Minister: Investment Opportunities In Saudi Arabia Worth $6 Trillion In The Tourism And Travel Sector.

Investment Opportunities In Saudi Arabia

According to the Saudi Minister of Tourism, Ahmed Al-Khateeb, Investment opportunities in Saudi Arabia are reaching $six trillion in the travel and tourism sector until the year 2030 as the country is trying to become a popular place for tourists by the end of this decade.

On November 29, Al-Khateeb stated during a speech at the World Travel and Tourism Council Global Summit in Riyadh that global cooperation is necessary to address the issues facing the tourism industry.

According to Al-Khateeb, they developed their tourist sector against the major catastrophe (COVID-19 pandemic). And they now have $6 trillion of investment opportunities in Saudi Arabia through 2030.

He continued by saying they appreciate teamwork and have shown it to be successful. The global industry will advance thanks to their shared dedication to partnerships. With their help, Saudi Arabia is rethinking the travel industry and ensuring no one gets left behind.

Al-Khateeb expressed his pride in Saudi Arabia’s accomplishments as a fast-rising tourist destination and a worldwide partner bringing the most outstanding Investment opportunities in Saudi Arabia in the travel and tourism industry.

He stated that as the travel and tourism industry grows stronger, they must put the well-being of people and the environment at the forefront of all decisions they make.

Employment Generated In The Travel And Tourism Sector

The minister said that 126 million new employments would be generated by the travel and tourism industry globally over the next ten years, or one out of every three new jobs.

Al-Khateeb reaffirmed Saudi Arabia’s commitment to the industry and young people by mentioning that the country trains 100,000 individuals yearly to work in the tourism business.

The Quick Development Of Saudi Arabia

According to WTTC Chairman Arnold Donald, Saudi Arabia is quickly developing as a travel destination.

He has travelled to Saudi Arabia three times in the past 14 months, and each visit has been far superior to the previous one. The ambitious goals of Saudi Arabia represent the region’s passion and vigour in the travel and tourism industry.

He continued by saying that the Kingdom hopes to host 100 million domestic and foreign visitors yearly and rank among the top 5 tourism destinations.

Cooperation Between Public And Private Sector

According to Donald, Saudi Arabia shows how the public and private sectors may cooperate to achieve a common objective. Donald stated that cooperation between the public and commercial sectors should come first to forward the action that would benefit everyone.

The Largest Investment

Julia Simpson, president and CEO of WTTC, said that Saudi Arabia’s travel and tourism industry is getting investments worth $800 billion; these are the largest Investment opportunities in Saudi Arabia in the history of the industry, she said. The travel and tourism industry will experience phenomenal expansion during the ensuing ten years.

Developing So Fast

According to Simpson, during the next ten years, the travel and tourism industry will develop faster than the rest of the world. They will expand at a 5.8 per cent annual rate, while the world GDP will only increase by 2.8 per cent.