Riyadh – Mubasher: Saudi Arabia’s General Investment Authority (SAGIA) and the Saudi Commission for Tourism and National Heritage (SCTH) have witnessed the signing of memoranda of understanding and agreements with regional and international investors with a total value of SAR 100 billion ($27 billion).
The kingdom is keen on boosting its tourism sector in line with its Vision 2030, which is aimed at diversifying the economy and wean it of oil returns, according to Saudi Gazette.
“In Saudi Arabia, the market fundamentals are in place for vibrant tourism industry, and we believe that the private sector will play a crucial role in unlocking this potential,” governor of SAGIA Ibrahim Al-Omar said.
Saudi Arabia plans to increase international and domestic visits to 100 million per year by 2030, creating a million jobs. The top Arab economy is aiming at increasing tourism’s contribution to GDP to 10%.
“We anticipate more businesses from around the world will establish operations within the kingdom, as its unique attractions, culture, and natural beauty become more widely appreciated,” chairman of SCTH Ahmad Al-Khateeb commented.
Furthermore, various organisations pledged to invest SAR 36.25 billion in Saudi Arabia.
Saudi Arabia announced that it would start issuing tourist visa as of 28 September, chairman of the SCTH Al-Khatib stated.
