NEW YORK–(BUSINESS WIRE)–Jun. 06, 2024
The Saudi Ministry of Tourism is participating in the 46th Annual NYU International Hospitality Investment Conference, highlighting the Kingdom's exceptional progress and vast investment opportunities within its booming tourism sector. This conference presents a unique platform for Saudi Arabia to share its transformative journey towards becoming a premier global tourism destination while diversifying its economy.
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Saudi Ministry of Tourism Deputy Minister for Tourism Destination Enablement Mahmoud Abdulhadi Speaking at the “Invest Saudi & Prosper in Tourism” Networking Lunch (Photo: AETOSWire)
At the forefront of the conference, Mahmoud Abdulhadi, Deputy Minister of Tourism Destination Enablement, delivered a keynote speech to the attendees. He discussed the abundant opportunities in Saudi Arabia, providing insights on investing in tourism to develop new destinations. Mahmoud emphasized how international investors can benefit from the opportunities created, underlining the Kingdom’s commitment to becoming a leading global tourism destination.
Complementing the keynote, the “Invest Saudi & Prosper in Tourism” Networking Lunch, hosted by the Ministry of Tourism, offered a deep dive into Saudi Arabia's investment potential under Vision 2030. The event featured speakers from the Saudi Ministry of Tourism and Ministry of Investment, focusing on the transformation and development in the market, sector performance, and investment opportunities. The government’s support for investors through the Tourism Investment Enablers Program (TIEP), which focuses on enhancing the ease and cost of doing business in the tourism sector, provides incentives, and opens up this untapped market, was also discussed in detail.
The TIEP is designed to lower investment barriers, reduce government fees by 22%, and offer significant incentives. The program includes the flagship Hospitality Investment Enablers (HIE) initiative, which aims to generate USD 11.2 billion in private-sector investments and create 120,000 jobs in identified tourism destinations with high potential. These initiatives make Saudi Arabia an attractive and lucrative destination for investors.
Mahmoud Abdulhadi, Deputy Minister of Tourism Destination Enablement, said, “Saudi Arabia stands at the threshold of an unprecedented transformation in its tourism sector, offering unparalleled opportunities for investors. Our commitment to Vision 2030 is not just a blueprint for development; it's an open invitation for global partners to be part of a historic journey. By investing in Saudi Arabia, you are investing in a future where innovation, culture, and hospitality converge to create extraordinary experiences. The Tourism Investment Enablers Program and the Hospitality Investment Enablers initiative are designed to provide you with the support, incentives, and reduced barriers needed to succeed in this thriving market. Together, we can build a world-class tourism destination that benefits not only our economy but also the global community.”
As part of the Ministry of Tourism’s participation at the event, Gloria Guevara Manzo, Chief Special Advisor at the Ministry of Tourism, Saudi Arabia, took part in a fireside chat titled “The Travel and Tourism Trends Driving the Market.” The session examined the trends that hospitality investors and other stakeholders need to consider to drive their strategies, providing valuable insights into the evolving landscape of global tourism.
This discussion underscored Saudi Arabia’s significant strides in its tourism sector, notably attracting 100 million international visitors in 2023, seven years ahead of schedule. This success sets the stage for the Kingdom’s new target of 150 million tourists, reflecting its growing global appeal.
Further highlighting its success, Saudi Arabia rose nine places to 41st in the World Economic Forum's Travel & Tourism Development Index 2024, demonstrating the impact of its strategic investments and robust regulatory framework. Recognized as one of the safest countries to visit in the Middle East, the Kingdom’s appeal to international investors continues to grow.
With an investment of USD 800 billion into its tourism sector, Saudi Arabia is creating 1.6 million job opportunities and adding 500,000 hotel rooms. These investments are driving the Kingdom’s economic and social transformation, focusing on developing cultural sites, sports venues, theme parks, and nature reserves. Additionally, the Ministry of Tourism’s efforts to simplify the e-visa process for 66 countries further boost tourism inflows and investment opportunities, making the Kingdom more accessible to international visitors.
*Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20240606244256/en/
Contact:
Najla AlKhalifa
Senior Communications Advisor
Najla@mt.gov.sa
