Saudi tourism's contribution approaching 6%, aiming for 100 million visitors by year end

27-10-23

Speaking during a session on the sidelines of the Future Investment Initiative (FII), the minister highlighted that Vision 2030 has set a goal to increase the sector's contribution from 3% to around 10%, necessitating the attraction of 100 million local and international visitors.

Al-Khateeb expressed confidence that, by the end of the current year, the number of visitors will approach 100 million, and the tourism sector's contribution to the GDP will be close to 6%.

In response to this, Saudi Crown Prince and Prime Minister Mohammed Bin Salman has directed the sector's targets to be raised to 150 million annual visits by 2030.

In the previous year, tourism in the Kingdom recorded 93 million visits, with 77 million from domestic sources and 16 million from international visitors.

The ambitious target is to surpass 100 million combined local and international visitors for entertainment tourism and 42 million for religious purposes by the end of the decade, aligning with the bid to host Expo 2030.

Al-Khateeb outlined that Saudi Arabia aims for 75 million foreign and 75 million domestic visits, highlighting the country's achievement of 75 million domestic visits and anticipating 30 million foreign visits this year, representing around 50% of the Vision 2030 target.

The minister emphasized that the growth of the middle class, especially in China and India, will encourage more tourism.

He reiterated the massive scale of Saudi investments in the sector, projecting the Kingdom to become the world's largest investor in tourism over the next decade.

Saudi Arabia has invested approximately $800 billion in the sector, with the Tourism Development Fund financing projects valued at $35 billion.

Al-Khateeb affirmed that additional investments are on the horizon, stating that as soon as the local and international private sector realizes the government's commitment to opening the sector and maximizing its value, they will come to invest in the country.