During an event celebrating surpassing the 100 million tourists benchmark in 2023, Saudi Tourism Minister Ahmed al-Khateeb has announced the country’s plan to complement the state funding in the tourism industry with up to $80 billion private investment.
On top of the $800 billion the Saudi government plans to allocate for the development of the country’s tourism industry as part of the Saudi Vision 2030 programme, a project started by Prince Mohammed Bin Salman, in an attempt to diversify the country’s economy from oil, al-Khateeb said the goal is to raise another $60 billion to $80 billion in private investment by 2030.
This is a very ambitious target.
Ahmed al-Khateeb, Saudi Arabia Minister of Tourism
To facilitate this goal, especially for foreign investors, the Ministry of Tourism has introduced a new scheme, the Tourism Investment Enablers Program (TIEP). The program includes some regulatory reforms and reduces fees to incentivise foreigners to invest in Saudi…