Al-Khatib: Saudi tourism investments will reach 450 billion riyals by 2030
During his active participation in a dialogue session at the Public Investment Fund and Private Sector Forum, His Excellency the Minister of Tourism, Mr. Ahmed Al-Khatib, affirmed that the Kingdom of Saudi Arabia now possesses all the necessary qualitative elements and infrastructure to qualify it not only to compete but also to lead the global tourism landscape. He explained that the sector's strategic vision includes unprecedented diversification encompassing religious, business, leisure, and cultural tourism, making the Kingdom a comprehensive year-round destination.
These statements come within the context of a historic economic transformation underway in the Kingdom as part of Vision 2030, which aims primarily to reduce dependence on oil and diversify sources of income. The tourism sector is one of the most important pillars of this transformation, having witnessed rapid growth in recent years. After its contribution to GDP stood at around 3.5% in 2019, this figure jumped to 5% last year, a clear indication of the sector's recovery and strong growth despite global challenges.
In terms of figures that reflect the magnitude of the investment opportunities, Al-Khatib revealed that the volume of committed investments in the tourism sector for the period from 2020 to 2030 is estimated at approximately 450 billion Saudi riyals. He pointed out that these investments are distributed equally between Public Investment Fund projects and private sector investments, reflecting the success of the partnership model between the state and investors in building a sustainable economy.
The minister addressed the pivotal role played by the Public Investment Fund (PIF) in recent years, undertaking the development of major tourist destinations requiring substantial capital and complex infrastructure, such as the Red Sea Project and the Qiddiya Project. He explained that the Fund's initiative in shouldering the burdens of establishment and infrastructure development opened up significant opportunities for the private sector to capitalize on subsequent investment opportunities, whether in building hotels and shopping centers, or in providing high-quality tourism experiences that meet the aspirations of visitors and residents.
Regarding its social and economic impact, Al-Khatib pointed out that the tourism sector is one of the world's largest job creators. In the Kingdom, the sector has surpassed one million jobs, directly contributing to reducing unemployment rates and empowering Saudi youth. This tourism boom is expected to have positive effects that extend beyond the local borders, enhancing the Kingdom's regional standing as a major attraction and its international position as a new tourist destination competing with traditional tourism capitals, leveraging its geographical diversity and rich cultural heritage.
