Saudi Arabia’s Ministry of Tourism is looking to create 120,000 new jobs and attract more than $11bn of investment with a key hospitality initiative.
The Ministry is participating in the Future Hospitality Summit, which concludes on May 1.
This key industry event brings together leading hospitality investors and decision-makers to discuss hotel development, sustainability, innovation, and entrepreneurship in the sector.
Tourism in Saudi Arabia
The ministry has a dedicated pavilion at the accompanying exhibition to showcase its Hospitality Investment Enablers initiative, a key part of the wider Tourism Investment Enabler Program.
This program identifies promising investment opportunities and provides investors with the necessary support.
The Hospitality Investment Enablers initiative aims to achieve several key goals aligned with the National Tourism Strategy.
These include:
- Attracting SR42.3bn ($11.3bn) in new investments across the Kingdom’s destinations
- Contributing SR16.4bn ($4.5bn) to GDP
- Creating 120,000 jobs
- Increasing hotel room capacity by 42,000
Ultimately, this initiative seeks to solidify Saudi Arabia’s position as a leading tourist destination.
During a panel discussion on Vision 2030-aligned investment opportunities in the Kingdom’s hospitality sector, Tourism Deputy Minister for Investment Attraction Mahmoud Abdulhadi highlighted the promising growth prospects of the hospitality industry.
He detailed the significant incentives and support offered by the ministry through various programs and initiatives, which are designed to attract investors and their capital to this flourishing sector.
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