Tourism a significant driver of Saudi economic and social development

As part of Saudi Vision 2030, tourism is a cornerstone of the Kingdom’s transformation plan. With its massive size, which is almost 10 times that of the UK, Saudi Arabia offers a variety of tourist attractions in terms of coastal and inland landscapes, as well as weather all year round.

For many economies worldwide, tourism is a crucial source of revenue, especially in countries where the tourism infrastructure has been well set up and prepared for years to suit and accommodate millions of tourists. In some leading economies, revenues generated from tourism make up a higher percentage of gross domestic product than any other sector.

Another important feature is that the tourism sector is expected to be one of the largest employers in the country. The government aims to create more than 1 million jobs as part of its 20-program strategy designed to develop and employ human capital in the tourism sector. The process extends the country’s Vision 2030, with the tourism development program focused on achieving overall growth in domestic tourism revenues. As for spiritual tourism in the holy cities of Makkah and Madinah, the number of pilgrims is expected to reach about 30 million over the next decade. During the next 10 years, significant investments will be made in infrastructure, transportation and hospitality in Makkah, Madinah and Jeddah.

Last week, Riyadh hosted another major event that covered investment opportunities in the tourism, entertainment and culture sectors. The forum reviewed investment opportunities in the tourism sector and their advantages. The conference also discussed the challenges entrepreneurs face and how they can find solutions to minimize the time and costs involved. The forum also explored the different financing initiatives and channels the Ministry of Tourism has created to assist small and medium-sized enterprises.

This revenue will be generated from international tourists and local ones, who usually spend billions of riyals abroad

With the different tourist and entertainment attractions the country offers — including the Red Sea’s exquisite shores and marine life, the steep grand mountains and stunning landscape in the south, AlUla’s ruins in the north and the historical sites of Diriyah in the center, coupled with the attractions and amusement parks that are under construction — a sizable piece of the country’s future GDP will be provided by the tourism sector. This revenue will be generated from international tourists and local ones, who usually spend billions of riyals abroad.

Next month, the tourism sector will be discussed and featured at the 16th edition of the BMG Economic Forum at the London Stock Exchange. The forum will also promote Riyadh as a candidate city for Expo 2030, including its UNESCO-certified attraction, the one and only Diriyah.

Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group.