Saudi Arabia’s tourism industry has been making strides over the past few years, as billion-dollar projects and initiatives were launched and major decisions, such as the Saudi Season initiative and the decisions to make tourist visas available. These strides have highlighted the country's major touristic potential, shedding light on the attractive destinations of its diverse regions.
The Kingdom aims for tourism to contribute from about 3% of GDP to 10% of GDP by 2030. The most recent initiative taken to this end was the establishment of the Tourism Development Fund, to which 15 billion Riyals (4 billion dollars) have been allocated to develop the private sector and encourage investment.
Earlier this week, the Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund Mohammad bin Salman Al-Saud agreed to the formation of the Tourism Development Fund’s board of directors. The board that is headed by Mr. Amed Al-Khateeb, Saudi Arabia’s Minister of Tourism, includes Princess Haifa bint Mohammed Al-Saud, Muhammad Al-Omran, and Muhammad Al-Hawqal. The Council of Ministers approved the structure of the Tourism Development Fund during its most recent meeting this Tuesday.
Speaking to Asharq Al-Awsat, the experts emphasized the importance of this fund and said they were confident that it will strengthen Saudi Arabia’s tourism sector.
Nabeel Koshak, the CEO of Saudi Venture Capital Company, said that the fund is one of the many bodies that support the tourism industry system and its development by providing investment opportunities, stressing that it will incentivize local or international investment in this sector and small and medium enterprises, which he says are of significant importance because of the large number of people they employ.
Abdulaziz Al-Omran, an economic analyst, said tourist initiatives in Saudi Arabia, like those of Diriyah and Al-Ula, have been gaining increasing prominence, noting that they showcase the beauty of Saudi Arabia’s diverse cities, each of which has its unique characteristics.
These projects, in addition to the "hospitable" nature of Saudi society, make the kingdom a popular destination. He adds that the fund will stimulate investment in the tourism sector, which will create many jobs in the future, and its development is vital for continued job creation.