The Saudi Ministry of Tourism is playing a pivotal role at the International Hospitality Investment Forum (IHIF), presenting an interesting prospect for global investors to explore the dynamic tourism landscape of the Kingdom. Tourism Investment Enablers Program (TIEP), central to this engagement reflects Saudi Arabia’s commitment to achieving its Vision 2030 aspiration of becoming a premier global tourism destination for both investors and visitors.
This participation coincides with a remarkable achievement in Saudi Arabia’s tourism sector, surpassing 100 million visitors in 2023, seven years ahead of schedule. This milestone underscores significant progress towards economic diversification and the sector’s growing contribution to the national GDP. TIEP is the flagship Hospitality Investment Enablers (HIE) aimed at capitalizing on this momentum by investing up to SAR 42 billion into the hospitality sector across key destinations, expected to generate 120,000 new jobs by 2030.
The IHIF audience is gaining insight into Saudi Arabia’s ambitious plans to substantially expand its accommodation capacity. The Kingdom aims to increase hotel rooms to over 500,000 and target 150 million annual visitors by 2030. The HIE is designed to boost the hospitality sector by introducing a new wave of supply in strategic tourism hubs, enriching the Kingdom’s diverse tourism sector.
This initiative is underpinned by a group of strategic enablers, including access to government-owned land under favorable terms, streamlined project development processes, and regulatory adjustments aimed at reducing market entry barriers and operational costs. This approach is poised to drive significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR 42.3 billion and an anticipated annual GDP increase of SAR 16.4 billion by 2030.
Saudi Arabia’s active engagement in IHIF aims to position the Kingdom as an attractive investment destination for international investors, highlighting the interesting opportunities within the tourism and hospitality sectors. This global platform serves as an ideal avenue for the Ministry of Tourism to cultivate long-lasting partnerships and underscore the Kingdom’s dedication to enhancing tourism industry standards, fostering sustainable growth, and providing robust support to investors.
Through this participation, the Saudi Ministry of Tourism is not only showcasing investment prospects but also extending an invitation to the world to join Saudi Arabia’s ambitious journey in redefining global tourism norms. Investors are encouraged to seize this opportunity to collaborate with the Kingdom as it charts a course towards a new era of tourism excellence aligned with the transformative objectives of Vision 2030.
