Saudi Gazette report

RIYADH — Saudi Arabia aims to bring the contribution of the tourism sector to the GDP of its economy to about 10% by 2030, which means adding about $70 to $80 billion, Minister of Tourism Ahmed Al-Khateeb said.

During the Future Real Estate Forum in Riyadh, Al-Khateeb added that the total contribution of the tourism sector in Saudi Arabia’s GDP amounted to 4% at the end of 2022, registering an increase from 3% in 2019.

The Tourism Development Fund had financed 25 projects within a year and a half, at a value of SR15 billion.

The Fund has contributed in Saudi Arabia by providing financing up to 60%, which enables investors to conduct their projects by pumping from 30-40% from the project’ value, and the rest from the banks at a competitive cost and long payment terms.

He said that the Ministry has added all facilitation to enable the private sector to contribute to the renaissance of the tourism sector in Saudi Arabia.

The domestic tourism in the Kingdom has reached 65 million tourists during 2022. He noted that Saudi Arabia would reach 100 million tourists in 2030, between 60 million international tourists and 40 million domestic tourists.

Saudi Arabia has all the competitive advantages to promote the tourism sector, as it is characterized by the presence of mountains in several regions such as Taif, Al-Baha, Asir and Abha, which pushes the investors to develop parks.

He also indicated that Saudi Arabia had grown in 2022 by 8.8%, which is a large percentage compared to the G20 countries, in addition to that the tourism sector in the Kingdom achieved No. 1 in returning to before 2019 compared to the G20 countries.

Al-Khateeb highlighted rural tourism, which attracts a huge segment of tourists to live the experience there, especially with the Ministry’s new platform that enables the farmers to rent their rural house for tourists or those wishing to try living in a rural house.