Saudi government entities ink SR100b tourism agreements
Unique experiences await those who visit Saudi Arabia.
Dubai - Opening the kingdom to tourism a key milestone in implementation of transformative Vision 2030
As Saudi Arabia opens to tourists from across the world, the General Investment Authority (Sagia) and the Saudi Commission for Tourism and National Heritage (SCTH) announce a number of memoranda of understanding and agreements with regional and international investors totalling around SR100 billion.
Signed at a ceremony in Riyadh, these agreements reflect the enormous potential Saudi Arabia's growing tourism sector offers to investors across the kingdom and around the world.
Opening Saudi Arabia to tourism is a key milestone in the implementation of Vision 2030. Saudi Arabia expects to increase international and domestic visits to 100 million a year by 2030, attracting significant foreign and domestic investment and creating a million jobs.
Eng Ibrahim Al Omar, governor of Sagia, said: "Signing these agreements represents a milestone for the kingdom as we continue charting a path to a new diversified economy."
Ahmad Al Khateeb, chairman of the SCTH, added: "These exciting and wide-ranging agreements are only the beginning of the investment opportunities that will arise within Saudi Arabia - the fastest-growing tourism sector on earth.
Sagia signed agreements with Majid Al Futtaim, Triple 5, Nenking Group/Ajlan Brothers, FTG Development, Kerten Hospitality and Tetrapylon. The SCTH, meanwhile, inked deals with Saudi Arabian Airlines, Al Khozama and the Diriyah Gate Development Authority.
Meanwhile, Seera Group announced an investment of over SR1 billion in tourism for the kingdom covering promotion, distribution, infrastructure and Saudi human capital development.
This was announced by Abdullah Al Dawood, board member and group CEO of Seera Group, at the signing of an agreement with Al Khateeb in Riyadh. "Our investment highlights our commitment to build the tourism value chain of the kingdom, as Saudi Arabia enters a new era of growth," Al Dawood said in a statement.
"In this transformation of the tourism sector, the private sector will play a key role in enabling global visitors to experience the rich and diverse cultural heritage and modern attractions of the kingdom."