Mubasher: The tourism sector is expected to considerably prop up the diversification of Saudi Arabia’s oil-dependent economy, experts said on the sidelines of Arabian Travel Market (ATM) 2019.
The 26th edition of the ATM 2019 kicked off in Dubai on Sunday, 28 April at the Dubai World Trade Centre (DWTC) and is set to wrap up on 1 May.
A slew of officials from Saudi and overseas companies have considered available investment opportunities in the kingdom’s tourism sector and its related services in a panel discussion titled ‘Why Tourism is Saudi’s New ‘White Oil’.
The Saudi participants were from Dur Hospitality, Jabal Omar Development Company, Saudia Private Aviation (SPA), Colliers International MENA, Marriott International, and Saudi General Investment Authority.
Saudi industries pertaining to tourists are forecast to achieve as much as $25 billion over the course of 2019, which represents approximately 3.3% of the GCC nation’s gross domestic product (GDP), according to according to figures released by the World Travel and Tourism Council (WTTC).
“Our country [Saudi Arabia] has beautiful geographic diversity and a host of cultural attractions so, once visitors come into the kingdom and see the different projects lined up for them, I think it will market itself,” head of Destination Marketing, Jabal Omar Development Company, Reema Al Mokhtar, said.
Saudi Arabia’s domestic tourist trips are expected to increase by 8% in 2019, while inbound visits from overseas markets are forecast to rise by 5.6% on a yearly basis, according to research conducted by Colliers.
In the same vein, the kingdom’s overall number of tourist trips may reach 93.8 million by 2023.
“If you look at developments like The Red Sea Project and Qiddiya, which are completely reinventing destinations that will appeal to Saudi residents, you will find everything from hospitality and wellness to entertainment and sports,” Alex Kyriakidis, president and managing director for Marriott in the Middle East and Africa (MEA), stated.
Saudi Arabia has also taken a raft of procedures to boost the tourism sector over the previous period including visa-related improvements, along with the introduction of Umrah Plus Visas, eVisas for tourists, and specialist visas for events such as the Formula E Championship’s E-Prix.
The kingdom’s investments in the tourism industry is a major part of Saudi Vision 2030.
