Saudi Minister of Tourism Ahmed Al-Khatib stated, in an interview with Asharq Al-Awsat, that work is underway on new laws and laws that may facilitate the funding course of within the Kingdom.
Saudi Arabia is witnessing a significant transformation within the tourism sector after it enacted and developed quite a few laws and launched mega initiatives that allowed the nation to draw greater than 100 million guests final yr, the goal initially set for 2030.
Throughout a press convention on Wednesday on the Abu Faraj heritage palaces in Al-Aziza, west of the town of Abha within the southern Aseer area, Al-Khatib revealed the ministry’s strikes to offer acceptable long-term funding at a aggressive value with a view to encourage funding within the Saudi tourism system.
In his remarks to Asharq Al-Awsat, the minister pointed to essentially the most distinguished achievements within the sector, revealing that the Kingdom acquired 60 million guests through the first half of 2024, with spending amounting to SAR 143 billion ($38.1 billion), recording about 10 % progress within the variety of vacationers and spending.
He added that by the top of the primary half of this yr, the sector’s contribution to the gross home product had reached 5 %, and was shifting steadily towards attaining 10 %, which is equal to SAR 600-700 billion of tourism earnings.
Furthermore, Al-Khatib additionally spoke concerning the launch of the Bachelor of Worldwide Hospitality Administration program, a partnership between the Ministry of Tourism, King Khalid College, and Hong Kong Polytechnic College.
He famous {that a} memorandum of understanding was signed between the Ministry of Tourism and the Faculties of Excellence Firm, with the goal of growing human capabilities and increasing worldwide specialised technical schools and strategic partnership institutes within the subject of tourism and hospitality.
Al-Khateeb stated 10,000 coaching alternatives each inside and outdoors the Kingdom could be allotted to these working within the Aseer area’s tourism sector.
The Nationwide Tourism Technique goals to achieve over 150 million native and worldwide vacationers by 2030. In 2023, it reached 109 million.
The minister added: “The Tourism Improvement Fund performs an essential function in offering financing, allocating SAR 7.4 billion to allow over 100 tourism initiatives across the Kingdom with a price exceeding SAR 35 billion.”
He identified that the fund financed 10 main initiatives within the Aseer area, starting from worldwide accommodations to multi-use initiatives with a price exceeding one billion riyals. Worldwide lodge manufacturers included: InterContinental Residence in Abha, DoubleTree in Khamis Mushait Governorate, and Khayal Stroll Boulevard.