Saudi Arabia, Kingdom and country in Western Asia covering the bulk of the Arabian peninsula, the largest nation in the Middle East has long been establishing itself as a global leader in tourism and its remarkable results reflected in 2023 -2024 have set a new benchmark for the tourism sector internationally.
These great advances and remarkable performances by the Arab State were highlighted recently during IHIF Asia's International Hospitality Investment Forum held in Hong Kong, where the Saudi Arabian Ministry of Tourism underlined and highlighted the enormous potential for international investors to capitalize on the Arab country's diverse and rapidly expanding tourism sector.
Undoubtedly, Saudi Arabia's strategic geographical position plays a significant role at the crossroads of three continents with strong economic ties with Asia, affirming its potential as a global tourism hub.
Linked to all that in 2023 Saudi Arabia received more than 20.9 million tourists from the Asian continent who spent a total of $25.7 billion, an extremely significant influx that highlights the growing confidence of Asian markets in the potential of the Saudi Kingdom and the great profitable opportunities that this country presents for investors.
Saudi Arabia's international tourism results also highlights other extremely impressive data in 2023 as the country ranked 14th globally in terms of international arrivals with an improvement of 11 positions compared to 2019 and 12th place globally in terms of international tourism revenue, moving up in the ranking by 15 positions compared to 2019.
A further figure of enormous revelation in more modern times is the one linked to the United Nations Tourism Barometer corresponding to the month of May 2024 with Saudi Arabia ranking 1st among the main tourist destinations with the best performance in terms of growth rate of international arrivals and tourist revenue compared to pre-pandemic levels.
A very relevant fact to take into consideration is the attractiveness of Saudi Arabia for Asian travellers, further highlighted by the significant growth in revenues from the tourism industry, which reflects the strong demand for the Arab country as a diversified and culturally very rich destination.
To take advantage of this great momentum, the TIEP acronym for Tourism Investment Facilitation Programme was introduced, whose cornerstone is the HIE initiative, Hospitality Investment Facilitation, designed fundamentally to increase the country's accommodation capacity in the main tourist sector by driving and generating private investment of up to $11 billion dollars and consequently increasing the annual GDP by $4.3 billion by 2030.
This initiative also focuses on creating 120.000 new jobs by actively supporting the Saudi Kingdom's broader economic diversification objectives.
The main incentives that result in strong concessions include corporate tax exemptions, VAT reductions and access to state-owned land on very favourable terms making the approach for investors easier and less expensive in entering the market.
On the occasion of the IHIF Asia event, one of the highlights of Saudi Arabia's participation was the round table named "Invest, Enable, Prosper: Empowering Tourism Destinations", very eloquent words that essentially translate into what Saudi Arabia presents and offers.
Linked to all that The Director General of Planning and Investment Attraction at the Ministry of Tourism of Saudi Arabia Tareq Al-Shagrood who led part of the dialogue illustrated the country's strategic approach to the development of a diversified and international tourism ecosystem.
The Director-General said Saudi Arabia's commitment to creating a wide range of tourism experiences such as cultural heritage, luxury tourism, adventure tourism, ecotourism is underpinned by a very robust incentive framework to support investors.
Saudi Arabia's vision is to empower all those who join the Arab country in this journey of constant transformation ensuring prosperity; of all interested parties.
As Saudi Arabia continues its rise as a leading tourist destination, the country invites investors from around the world to seize the opportunities to be an integral part of this transformation, which relies on solid infrastructure, a highly strategic geographical location, an unwavering commitment to sustainable growth and unparalleled prospects for all those who wish to invest in an ever-changing and rapidly evolving market, very gratifying.
Link - https://www.expreso.info/index.php/noticias/internacional/102433_arabia_saudita_presenta_sus_inversiones_estrategicas_en_turismo
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