RIYADH — The Ministry of Tourism in collaboration with Ministry of Investment launched the Hospitality Sector Investment Initiative, which comes within the Tourism Investment Program, under the slogan “Invest in Saudi Arabia and Prosper in Tourism”.

The Undersecretary of the Ministry of Tourism Eng. Mahmoud Abdel Hadi said that Investment Enablers Initiative in the hospitality sector is part of the strategic objectives of the Ministry.

He pointing out that the initiative aims to increase and diversify tourism offers, and raise the capacity of tourist hospitality facilities in tourist destinations.

He added that the initiative seeks to attract private investments in the hospitality sector in specific tourist destinations, amounting to about SR42 billion, with revenues estimated at about SR16 billion on the Kingdom’s gross domestic product by 2030.

He noted that the initiative will contribute to providing up to 120,000 additional job opportunities by 2030 in those destinations.

The Ministry’s cooperation with a number of partners in various government sectors is a step to improve the investor’s journey, resulting in a reduction in annual government fees related to the sector by approximately 22%.

He stressed that this step is to advance the tourism sector in achieving the goals of Vision 2030 related to diversifying the sources of the state’s general budget, and raising the sector’s contribution to the domestic product to reach 10% by 2030.