The Ministry of Tourism's participation included setting up an informational pavilion in the accompanying exhibition, in addition to participating in dialogue sessions and introductory meetings with international investors participating in the forum. The participation of the Ministry of Tourism included setting up an informational pavilion in the accompanying exhibition, in addition to participating in dialog sessions and introductory meetings with international investors participating in the forum.
Ministry of Tourism's participation included setting up an informational pavilion in the accompanying exhibition.
Empowering Tourism Destinations
Deputy Undersecretary of Ministry of Tourism for Destination Empowerment, Engineer Mahmoud Abdulhadi, during his participation in the dialogue sessions, reviewed the promising opportunities that the Kingdom offers to international and local investors alike to invest in the tourism sector in the Kingdom, explaining in this context that the Hospitality Investment Possible initiative launched by the Ministry of Tourism as part of the Tourism Investment Possible Program is part of the strategic objectives of the Kingdom's Vision 2030 and is specifically designed to enhance the Kingdom's position as a global tourism destination while providing significant investment opportunities for investors....
Attracting investments in the hospitality sector
The Hospitality Investment Potential Initiative seeks to attract private investments in the hospitality sector, amounting to about 42 billion riyals ($11 billion), with estimated returns of about 16 billion riyals ($4 billion) on the Kingdom's GDP by 2030, indicating that the initiative will contribute to creating up to 120,000 additional job opportunities by 2030, in addition to its contribution to enhancing tourism infrastructure and hospitality facilities in the Kingdom.Ministry's participation in the event also included the Ministry's participation in the hospitality sector, as well as the Ministry's participation in the Hospitality Investment Potential Initiative. During the Ministry's participation in the International Hospitality Investment Conference in Berlin (IHIF), the Ministry of Tourism's Undersecretary for Destination Empowerment, Engineer Mahmoud Abdulhadi, held multiple meetings with a number of international investors at the Ministry's pavilion, during which he reviewed the facilities provided by the Kingdom within the Makkan Tourism Investment Program.
He explained that the initiative will contribute to enhancing the Kingdom's tourism infrastructure and hospitality facilities. He explained that the Hospitality Investment Enablers Initiative includes a package of strategic enablers designed to improve the cost and ease of doing business, including facilitating access to government land on favorable terms, simplifying project development processes, finding solutions to challenges that may face investors, and developing a number of regulations, noting that the initiative is expected to result in many benefits on the social and economic levels, by increasing the number of hotel rooms by about 42,000 rooms and providing about 120,000 job opportunities in the targeted destinations by 2030.
The participation of the initiative coincides with the Kingdom's participation in the Ministry's tourism sector. The participation of Ministry of Tourism coincides with the major achievements achieved by the Kingdom's tourism sector in 2023, as the number of tourists exceeded more than 106 million last year, achieving one of the targets of the Kingdom's vision seven years early; while the spending of tourists coming from abroad exceeded more than 135 billion riyals.
The Kingdom aims to achieve many benefits on both the social and economic levels, by increasing the number of hotel rooms by about 42,000 rooms, and providing about 120,000 jobs in the targeted destinations by 2030. The Kingdom is targeting an ambitious increase in the number of hotel rooms to more than 500,000 rooms, which will contribute to hosting 150 million tourists annually by 2030. This strategy is designed to revitalize the hospitality sector, provide a quality range of supply in key tourist destinations and significantly enhance the attractiveness of diverse tourism in the Kingdom, and provide distinct opportunities for local investors to participate in the growth of the sector and reap the fruits of the tourism boom in the Kingdom.
The strategy is designed to revitalize the hospitality sector, provide a quality range of supply in key tourist destinations and significantly enhance the attractiveness of diverse tourism in the Kingdom.
