BUSINESS

SAUDI TOURISM MINISTRY ACCENTUATES INVESTMENT OPPORTUNITIES AT IHIF

18/04/2024 01:02 PM

KUALA LUMPUR, April 18 (Bernama) -- ​The Saudi Ministry of Tourism is currently taking a prominent stage at the International Hospitality Investment Forum (IHIF), presenting a unique opportunity for global investors to dive into the thriving tourism landscape of the Kingdom.

With the spotlight on the Tourism Investment Enablers Program (TIEP) announced recently, Saudi Arabia is aggressively pushing towards its Vision 2030 goal of being a top global tourism destination for investors and tourists alike.

This strategic presentation is ideal, as the tourism industry in Saudi Arabia is celebrating an incredible achievement of welcoming 100 million visitors in 2023, seven years ahead of schedule.

According to a statement, it signifies a major stride towards economic diversification and emphasising the sector's growing contribution to the national gross domestic product (GDP).

The flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion into the hospitality sector of up to 42 billion Saudi riyal in key destinations, which alone is anticipated to create 120,000 new jobs by 2030.​ (1 Saudi riyal = RM1.27)

The IHIF audience is getting a close look at Saudi Arabia's plans to expand its accommodation capacity dramatically as the Kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030.

The forum stands at the core of these ambitions, designed to energise the hospitality sector by introducing a new wave of supply in targeted tourism hotspots, significantly enriching the Kingdom's diverse tourism offerings.​

The initiative is supported by a suite of strategic enablers, including access to government-owned land under favourable terms, as well as streamlined project development processes, aimed at reducing barriers to market entry and operational costs.

Saudi Arabia’s active participation in IHIF aims to showcase the Kingdom as an enticing investment frontier for international investors, emphasising the lucrative opportunities within the tourism and hospitality sectors.

-- BERNAMA


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