‎Saudi Arabia signed SAR 50 bln worth agreements with private sector to build hotels over last 3 years: Minister

‎Saudi Arabia signed SAR 50 bln worth agreements with private sector to build hotels over last 3 years: Minister

Saudi Arabia’s Ministry of Tourism signed investment agreements worth SAR 50 billion with the private sector over the past three years to build hotels until 2026, Tourism Minister Ahmed Al Khateeb said.

During his participation in the Real Estate Future Forum, Al Khateeb explained that the projects that Saudi Arabia is working on will provide 50% of the Kingdom's needs by 2030, while the private sector will cover the rest. He also stressed that tourism in the Kingdom is characterized by its geographical and climatic diversity throughout the year.

There are currently about 40,000 hotel rooms in Riyadh. However, it will require more than 120,000 rooms by 2030, the minister added.

He pointed out that the contribution of the tourism sector to the GDP increased from 3% in 2019 to 4% by the end of last year, with the aim to reach 10% by 2030 to add $70-$80 billion to the GDP in turn.

The minister also noted that the tourism sector in Saudi Arabia is complete in terms of infrastructure and legislation, and opportunities exist. During the past three years, the ministry focused on regulating the tourism sector, and all facilities have been put in place for the private sector to contribute to