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Saudi Arabia aims to attract USD 58bn investments from tourism by 2023

Article-Saudi Arabia aims to attract USD 58bn investments from tourism by 2023

Ministry of Tourism Saudi
With investors looking at Saudi Arabia’s tourism sector, KSA Tourism Minister sets sights on USD 58bn investments from the sector by 2023

With the rise of investor interest in Saudi Arabia’s tourism industry, the Ministry of Tourism is aiming to attract new investments worth USD 58 billion by 2023, and more than SAR500 billion until 2030.

This according to Minister of Tourism, Ahmed AlKhateeb during the 2021 Budget Forum. “The Ministry of Tourism has to go a long way to boost the sector’s contribution to the national economy,” AlKhateeb said.

The country is investing heavily in its tourism sector as part of its Vision 2030 ambitions. The tourism sector contributes 4% of the total employment in Saudi Arabia and constitutes 3.5% of the total gross domestic product (GDP) in the Kingdom – with plans by the ministry to raise it to 10%.

Photo Credit: Saudi Arabia Ministry of Tourism website

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