Wednesday, November 13, 2024 The Memorandum of Understanding highlights the dynamic investment prospects within Saudi Arabia’s tourism sector . Dusit International, a prominent hotel and property development company from Thailand, has entered into a Memorandum of Understanding (MoU) with Saudi Arabia’s Tourism Development Fund (TDF), the driving force behind the nation’s tourism sector, to lay a foundation for new hospitality initiatives aimed at strengthening Saudi Arabia’s tourism infrastructure. The MoU, signed at the 2024 World Travel Market in London, underscores Dusit’s commitment to sustainable growth in key international markets while affirming TDF’s goal of establishing partnerships to expand luxury hotel and resort options within the Kingdom.
In the first half of 2024, Saudi Arabia saw a substantial 8.2% increase in inbound visitor spending compared to the same period in 2023, totaling approximately SAR 92.6 billion.
This impressive growth has contributed to a travel account surplus of about SAR 41.6 billion, showcasing Saudi Arabia’s exceptional progress in tourism. The Kingdom led all G20 nations in both international tourist arrivals and growth in tourism revenue during the first seven months of 2024.
Compared to 2019, international arrivals surged by 73%, while tourism receipts climbed by 207%, according to UN Tourism data. In line with Saudi Arabia’s National Tourism Strategy and the ambitious Vision 2030 agenda, the Tourism Development Fund (TD.
