Unprecedented Growth in Saudi Arabia’s Tourism: $113BN Investments Sparked at TOURISE Summit
Saudi Arabia is making waves in the global tourism industry. The recent inaugural TOURISE Summit in Riyadh successfully catalyzed investment portfolios totaling an impressive USD 113 billion. The Kingdom’s tourism sector is witnessing a growth like never before, with travel and tourism projected to inject a record SAR 447.2 billion into the economy this year.
The sector is forecasted to contribute over 10% of Saudi Arabia’s GDP by 2025, with employment reaching an all-time high of 2.7 million jobs. This remarkable growth is driven by substantial levels of both international and domestic spending. Inbound visitor spending is predicted to reach nearly SAR 200 billion this year, while domestic spending is set to skyrocket to a record SAR 162.5 billion.
This success mirrors the Kingdom’s ambitious Vision 2030 strategy to diversify its economy and establish itself as a leading global tourism destination. Industry experts commend the transformation, noting that Saudi Arabia is not just meeting, but exceeding its tourism development goals.
Source: Breaking Travel News