We are witnessing a strong start for Saudi Arabia’s tourism roadmap, which is built on major achievements that began with ambitious projects in Al-Qiddiya, Al-Ula, Diriyah, the Red Sea, NEOM, The Line, and other attractive destinations, This is in line with the comprehensive and balanced development taking place across all regions, which contributes to generating viable investment opportunities for investors both domestically and abroad.
A few days ago, we witnessed the launch of a new tourism strategy by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz – may God protect him – to develop the Asir region and achieve a comprehensive developmental renaissance for the region, by injecting 50 billion riyals through various investments to finance vital projects and developing tourist attractions, with the aim of making Asir a global destination that attracts more than 10 million visitors from within the Kingdom and abroad by 2030, while creating new job opportunities and improving the quality of life.
All of this comes alongside unprecedented technological advancements and a surge in e-commerce, which flourished during the lockdown that coincided with the onset of the COVID-19 pandemic, and has changed most people’s perceptions of this sector, which has begun to dominate global trade with billions of dollars. You might be surprised to learn that five technology companies in the world have a market value exceeding one trillion dollars; they are the only companies in the world to have surpassed the trillion-dollar mark, alongside Saudi Aramco alone, and to date, no other companies across all business sectors have surpassed a market value of one trillion dollars. Some companies are expected to reach a value of over one trillion within one to three years, and most of these are technology companies.
Today, Saudi Arabia is guided by an ambitious vision that supports the transition to a productive economy based on industry, tourism, and services, which offer better returns than traditional real estate investments. as we also need innovations and creative designs in development and construction that keep pace with the development and growth the Kingdom is experiencing, in addition to technological advancements and the internet, which will change the nature of demand for real estate, whether residential or commercial, We are witnessing a decline in demand for certain types of traditional real estate, while demand is increasing for other modern properties that meet the new demand for services, parking, design, and luxury, combined with prime locations. All of this must be based on digital transformation and innovation.