Tourism Ministry launches initiative to enable investment in hospitality sector

Logo of Ministry of Tourism

The Ministry of Tourism, in collaboration with the Ministry of Investment, launched the Hospitality Sector Investment Initiative, which comes within the Tourism Investment Program, under the slogan “Invest in Saudi Arabia and Prosper in Tourism”.

Mahmoud Abdel Hadi, Undersecretary of the Ministry of Tourism, said the initiative in the hospitality sector is part of the ministry's strategic objectives.

He pointed out that the initiative aims to increase and diversify tourism offers, as well as raise the capacity of tourist hospitality facilities in tourist destinations.

The initiative seeks to attract private investments to the hospitality sector in specific tourist destinations, amounting to about SAR 42 billion, with revenues estimated at about SAR 16 billion on the Kingdom’s gross domestic product by 2030.

This will contribute to providing up to 120,000 additional job opportunities by 2030 in such destinations, Hadi said.

The ministry’s cooperation with a number of partners in various government sectors is a step to improve the investor’s journey, resulting in a reduction in annual government fees related to the sector by approximately 22%.

He stressed that this step is to advance the tourism sector in achieving the goals of Vision 2030 related to diversifying the sources of the state’s general budget, and raising the sector’s contribution to the domestic product to reach 10% by 2030.