Saudi Arabia Showcases Investment Opportunities In Tourism Industry At IHIF Asia

KUALA LUMPUR, Sept 10 (Bernama) -- The Saudi Ministry of Tourism recently highlighted the Kingdom’s thriving tourism sector, emphasising the enormous opportunity for foreign investors to capitalise on its rapidly expanding and diverse tourism sector at the International Hospitality Investment Forum (IHIF) Asia, in Hong Kong.

A highlight of Saudi Arabia’s participation at IHIF Asia was the panel discussion titled "Invest, Enable, Prosper: Empowering Tourism Destinations", led by Saudi Ministry of Tourism General Manager of Investment Planning & Attraction, Tareq Al-Shaghrood, that explores the Kingdom's strategic approach to developing a world-class, diverse tourism ecosystem.

“Saudi Arabia's commitment to creating a wide array of tourism experiences, from cultural heritage and adventure tourism to luxury and eco-tourism, is underpinned by a robust framework of incentives and support for investors.

“Our vision is to enable and empower those who join us in this transformative journey, ensuring prosperity for all stakeholders,” he said in a statement.

Saudi Arabia’s strategic location at the crossroads of three continents and its strong economic ties with Asia underscore its potential as a global tourism hub, to which the Kingdom welcomed over 20.9 million tourists from Asia, in 2023.

This significant influx highlights the increasing confidence Asian markets have in Saudi Arabia’s tourism potential and the lucrative opportunities it presents for investors. The Kingdom's appeal to Asian travellers is further evidenced by the substantial growth in tourism receipts, reflecting the strong demand for Saudi Arabia as a diverse and culturally rich destination.

To capitalise on this momentum, the Kingdom has introduced the Tourism Investment Enablers Program (TIEP), with the Hospitality Investment Enablers (HIE) initiative serving as a cornerstone, with the aims to create 120,000 new jobs, supporting Saudi Arabia’s broader economic diversification goals.

As Saudi Arabia continues its ascent as a leading tourism destination, the Kingdom invites investors worldwide to seize the opportunity to be part of this extraordinary transformation.

With its robust infrastructure, strategic location, and unwavering commitment to sustainable growth, Saudi Arabia offers unmatched prospects for those looking to invest in a rapidly evolving and highly rewarding market.

-- BERNAMA