Saudi Arabia seeks $80 billion investments. Aim? More tourists

Saudi Arabia wants $80 billion in private investment in the tourism industry to help it become one of the world's most visited locations. I want the private sector to represent the majority of investment', Tourism Minister Ahmed Al Khateeb said in a Riyadh interview on Sunday, aiming to generate $60 billion to $80 billion by 2030. “This is an ambitious goal.” Saudi Arabia aims to invest $800 billion on tourism over the next decade to prepare for a post-oil future that includes metals mining and sports. By 2030, 150 million tourists, 70 million foreign, are expected.
The state and its sovereign wealth fund have been the cash lifeline for tourism development, but foreign direct investment, especially from the private sector, will be crucial to Vision 2030 as mega projects ramp up and spending needs balloon, said James Reeve, chief economist at Jadwa Investment Co.
Saudi Arabia is predicting deficits every year through 2026 and has delayed some 2030 projects due to funding and economic overheating.

Saudi Arabia had 100 million tourists in 2023, mostly locals. International tourists numbered 27 million, with many travelling for religious or business reasons. Since Riyadh is still a building hotbed, leisure trips are likely rare.
According to minister Khateeb, Saudi hopes the middle classes in India and China would expand international tourism and regard the UK as an attractive market. France and Germany are also promising, but places requiring flights over eight hours are difficult, he said.
A statement said the Ministry of Tourism started a new programme this week to encourage private investment, notably by lowering barriers to entrance, and may bring in $11 billion.
#SaudiTourism #TourismExpansion #SaudiVision2030

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