beyond oil and include sectors like sports and technology.
Currently, the tourism sector contributes 4.5% to the GDP, and the country aims to increase its contribution to 10% by 2030 by including ways to add a to Boost in tourism.
The government is investing heavily in large-scale development projects such as the Qiddiya Entertainment City and has also made significant investments in football, further enhancing its global appeal as a travel destination.
Saudi Arabia is the only bidder for hosting the 2034 World Cup. In 2023, the country welcomed 100 million tourists, mostly domestic travelers, with international visitors accounting for about 27 million.
The majority of these arrivals were for religious or business purposes, although leisure travel is expected to increase as several major tourism projects are still underway.
The government’s vision is to secure up to $80 billion in private tourism investment by 2030, along with a plan to invest about $800 billion in the sector over the next decade.
