Saudi launches tourism investment enablers program

The Ministry of Tourism launched it tourism investment enablers program as they participated in the International Hotel Investment Forum (IHIF) in Berlin as part of its ongoing efforts to showcase and introduce investors to the promising opportunities in the Kingdom’s tourism and hospitality sector. The ministry has set up a pavilion at the IHIF’s accompanying exhibition to showcase opportunities in the Kingdom’s tourism and hospitality sector. It has also participated in panel sessions and introductory meetings with international investors in the forum.
Participating in the panel sessions, Deputy Minister for Investment Attraction at the Ministry of Tourism, Mahmoud Abdulhadi, showcased the promising opportunities that the Kingdom provides to international and local investors in the tourism sector, explaining that the TIEP is an integral component of the strategic objectives of the Saudi Vision 2030 and has been designed to enhance the Kingdom’s position as a global tourist destination, while providing excellent investment opportunities for local investors, indicating that the initiative aims to increase and diversify tourism offers and raise the occupancy capacity of tourist hospitality facilities.
He stated that the value of private investments attracted through TIEP has reached around SAR 42 billion ($11 billion), with returns estimated at SAR16 billion ($4 billion) on the Kingdom’s gross domestic product by 2030. This indicates that the initiative will contribute to providing up to 120,000 additional job opportunities by 2030 and enhance tourism infrastructure and hospitality facilities in the Kingdom.