‘Saudi hospitality sector to generate SR42 billion investments and 120000 jobs by 2030’ – Saudi Gazette

‘Saudi hospitality sector to generate SR42 billion investments and 120000 jobs by 2030’ – Saudi Gazette

Saudi Gazette ReportBERLIN — Eng. Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, emphasized that Saudi Arabia is providing promising opportunities for both Saudi and international investors to draw investments into the Kingdom’s vital tourism sector. “The recently launched Hospitality Investment Enablers (HIE) initiative seeks to attract private investments in the hospitality sector, amounting to about SR42 billion ($11 billion) with creation of 120,000 new jobs by 2030,” he said while attending a dialogue session within the Saudi Ministry of Tourism’s participation at the International Hospitality Investment Forum (IHIF) in Berlin.He said that the flagship HIE, one of the initiatives of the Tourism Investment Enablers Program (TIEP), is expected to contribute about SR16 billion ($4 billion) to Saudi Arabia’s gross domestic product by 2030 in addition to enhancing tourism infrastructure and hospitality facilities in the Kingdom.Abdulhadi said that the HIE, launched by the ministry within its TIEP, is part of the strategic objectives of Vision 2030, and was designed specifically to enhance Saudi Arabia’s position as a global tourist destination as well as to create great investment opportunities for local investors. “The initiative aims to increase and diversify tourism offers, and raise the capacity of tourist hospitality facilities in