Massive investments in Saudi Arabia’s tourism project will reach $810 billion by 2030 as per the Middle East and North Africa Leisure & Attraction Council (MENALAC).
The Public Investment Fund of the Kingdom is investing heavily in the tourism industry and will be increasing its investment in leisure projects from 2.9 percent in 2020 to 6 percent in 2030 with a hope of $37 billion growth in tourism revenue by the end of this year.
The mega projects by the Public Investment Fund will be spread across an area of 64,634 sq km and are expected to change the country into one of the largest leisure tourism industries.
The Saudi Commission for Tourism and National Heritage (SCTH) says that being one of the fastest growing non-oil category, the tourism sector is expected to make a notable contribution to the gross domestic product of the kingdom.
The country saw an increase of $51 billion and $56 billion in tourism revenue in the years 2017 and 2018 respectively. The trade council’s data shows that the kingdom drew $28.6 billion investment in 2017 which is six times more than the average tourism capital investment in the world.
According to MENALAC, Saudi Arabia is anticipating 62 million inbound and outbound tourist trips by the end of 2020.
Among the projects worth $810 billion, the $500 billion Neom city is the most high-profile megaproject which, once completed, will be a sustainable megacity followed by the $10 billion Qiddiyah Project which is spread across 334 sq km in Riyadh. Another project is the Amaala or the Saudi Riviera which will be set in an area of 3,800 sq km in the northern region and will also include the development of islands in the Red Sea.
Moreover, $1.3 billion has been set aside by SCTH to develop Saudi Museums and preserve the country’s heritage.
Rosa Tahmaseb Secretary-General MENALAC
“ The leisure attractions industry in the MENA region is upbeat with the new opportunities that are arising in Saudi Arabia. We see massive opportunities for our industry being created by more than a $1 trillion investment in the Saudi economy between now and 2030.”
The MENALAC Board of Member, Mishal Al Hokair says that after the current COVID-19 crisis, Saudi Arabia will create huge opportunities in its tourism sector through investments and developments.
The Vision 2030 of Saudi Arabia gives huge importance to tourism and entertainment as the economy focus on reducing its oil dependency.
