Riyadh – Mubasher: Saudi Arabia’s current economic reforms are expected to boost tourism, travel, and hotel sectors by 13.5% per year until 2022, Arabian Travel Market’s (ATM) report revealed on Monday.
The kingdom’s investments in resorts and hotels are forecast to rise, backed by Crown Prince Mohammed bin Salam’s ongoing economic and social reforms, comprising direct investments in tourism.
In 2017, the Public Investment Fund (PIF) has injected SAR 10 billion into entertainment projects which are part of the National Transformation Programme (NTP) that invested SAR 171.5 billion in tourism projects.
The oil-rich kingdom announced some expansion plans to increase investments in the tourism sector, including the establishment of the Red Sea Resort, in addition to Six Flags theme park in Riyadh which will be completed by 2021.
The Red Sea Resort project is expected to include featuring hotels, transport hub and provide 35,000 job opportunities, in addition to adding SAR 15 billion to the nation’s economy.
Saudi Arabia aims to attract 30 million tourists a year by 2030.
“Following recent reforms and the relaxation of visa regulations, Saudi Arabia is poised to capitalise on these factors as it nurtures a vibrant leisure and entertainment sector, supported by a new generation of hotels,” ATM senior exhibition director Simon Press said.
