Abdulaziz Al-Issa: The real estate sector is the fertile ground in which tourism thrives

Mohammed Al-Saab: The investment potential of new tourist attractions presents an opportunity to invest in lodging facilities

Riyadh—Mohammed Jamos

The domestic tourism is one of the most important pillars of the Kingdom’s Vision 2030; as it serves as a vital and significant contributor to the local economy. The plans and programs implemented across the country have placed great emphasis on this sector through major projects and significant strides that have shifted the focus of tourism toward various regions of the Kingdom.

The newspaper “Amlak” conducted a survey on investment in the tourism sector and the tourism real estate sector, the main obstacles associated with it, real estate issues related to the tourism real estate sector, and how the tourist accommodation sector is keeping pace with the boom the Kingdom is experiencing.

Al-Issa: The Burden on Accommodation Facilities Has Doubled

At the outset, Mr. Abdulaziz Al-Issa spoke, emphasizing that the tourism-related real estate and entertainment sector is characterized by high investment value; if it is committed to providing excellent hotel services and there is demand from tourists, travelers, and passersby, it is the only alternative for them, Al-Issa pointed to the positive statistics reported in the news and various reports, noting that Minister of Tourism Ahmed Al-Khatib revealed that the number of domestic tourist visits reached 54 million in 2021, and that the target under Vision 2030 is approximately 100 million visits. These figures mean a doubling of the burden on furnished apartments and hotel suites and the services they provide. He expects there to be significant investments in this sector, as it is the fertile ground in which tourism thrives.

Al-Issa emphasized the importance of applying strategic thinking to investments in tourism-related real estate, explaining that modern shopping malls, entertainment venues, and luxury restaurants must be available in one location to provide the comfort and relaxation sought by both local and foreign visitors.

Al-Issa called on the private sector to embrace the tourism industry in its comprehensive sense, which promotes sustainable development across all investment and service sectors and significantly helps create opportunities for small and medium-sized businesses and generate employment for Saudi professionals.

He praised the establishment of the Saudi Investment Marketing Authority, noting that tourism in the Kingdom needs such qualitative leaps to attract foreign capital.

Al-Saab: Vital Projects Supporting the Tourism Sector

For his part, Mr. Mohammed Al-Saab, owner of Dost Hotel Suites, praised the diverse tourism resources found in various regions of the Kingdom, which make it easy to strike a balance among all regions, not to mention the historical legacy that sets the Kingdom apart from other countries, as well as the numerous incentives the government has provided to stimulate investment in tourism and its related sectors.

Al-Saab noted that tourism projects in the Kingdom are characterized by high investment potential, especially when considering the direction taken by the state, may God protect it—toward developing major cities such as Al-Qiddiya and Neom, as well as other vital projects that will contribute to supporting the tourism sector in all its aspects, including residential and commercial real estate, which underscores the viability of investing in tourism-related real estate. It goes without saying that every visitor or tourist will need a hotel to stay in, Therefore, hotels and lodging facilities are considered essential and indispensable to any tourist destination. The profitability of these establishments is further enhanced by the fact that throughout the year, various cities host seasonal events for shopping, entertainment, and recreation that attract both citizens and foreigners.

We hope that the relevant authorities will provide incentives for investors to build more hotels and resorts in cities with archaeological sites and breathtaking natural scenery, in order to revitalize them, and we hope that media outlets will produce documentary and informational films about historic cities that have not yet gained widespread recognition among the citizens of our beloved country.