Minister of Tourism Ahmed Al Khatib confirmed that Saudi Arabia has the qualitative elements to build a tourism sector that can compete at a global level, including religious tourism and business tourism, in addition to other types of tourism.
Prime Minister Al Khatib explained in a dialogue session within the Public Investment Fund and Private Sector Forum that the tourism sector contributed approximately 3.5% to gross domestic product in 2019, and its contribution increased to 5% in the past year.
He pointed out that the tourism sector is one of the largest job creators in the world, noting that Saudi Arabia has surpassed the one million employment barrier in this sector.
He pointed out that the amount of committed investments in the tourism sector for the period 2020-2030 is estimated at approximately 450 billion riyals, with an equal distribution of Public Investment Fund investments and private sector investments.
He added that public investment funds have played a vital role over the past few years in the development of major tourist destinations that are difficult to implement by the private sector alone, given the large financial demands and the need to build integrated infrastructure, citing specific projects such as the Red Sea Islands and Qiddiya projects.
He explained that the completion of infrastructure in these projects will pave the way for the private sector to benefit from investment opportunities, build hotels and commercial centers, and provide tourism experiences that meet the aspirations of visitors and residents.
