Tourism and hospitality companies will have an easier time doing business thanks to the Tourism Investment Enablers Program, which was launched yesterday, the Tourism Ministry said on X. The program aims to make it easier to get licenses for a range of activities, with fees and procedures pegged to the type and scale of operations. The measure applies equally to Saudi and international investors and includes a specific program to boost the hospitality sector.

Aiming high: The hospitality program aims to lure in investments of up to SAR 42 bn and add SAR 16 bn to GDP by 2030.

The launch comes as the Saudi tourism sector remains robust despite rising geopolitical tensions. Tourism Minister Ahmed Al Khateeb said earlier this week that the number of tourists visiting Saudi rose 10% y-o-y in 1Q 2024, with tourist spending growing 17% in the same period.

BACKGROUND- The ministry doubled its target for 2030 earlier this year, hoping now to be host to 150 mn tourist trips after it hit its target last year ahead of schedule. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers.

TOURISM MUST-READ this morning: Travel industry staple Skift has a rundown on everything you need to know about this week’s Future Hospitality Summit in Riyadh this week.

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