Private investment in our tourism sector hit SAR 14.2 bn in 2024, up from 12 bn the year before, Tourism Minister Ahmed Al Khateeb said in an interview with Bloomberg. Some 40% of the funding came from foreign investors, with Europe and the US putting up the largest contributions.

What’s next? Discussions with investors from countries including China, South Korea, and Malaysia are already underway, with a focus on key areas such as gigaprojects, shopping centers, and hotels, the business information service said.

Investors are intrigued: “International investors have started to show a great interest to come and invest in Saudi Arabia in a time where some regions are stable or declining. They see that our ambitious plans are unlocking the value of this sector after it was closed for many decades,” Al Khateeb said.

Ambitious targets: Saudi Arabia has been open to leisure tourists since 2019, and plans to reel in 70 mn foreign visitors annually by 2030, up from 30 mn in 2024. The sector aims to secure USD 80 bn in private investment by the end of the decade to help achieve this goal, contributing to the Kingdom’s larger diversification agenda.

ICYMI- Tourism accounted for 5% of our GDP last year, a share the Kingdom is targeting to raise into 10% by 2030, backed by USD 500 bn in sustainable tourism projects such as AlUla and the Red Sea, Al Khateeb mentioned at Davos.

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