Saudi Arabia Invites Investment in Hospitality & Tourism from US Market
Saudi Arabia rose nine places to 41st in the World Economic Forum’s Travel & Tourism Development Index 2024
Saudi Arabia stands at the threshold of an unprecedented transformation in its tourism sector, offering unparalleled opportunities for investors, said Mahmoud Abdulhadi, Deputy Minister of Tourism Destination Enablement, Ministry of Tourism, Saudi Arabia at 46th Annual NYU International Hospitality Investment Conference in New York.
“By investing in Saudi Arabia, you are investing in a future where innovation, culture, and hospitality converge to create extraordinary experiences. The Tourism Investment Enablers Program and the Hospitality Investment Enablers initiative are designed to provide you with the support, incentives, and reduced barriers needed to succeed in this thriving market. Together, we can build a world-class tourism destination that benefits not only our economy but also the global community,” Abdulhadi added.
The Minister discussed the abundant opportunities in Saudi Arabia, providing insights on investing in tourism to develop new destinations. Mahmoud emphasized how international investors can benefit from the opportunities created, underlining the Kingdom’s commitment to becoming a leading global tourism destination.
Gloria Guevara Manzo, Chief Special Advisor at the Ministry of Tourism, Saudi Arabia, during a a fireside chat titled “The Travel and Tourism Trends Driving the Market” underscored Saudi Arabia’s significant strides in its tourism sector, notably attracting 100 million international visitors in 2023, seven years ahead of schedule. This success sets the stage for the Kingdom’s new target of 150 million tourists, reflecting its growing global appeal.
Further highlighting its success, Saudi Arabia rose nine places to 41st in the World Economic Forum’s Travel & Tourism Development Index 2024, demonstrating the impact of its strategic investments and robust regulatory framework. Recognized as one of the safest countries to visit in the Middle East, the Kingdom’s appeal to international investors continues to grow.
With an investment of US$ 800 billion into its tourism sector, Saudi Arabia is creating 1.6 million job opportunities and adding 500,000 hotel rooms. These investments are driving the Kingdom’s economic and social transformation, focusing on developing cultural sites, sports venues, theme parks, and nature reserves. Additionally, the Ministry of Tourism’s efforts to simplify the e-visa process for 66 countries further boost tourism inflows and investment opportunities, making the Kingdom more accessible to international visitors.
