Saudi Arabia's Tourism Ministry and Ministry of Investment Launch SR42 Billion Hospitality Initiative
The Ministry of Tourism and Ministry of Investment have launched the Hospitality Sector Investment Initiative as part of the Tourism Investment Program in Saudi Arabia.
The initiative aims to increase and diversify tourism offers, raise the capacity of tourist hospitality facilities, and attract SR42 billion in private investments in specific tourist destinations by 2030.
The revenues from these investments are estimated to contribute about SR16 billion to the Kingdom's gross domestic product.
The Undersecretary of the Ministry of Tourism, Eng.
Mahmoud Abdel Hadi, stated that this is part of the Ministry's strategic objectives to boost the hospitality sector and create prosperity in tourism.
The text discusses a new initiative aimed at creating 120,000 new jobs in various destinations by 2030.
The Ministry is collaborating with multiple government sectors to enhance the investor experience, leading to a 22% decrease in annual fees related to the sector.
This move is part of the Vision 2030 plan to diversify the state's budget sources and increase the tourism sector's contribution to the domestic product to 10% by 2030.
The revenues from these investments are estimated to contribute about SR16 billion to the Kingdom's gross domestic product.
The Undersecretary of the Ministry of Tourism, Eng.
Mahmoud Abdel Hadi, stated that this is part of the Ministry's strategic objectives to boost the hospitality sector and create prosperity in tourism.
The text discusses a new initiative aimed at creating 120,000 new jobs in various destinations by 2030.
The Ministry is collaborating with multiple government sectors to enhance the investor experience, leading to a 22% decrease in annual fees related to the sector.
This move is part of the Vision 2030 plan to diversify the state's budget sources and increase the tourism sector's contribution to the domestic product to 10% by 2030.
Translation:
Translated by AI
