Riyadh Launches Hospitality Sector Investment Initiative
In an exciting collaboration, the Ministry of Tourism and Ministry of Investment have joined forces to introduce the Hospitality Sector Investment Initiative. This initiative is part of the larger Tourism Investment Program and is aptly named “Invest in Saudi Arabia and Prosper in Tourism.”
The Undersecretary of the Ministry of Tourism, Eng. Mahmoud Abdel Hadi, emphasized that the Investment Enablers Initiative in the hospitality sector is a crucial component of the Ministry’s strategic objectives. He highlighted that the initiative aims to enhance and diversify tourism offerings while increasing the capacity of tourist hospitality facilities in key tourist destinations.
Abdel Hadi revealed that the initiative is set to attract private investments totaling around SR42 billion in specific tourist destinations, with estimated revenues of about SR16 billion contributing to the Kingdom’s gross domestic product by 2030. Additionally, the initiative is projected to create up to 120,000 new job opportunities in these destinations by 2030.
Furthermore, the Ministry’s collaboration with various partners across government sectors aims to streamline the investor’s journey, resulting in a notable reduction of about 22% in annual government fees related to the sector. This initiative aligns with the broader goals of Vision 2030, focusing on diversifying the state’s general budget sources and increasing the sector’s contribution to the domestic product to 10% by 2030.
