Monday, September 9, 2024 The Saudi Ministry of Tourism recently showcased the Kingdom’s thriving tourism sector at the International Hospitality Investment Forum (IHIF Asia), held in Hong Kong from September 9 to 11. The event provided a platform for the ministry to present a wide array of investment opportunities to global investors, as reported by the Saudi Press Agency (SPA). Saudi Arabia’s tourism sector has experienced remarkable growth in recent years, welcoming over 109 million tourists in 2023.
Among these, 27 million were international visitors, with more than 20.9 million arriving from Asia. Collectively, these tourists contributed $25.
7 billion in spending, underscoring the Kingdom’s appeal as a top global destination. To further boost its tourism industry, the Saudi government has introduced initiatives aimed at enhancing accommodation capacity in key tourist areas. This program seeks to drive up private investments by $11 billion, while also increasing the Kingdom’s annual GDP by $4.
3 billion by 2030. Additionally, the initiative is expected to generate 120,000 new jobs, aligning with Saudi Arabia’s broader economic diversification efforts. Key incentives for investors include reductions in VAT, corporate tax exemptions, and access to government-owned land on favorable terms.
These measures aim to simplify the process for investors, making entry into the Saudi market both easier and more cost-effective. The ministry emphasized the progress achieved in .