The Kingdom of Saudi Arabia launched the Investment Enablers Program in the tourism sector, which aims to facilitate doing business and raise the attractiveness of investment, for both local and international investors, according to the Saudi Press Agency.
The Ministry of Tourism in the Kingdom announced the Investment Enablers Initiative in the hospitality sector, in cooperation with the Ministry of Investment, which aims to increase and diversify tourism offers and raise the capacity of tourism hospitality facilities in targeted tourist destinations across the Kingdom.
The initiative seeks to attract private investments in the hospitality sector, amounting to about 42 billion riyals ($11 billion), with revenues estimated at about 16 billion riyals ($4 billion) on the Kingdom’s gross domestic product by 2030.
The initiative includes a package of strategic capabilities specifically designed to improve the cost and ease of business, and this includes facilitating access to government lands on favorable terms, simplifying project development processes, and finding solutions to the challenges that investors may face, in addition to developing a number of regulations that are part of the efforts made by The Ministry of Tourism, with the aim of reducing operating costs and encouraging the growth of the tourism industry.
It is expected that the Hospitality Sector Investment Enablers Initiative will produce many benefits on the social and economic levels, by increasing the number of hotel rooms by approximately 42,000 rooms, while providing approximately 120,000 job opportunities in the targeted destinations by 2030.
The program includes several other major initiatives, such as the Comprehensive Tourism Services Center initiative, which is scheduled to be launched later this year, in cooperation with the Saudi Business Center.
The center provides all services of the tourism sector system under one roof, to support investors during their investment journey in an integrated manner, in addition to many regulatory amendments related to tourism licenses, while creating a group of diverse licenses to suit the needs of different investors.
The Kingdom of Saudi Arabia has achieved one of the goals of Vision 2030, which is to receive 100 million tourists during the year 2023, 7 years ahead of schedule, and the investment enablers program in the tourism sector is a major impetus for achieving the ambitious new goal of reaching 150 million tourists annually by 2030.
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