RIYADH, SAUDI ARABIA--(Business Wire / Korea Newswire)--​The Saudi Ministry of Tourism is currently taking a prominent stage at the International Hospitality Investment Forum (IHIF), presenting a unique opportunity for global investors to dive into the thriving tourism landscape of the Kingdom. With the spotlight on the Tourism Investment Enablers Program (TIEP), that was recently announced, Saudi Arabia is aggressively pushing towards its Vision 2030 goal of being a top global tourism destination for investors and tourists alike. ​

Mr. Mahmoud Abdullhadi, Deputy Minister of Destinations Enablement. (Photo: AETOSWire) This strategic presentation comes at a time when Saudi Arabia‘s tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasizing the sector’s growing contribution to the national GDP. The flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion into the hospitality sector of up to SAR 42 billion in key destinations, which alone is anticipated to create 120,000 new jobs by 2030.​

The IHIF audience is getting a close look at Saudi Arabia‘s plans to expand its accommodation capacity dramatically. The Kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030. The HIE stands at the core of these ambitions, designed to energize the hospitality sector by introducing a new wave of supply in targeted tourism hotspots, significantly enriching the Kingdom’s diverse tourism offerings.​

The initiative is supported by a suite of strategic enablers, including access to government-owned land under favorable terms, streamlined project development processes, and regulatory adjustments aimed at reducing barriers to market entry and operational costs. This comprehensive approach is expected to catalyze a significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR 42.3 billion and a forecasted annual GDP increase of SAR 16.4 billion by 2030.​

Saudi Arabia’s active participation in IHIF aims to showcase the Kingdom as an enticing investment frontier for international investors, emphasizing the lucrative opportunities within the tourism and hospitality sectors. This global stage provides the perfect platform for the Ministry of Tourism to forge lasting partnerships and highlight the Kingdom's commitment to elevating its tourism industry standards, fostering sustainable growth, and offering robust support to investors.​

Through this engagement, the Saudi Ministry of Tourism is not just showcasing investment opportunities; it is inviting the world to be a part of Saudi Arabia‘s ambitious journey towards redefining global tourism norms. Investors are encouraged to seize this unparalleled chance to collaborate with the Kingdom, as it paves the way for a new era of tourism excellence aligned with Vision 2030’s transformative objectives.​​

Source: AETOSWire

View source version on businesswire.com: https://www.businesswire.com/news/home/20240417879947/en/

Website: https://mt.gov.sa/ View Korean version of this release Contact Saudi Ministry of Tourism
Media and Communications
Najla Alkhalifa
[email protected]
This news is a press release provided by Saudi Ministry of Tourism. Korea Newswire follows these editorial guidelines. Saudi Ministry of Tourism News ReleasesSubscribeRSS 사우디아라비아, 국제호텔투자포럼에서 관광 분야 투자 이니셔티브 강조 사우디 관광부가 현재 국제호텔투자포럼(IHIF)에서 주요 무대에 올라 전 세계 투자자들이 사우디 왕국의 번성하는 관광 산업에 뛰어들 수 있는 독특한 기회를 제시하고 있다. 최근 발표된 관광 투자 인에이블러 프로그램(Tourism Investment Enablers Program, TIEP)가 주목을 받으면서 사우디아라비아는 투자... 4월 18일 16:55 Presidents of Senegal and Mauritania Endorse Saudi Arabia's Bid to Host Expo 2030 In a show of deepening diplomatic ties and shared goals, the leaders of Senegal and Mauritania have officially pledged their support to Saudi Arabia's bids to host the Expo 2030 and the 2034 FIFA World Cup. HE President Macky Sall of Senegal warmly welcomed HE Ahmed Al Khateeb, Saudi Mi... 2023년 10월 17일 13:30 ... More  More News Leisure Travel Hotel & Lodging Coporate Expansion Overseas Saudi Ministry of... All News Releases 