Kingdom positions itself as a premier travel destination with ambitious growth plans
Saudi Arabia has emerged as a tourism hub, attracting approximately $13 billion in private investments for its thriving tourism sector. With ambitious plans to introduce 150,000 to 200,000 new hotel rooms within the next two years, the Kingdom is poised to elevate its tourism offerings and bolster its position on the global tourism map in line with Vision 2030.
Ambitious revenue targets
Princess Haifa Bint Mohammed Al Saud, Saudi Arabia’s vice minister of tourism, disclosed the Kingdom’s goal to increase tourism revenues to $85 billion this year, a significant rise from around $66 billion in 2023. This initiative aligns with Crown Prince Mohammed bin Salman’s broader economic vision, which aims to diversify the nation’s income sources beyond oil, encompassing sectors such as sports and technology.
Currently contributing 4.5 percent to Saudi Arabia’s gross domestic product, the tourism…