$800 billion .. Saudi Arabia invests in the tourism sector

Saudi Arabia revealed its plans to invest up to $800 billion in the tourism sector over the next ten years.

The Kingdom of Saudi Arabia is currently witnessing the fastest growth rates in the travel market in the Middle East, as total bookings recovered by 107% in 2022 compared to 2021, and bookings are expected to continue to rise by an additional 65% by 2026, as stated in the report. The annual report on the travel market in the Middle East region for this year (2022-2026), issued by Insight Out Consulting and Phocuswright.

NEOM projects

Perhaps one of the main factors behind this growth is the Saudi government’s cooperation with the private sector with the aim of developing huge projects such as the Red Sea and NEOM projects, which are expected to attract millions of tourists to the Kingdom in the coming years.

$800 billion

The Kingdom recently revealed its plans to invest up to $800 billion in the tourism sector over the next ten years. As part of its efforts to achieve Vision 2030, the government has invested huge sums in strengthening vital infrastructure, including airports, roads and hotels, and has also contributed to facilitating requirements for obtaining entry visas to the Kingdom, which has achieved a significant increase in the number of tourists visiting the country for the purpose of entertainment.

travel industry

This report highlights the most important changes in the sector, especially the growth of the travel sector in the region, which is expected to witness a remarkable growth of 40% from 2022 to 2026, and the United Arab Emirates and the Kingdom of Saudi Arabia top the list of destinations achieving the highest growth rates. In the travel industry.

Saudi Red Sea International Company

The Saudi Red Sea International Company announced the opening of the Red Sea destination and starting to receive visitors from all over the world.

The company said, in a statement on the “X” website, that achieving this achievement contributes to strengthening the tourism sector in Saudi Arabia.

The reception of visitors to the “Red Sea” destination coincides with the opening of the international airport and the first 3 resorts, and the “Amala” destination is scheduled to open to visitors in 2025.

Red Sea International is a closed joint stock company wholly owned by the Public Investment Fund.

Multiple projects

Red Sea International is a global developer of a portfolio of multiple projects, seeking to pioneer responsible development at the global level towards a more sustainable future, to be a living example of how responsible and renewable development can advance societies, drive the economy, and enhance the environment. All of the company's decisions are based on the principle of protecting natural resources with the aim of creating a better future for everyone.

Red Sea International represents an important part of Saudi Vision 2030, which aims to contribute to diversifying the Kingdom’s economy, developing new sectors, creating promising opportunities for young Saudi talent, and supporting the local economy, as it develops assets and tourist destinations that intersect with many sectors with the aim of creating a positive impact on humans and nature.