Saudi Arabia's Economy Will Gain $70-80 Billion From Tourism by 2030

  • Publish date: Wednesday، 25 January 2023
Saudi Arabia's Economy Will Gain $70-80 Billion From Tourism by 2030

According to Ahmed Al-Khateeb, Saudi Arabia's minister of tourism, the country wants the tourism industry to contribute 10% of its GDP by 2030, or an additional $70 to $80 billion.

Al-Khateeb stated at the Future Real Estate Forum in Riyadh that, up from 3% in 2019, the tourist sector's overall contribution to Saudi Arabia's GDP was expected to reach 4% by the end of 2022. In just over a year and a half, 25 projects totaling SR15 billion had been funded by the Tourism Development Fund. In order to enable the private sector to contribute to the resurrection of the Saudi Arabian tourism industry, he claimed that the Ministry has added the necessary facilities.

The Fund has made a contribution in Saudi Arabia by offering financing up to 60%, enabling investors to carry out their projects by investing between 30 and 40% of the project's value and the remaining funds from the banks at a competitive rate and extended payment terms.

In the Kingdom, domestic tourism surpassed 65 million visitors in 2022. He stated that in 2030, Saudi Arabia would host 60 million foreign visitors and 40 million domestic visitors, totaling 100 million. The country is characterized by the existence of mountains in numerous places, including Taif, Al-Baha, Asir, and Abha, which encourage investors to create parks, Saudi Arabia has all the competitive advantages to promote the tourist business. 

Saudi Arabia had increased in 2022 by 8.8%, a significant amount compared to the G20 nations, and the Kingdom's tourism industry had ranked No. 1 in returning to before 2019 among the G20 nations.

Follow us for more amazing beauty, fashion and luxury content on Instagram and Facebook. Join us in our newsletter. Sign-up here.

Follow us on our Whatsapp channel for latest news