Deputy Ministers Reveal 22% Decrease in Government Fees for Hospitality Sector under TIEP Program
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Mahmoud Abdulhadi, the deputy minister of tourism for destination enablement, announced a 22% decrease in government fees in the hospitality sector this year.
The Tourism Investment Enablers Program (TIEP), launched by the ministry, aims to contribute SR16 billion to Saudi Arabia's GDP by 2030 and enhance infrastructure and facilities.
TIEP seeks to attract SR42 billion in private investments and create 120,000 jobs.
Abdulhadi shared this information during a workshop organized by the Eastern Chamber of Commerce and Industry in collaboration with the Ministry of Tourism, with Badr Al-Ruzaiza, the chamber's Board of Directors chairman, moderating.
A workshop was held in the Eastern Province with several businessmen and investors in the tourism sector in attendance.
Abdulhadi announced that the program will support hotel projects with a minimum investment of SR15 million, excluding land value, and will also fund new projects or those under construction.
The Tourism Investment and Expansion Program (TIEP) was reviewed, which supports 10 tourist destinations across the Kingdom.
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Saleh Al-Khabti, deputy minister of investment, addressed the workshop remotely and emphasized the ministry's efforts to connect investors and provide them with investment opportunities that offer a good return on investment.
Badr Al-Ruzaiza, the chairman of the chamber, highlighted the Eastern Province as an attractive investment destination for the tourism sector.
He mentioned that the Ministry of Tourism is committed to supporting the sector through various programs aimed at enhancing tourism services in Saudi Arabia, with a focus on the Eastern Province.