Deputy Minister of Destinations Enablement Mahmoud Abdullhadi introduces the Tourism Investment Enablers Program at the recent International Hospitality Investment Forum in Saudi Arabia this month.
According to Deputy Minister Mahmoud Abdulhadi, Saudi is offering unique opportunities for global investors to access its Tourism Investment Enablers Program (TIEP) as part of Saudia’s Vision 2030 goal of being a top global tourism destination.
In 2023, Saudi celebrated the tourism sector’s milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasizing the sector’s growing contribution to the national GDP.
According to Abdulhadi, its flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion into the hospitality sector of up to SAR 42 billion in key destinations.
“This initiative alone is anticipated to create 120,000 new jobs by 2030. The Kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030. The HIE stands at the core of these ambitions, designed to energize the hospitality sector by introducing a new wave of supply in targeted tourism hotspots,” says Abdulhadi.
He further says that the initiative is supported by a suite of strategic enablers, including access to government-owned land under favorable terms, streamlined project development processes, and regulatory adjustments aimed at reducing barriers to market entry and operational costs.
“This comprehensive approach is expected to catalyze a significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR 42.3 billion and a forecasted annual GDP increase of SAR 16.4 billion by 2030. The Saudi Ministry of Tourism is inviting the world to be a part of Saudi Arabia’s ambitious journey towards redefining global tourism norms. Investors are encouraged to seize this unparalleled chance to collaborate with the Kingdom,” says Abdulhadi.
