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.

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The Ministry of Industry and Mineral Resources reported a 10 percent increase in industrial body units in Saudi Arabia, rising to 11,549 in 2023.

Jarrah bin Mohammed Al-Jarrah, spokesman for the Minister of Industry and Mineral Resources stated:

As per the statement by the spokesperson of the ministry, 11,549 factories have received new licenses for 25 industrial activities.

The total estimated investment in these activities is SAR1.541 trillion (USD 399 billion).

The top four activities that received licenses are food products manufacturing, non-metallic mineral products manufacturing, formed metal products manufacturing, and rubber and plastic products manufacturing.

The highest number of industrial licenses totaling 1,043 were issued to National establishments.

licenses were issued to joint and foreign investments 336 with 142 and 194 respectively.’

The Ministry of Industry and Mineral Resources releases industrial indicating data monthly through the National Industrial and Mining information center.

SMEs accounted for the overwhelming majority of the licenses issued accounting for the kingdom’s efforts to support rising businesses which totaled to:

The number of licenses depending on enterprise size:

• Micro-sized enterprises: 15 licenses.
• Small-sized establishments: 1,203 licenses.
• Medium-sized establishments: 158 licenses.
• Large-sized establishments: 3 licenses.

licenses per region:

• Riyadh region: the region had the highest number of licenses issued at 479.
• Eastern region: the second highest number of licenses issued at 340.
• Makkah region: the second highest number of licenses issued at 269.
• Qassim region: the fourth highest number of licenses issued at 87.
• Madinah region: the least number of licenses issued at 79.

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The World Bank is currently contemplating the possibility of providing support and financing to a Jordanian program valued at $321 million according to Al-Mamlaka.

The program aims to enhance individual-centric digital governance and aid the roadmap for public sector modernization and digital transformation in Jordan, which is a fundamental pillar of the Economic Modernization Vision (EMV).

The program is expected to be presented to the World Bank in the upcoming months to be reviewed by its board of directors.

The total government funding is aimed to be more than USD545 million while focusing more on areas such as health and education.

The program also encourages transparency and government efficiency through digitalization.

Jordan aims to implement this program within 4 years, it will focus on increasing the usage of digital identity systems that focus on individuals.

The program also facilitates data sharing between government agencies and the private sector, building a digital infrastructure and aiming to increase ease of use.

The Economic Modernization Vision (EMV) aims to double the annual growth rate of the Jordan to 5.6% over the next decade.

The strategy aims to make governmental services fully digitalized by the year 2025, this includes initiatives such as:

• Digital identity.
• E-Payments.
• Open government data.
• Resource management.

Over 800,000 users have activated their digital identities by the start of February 2024, the Jordanian government aims to increase the userbase to 3.5 million by the start of 2025, facilitated through user activation at banks, government service centers and companies.

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The launch occurred during the Department of Finance’s (DOF) showcase as part of Ajman Government’s participation at GITEX Global 2023 taking place at the Dubai World Trade Centre.

Marwan Ahmad Al Ali emphasised the significance of launching this cutting-edge system, highlighting Ajman DOF’s dedication to improving the efficiency and effectiveness of government financial operations. The objective is to deliver advanced, smart services, ensuring an unparalleled experience for government staff and the public. This move resonates perfectly with DOF’s strategic mission of establishing a pioneering government entity that significantly enhances the financial competitiveness of Ajman.

He commended the Department of Finance for its commitment to staying at the forefront of technological innovation, enhancing the synergy of government services throughout the emirate. Additionally, he emphasised that deploying these smart services bears witness to the progressive vision of the emirate’s leadership to evolve Ajman into a smart emirate deeply rooted in green economic principles and sustainability.

Abdul Ghaffar Al Khaja, Director of the Government Accounts Department, explained that embracing cloud applications will drive a unified integration spanning the government’s supply chain, finance, and resources. This unification conforms to international best practices, presenting users with a clearer, more adaptable approach to data management, resulting in optimised transactional processes and enhanced data security that leverages advanced technologies provided by the cloud service provider.

Furthermore, His Excellency Marwan Al Ali extended his appreciation to the department’s strategic partners from governmental entities and national financial institutions. He expressed deep gratitude for their unparalleled backing in the department’s journey towards innovation and growth and their role in introducing unique and pioneering services to all involved parties. He also highlighted that the joint endeavours and synergy with these partners, in tandem with the department, have been instrumental in achieving these notable milestones.

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