Riyadh - Sharikat Mubasher: The Saudi Ministry of Tourism launched the Hospitality Investments Enablers initiative, in collaboration with the Ministry of Investment, to solidify the Kingdom’s position as a global tourism hub.
The ministry launched this initiative during the Future Hospitality Summit (FHS).
With the slogan ‘Invest in Saudi and Prosper in Tourism’, the initiative is designed to enable local and global investors who enter and expand in the Saudi hospitality sector to boost the sector’s competitiveness and meet its growing demands.
Mahmoud Abdulhadi, Deputy Minister for Investment Attraction at the Ministry of Tourism, stated that the initiative aims to achieve several strategic goals, in alignment with the National Tourism Strategy.
He noted that the initiative targets attracting new private investments of around SAR 42 billion to the hospitality sector across specific destinations and aims to contribute as much as SAR 16 billion to the gross domestic product (GDP) by 2030.
The initiative will further contribute to creating around 120,000 new jobs by 2030, in addition to enhancing the tourism infrastructure and hospitality facilities in the Kingdom, Abdulhadi elaborated.
He affirmed that the ministry cooperates with several partners in the government sector to enhance the investor’s journey and boost the tourism sector, in alignment with Vision 2030’s goals of diversifying the national economy and raising the sector’s contribution to the GDP to 10% by 2030.
It is worth noting that the Hospitality Investments Enablers initiative is part of the Tourism Investment Enablers Program (TIEP) that was launched in March.
