New support measures announced to help Saudi Arabia’s tourism ‘renaissance’: Cabinet

saudi,arabia,tourism,support,announced
Saudi Arabia
  • Date: 24-Aug-2022
  • Source: Arab News
  • Sector:Tourism
  • Country:Saudi Arabia
  • Who else needs to know?

New support measures announced to help Saudi Arabia’s tourism ‘renaissance’: Cabinet

Industry news, Real Estate, Financial Markets, Banking, Startups, Stock Exchange, Oil & gas, Technology, Professionals, Business news, Research

RIYADH: Crisis management measures and financial guarantees will be part of a new tourism law unveiled by the Saudi Cabinet to boost a “renaissance” in the sector. The incoming regulatory system, which will help tourism’s development in line with Saudi Vision 2030’s objectives, addresses the development of the regulatory and legislative environment of the sector. The changes include measures to manage crises, ward off risks, and provide financial guarantees for certain tourism activities, strengthening the relation between investors, tourists and relevant authorities. Overall tourism spending in Saudi Arabia, including residents and foreigners, rose 52 percent in 2021 to SR95.6 billion ($25.5 billion) from SR63.4 billion the previous year, data published by the Saudi Central Bank, also known as SAMA, revealed earlier this month. “The new system will enable us to carry out our tasks to ensure the provision of high-quality services that enrich the experience of the tourist and visitor and enable us to attract investments and supervise the sector efficiently and effectively,” Saudi Minister of Tourism Ahmed Al-Khateeb said on his Twitter account. “The new system will contribute to a qualitative renaissance of the Saudi tourism sector and its development in line with the objectives of the Saudi Vision

Follow the conversation
Industry news, Real Estate, Financial Markets, Banking, Startups, Stock Exchange, Oil & gas, Technology, Professionals, Business news, Research