Saudi to invest more than $800bn in tourism sector by 2033

Saudi to invest more than $800bn in tourism sector by 2033

Saudi Arabia plans to invest hundreds of billions of dollars into its tourism sector over the next ten years, according to an official from the country. “The kingdom will invest more than $800bn during the next ten years,” said Saudi Arabia’s Minister of Tourism, Ahmed bin Aqeel Al Khateeb. The minister was quoted as part of his remarks at the 10th Arab-China Business Conference, according to state-run At the conference, the minister also added that the country’s tourism sector had experienced a 4.45 per cent growth in gross domestic product. He added that the ministry had developed comprehensive plans for the travel and tourism sector, which is 3 per cent of the labour market. With a 121 per cent increase from pre-pandemic international tourism levels, Saudi achieved 93.5 million visits in 2022. As one of the world’s biggest investor in tourism, the country has committed $550bn to new destinations by 2030. At the 22nd edition of the Global Summit of the World Travel and Tourism Council (WTTC) held in Riyadh towards the end of last year, Julia Simpson, WTTC president and CEO, said that WTTC members are set to invest more than $10.5bn in the kingdom. Property consultancy Knight Frank