Berlin: Saudi Arabia's Minister for Tourism participated in the International Hotel Investment Forum (IHIF) in Berlin on April 17, 2024, to present to investors the promising opportunities in the tourism sectors under the Kingdom's recently launched Tourism Investment Enablers Program (TIEP).
This global stage provides the perfect platform to forge lasting partnerships and highlight the Kingdom's commitment to elevating its tourism industry standards, fostering sustainable growth, and offering robust support to investors.
The TIEP plans an investment infusion of up to SAR 42 billion in the hospitality sector in key destinations, which is anticipated to create 120,000 new jobs by 2030. It shall also enable access to government-owned land under favourable terms, streamlined project development processes, and regulatory adjustments to reduce barriers to market entry and operational costs.
Saudi Arabia aims to welcome 150 million tourists annually by 2030.
This strategic presentation at IHIF comes as the tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule. This milestone marks a significant stride towards economic diversification and emphasises the sector's growing contribution to the national GDP.
The Kingdom is targeting an increase in hotel rooms to over 500,000. IHIE is at the core of these ambitions, enabling the hospitality sector to introduce a new destination from the Kingdom's diverse tourism offerings.
Investors are encouraged to seize this unparalleled chance to collaborate with the Kingdom, which will pave the way for a new era of tourism excellence aligned with Vision 2030's transformative objectives.