Saudi Arabia's tourism sector is poised for a prosperous decade, thanks to transformative developments in 2023
Saudi Arabia’s tourism sector is poised for a significant expansion, with growth set to accelerate in the coming decade. The country’s Vision 2030 ambitions have evolved due to the sector's remarkable performance in 2023, with Saudi Arabia now targeting 150 million visits by 2030, an increase from the previous goal of 100 million.
The Kingdom saw over 93.5 million tourists in 2022, prompting policy reforms such as the "Visiting Investor" visa, which can now be obtained online, expanding access globally. Saudi Arabia is looking to position tourism as its second-largest revenue source by 2030, enhancing international standards for attractions while preserving its historical sites.
The introduction of Riyadh Air, aiming to make the Saudi capital a major hub for trade and tourism, is a key initiative. Saudi Arabia ranked second in global tourist arrivals in the first seven months of 2023. The Air Connectivity Program is adding direct flights from Jeddah and Riyadh to various cities, and a strategy to attract $100 billion in investments by 2030 has been announced to improve competitiveness in the aviation sector.
Globally, Saudi Arabia is reinforcing its presence in tourism, illustrated by the participation in World Travel Market London, mirroring its rapid growth in this domain. The Kingdom is investing in state-of-the-art destinations through Red Sea Global (RSG), including The Red Sea and AMAALA projects, enhancing luxury tourism and environmental stewardship.
As part of Vision 2030, RSG will create economic opportunities and preserve cultural heritage. Plans are underway to grow Saudi Arabia’s hotel capacity to roughly 450,000 rooms by 2030, with an investment of around $37.8 billion. NEOM’s Trojena will feature two Marriott hotels and is set to host the Asian Winter Games in 2029.
The World Expo 2030 in Riyadh and other global sporting events are also expected to drive tourism. These include Equestrian Sports World Cup Finals 2024, the 2025 Asian Indoor & Martial Arts Games, the Asian Football Confederation’s Asian Cup in 2027, along with the Asian Summer Games in 2034, and potentially the 2034 FIFA World Cup.
Saudi Arabia is emerging as a highly attractive destination for international investors. With Vision 2030 aiming to boost tourism’s GDP contribution to over 10 percent by 2030, a $1 trillion investment is slated for the sector, providing ample opportunities for global investors. Over 3,500 tourism investment licenses have been issued in the past three years. The government's continued commitment to improving the business and travel landscape signifies strong growth potential, as reflected in the successes reported by travel industry players.
The introduction of Riyadh Air, aiming to make the Saudi capital a major hub for trade and tourism, is a key initiative. Saudi Arabia ranked second in global tourist arrivals in the first seven months of 2023. The Air Connectivity Program is adding direct flights from Jeddah and Riyadh to various cities, and a strategy to attract $100 billion in investments by 2030 has been announced to improve competitiveness in the aviation sector.
Globally, Saudi Arabia is reinforcing its presence in tourism, illustrated by the participation in World Travel Market London, mirroring its rapid growth in this domain. The Kingdom is investing in state-of-the-art destinations through Red Sea Global (RSG), including The Red Sea and AMAALA projects, enhancing luxury tourism and environmental stewardship.
As part of Vision 2030, RSG will create economic opportunities and preserve cultural heritage. Plans are underway to grow Saudi Arabia’s hotel capacity to roughly 450,000 rooms by 2030, with an investment of around $37.8 billion. NEOM’s Trojena will feature two Marriott hotels and is set to host the Asian Winter Games in 2029.
The World Expo 2030 in Riyadh and other global sporting events are also expected to drive tourism. These include Equestrian Sports World Cup Finals 2024, the 2025 Asian Indoor & Martial Arts Games, the Asian Football Confederation’s Asian Cup in 2027, along with the Asian Summer Games in 2034, and potentially the 2034 FIFA World Cup.
Saudi Arabia is emerging as a highly attractive destination for international investors. With Vision 2030 aiming to boost tourism’s GDP contribution to over 10 percent by 2030, a $1 trillion investment is slated for the sector, providing ample opportunities for global investors. Over 3,500 tourism investment licenses have been issued in the past three years. The government's continued commitment to improving the business and travel landscape signifies strong growth potential, as reflected in the successes reported by travel industry players.
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