WTTC plans over $10.5 bln investments in Saudi Arabia in next 5 years

The Kingdom of Saudi Arabia's flag

The World Travel and Tourism Council (WTTC) plans to invest more than $10.5 billion (SAR 38.5 billion) in Saudi Arabia within the next five years, President and CEO Julia Simpson said during the launch of the 22nd WTTC Global Summit.

The summit, which is deemed the largest of its kind in the council's history, kicked off today, Nov. 28, in Riyadh, running until Dec. 1.

“[This year’s summit] will be our biggest ever in terms of business leaders, international media and governments from around the world,” Simpson was quoted as saying.

“Our event is bringing together many of the world’s most powerful travel and tourism business leaders to discuss and secure its long-term future, which is critical to economies, jobs and livelihoods around the world,” she added.

Elsewhere, Minister of Tourism Ahmed Al Khateeb expressed delight at hosting the 22nd edition of this prestigious event in Saudi Arabia.

The summit, held under the “Travel for a Better Future” theme, is focusing on the sector’s value — not only for the global economy, but for the entire planet, especially for societies around the world.