The Kingdom of Saudi Arabia’s government has committed to bring stability in the oil, tourism and investment segment at the virtual Budget 2021 Forum this week. The government official discussed the challenges faced by the Kingdom due to the pandemic and also praised the recent OPEC+ agreement which has saved the global oil industry.
Furthermore, the government also discussed new techniques to attract investments worth SR220 billion in the next three years and SR500 billion by 2030. The government underlined the hard work that the ministry of tourism carried out to address the challenges faced by stakeholders and investors in the tourism segment.
Ahmed Al-Khateeb, Minister of Tourism said that the government will allow hotels to acquire a license quickly and cut the waiting period to 10 days compared to earlier. The tourism sector accounted for 10 percent of the global GDP, while 3.5 percent contributed towards the kingdom’s GDP. He added that occupancy of hotels during the summers’ surged 10 to 80 percent quickly.
The Kingdom had managed to attract more than 500,000 tourists from other economies since it opened its doors to the world in 2019.
It is reported that the PIF plans to invest SR150 inside the Kingdom next year and 2022. The PIF’s total asset is recorded at SR 1.3 trillion as of September this year, marking a double growth since 2015.
The Kingdom is among the fastest developing nations in the Middle East and expects to become a hotbed for foreign investors in the coming years.