Saudi Arabia Showcases Strategic Tourism Investments at IHIF Asia, Opening Doors to Investors

<!DOCTYPE html> <html lang="en" xmlns:wb="//open.weibo.com/wb"> <head> <meta charset="utf-8"> <title>Saudi Arabia Showcases Strategic Tourism Investments at IHIF Asia, Opening Doors to Investors - Business Wire China</title> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <meta name="description" content="HONG KONG--(BUSINESS WIRE)--Saudi Arabia is rapidly establishing itself as a global leader in tourism, with the Kingdom&rsquo;s remarkable achi"> <meta name="keywrods" content=""> <meta name="author" content="Business Wire China"> <link href="/css/bootstrap.css" rel="stylesheet"> <link href="/css/main.css?ver=20220804" rel="stylesheet"> <link href="/css/bootstrap-responsive.css" rel="stylesheet"> <script type="text/javascript" src="/js/jquery.min.js"></script> <script type="text/javascript" src="/js/bootstrap.js"></script> <script type="text/javascript" src="/js/main.js"></script>  <script src="//tjs.sjs.sinajs.cn/open/api/js/wb.js" type="text/javascript" charset="utf-8"></script> </head> <body>  <div class="header"> <div class="wrap"> <div class="container"> <div class="full_980 relative">  <div class="top_panel visible-desktop"> <a href="/zh">简体中文</a> | <a href="/hk">繁體中文</a> | <a href="/en">English</a> <div class="globalsite"><select id="globalsite" class="languages"><option value="0">Business Wire Global sites</option> <option value="1">Business Wire Global</option><option value="3">UK/Ireland</option><option value="4">Deutschland</option><option value="5">France</option><option value="6">Italy</option><option value="7">Japan</option> </select> </div> </div> <div class="logo"><a href="/en"><img src="/images/bwlogo_webmain_china.png" alt="Business Wire China" width="360" height="80"/></a></div> <div class="clear"></div> <div class="navigation"> <ul class="sf-menu"> <li class="current"><a href="/en">Home</a> </li> <li><a href="/en/news/index.html">News</a> </li> <li><a href="/en/events/index.html">Events</a> </li> <li><a href="/en/medias/index.html">Media Services</a> </li> <li><a href="/en/about/index.html">About Us</a> <ul> <li><a href="/en/about/contact.html">Contact Us</a></li> </ul> </li> </ul> <div class="clear"></div>  <div class="search_form visible-desktop"> <form action="/en/news/search" method="get"> <input class="inp_search" name="s" type="text" value="Search..." title="Search..." /> <input type="submit" class="search_btn" value=" " /> </form> </div>  </div>  </div> </div> </div> </div>   <div class="page_wrapper"> <div class="wrap"> <div class="container"> <div id="content"> <script src="http://tjs.sjs.sinajs.cn/open/api/js/wb.js?appkey=3616646312" type="text/javascript" charset="utf-8"></script> <script type="text/javascript" src="/js/swfobject.js"></script> <div class="full_980 main_wrap"> <div class="row"> <div class="span9 main_block story"> <p><img src="/files/logos/M/Ministry_of_Tourism_-_logo.jpg" alt="SAUDI MINISTRY OF TOURISM"></p> <h2 class="storytitle">Saudi Arabia Showcases Strategic Tourism Investments at IHIF Asia, Opening Doors to Investors</h2> <div class="storytimelang"> <span class="time">2024-09-11 11:48</span> <span class="lang"> <ul> <li><a href="/zh/news/57649.html"><img src="/images/zh_cn.png" alt="zh_cn"></a></li> <li><a href="/hk/news/57649.html"><img src="/images/zh_hant.png" alt="zh_hant"></a></li> <li><a href="/en/news/57649.html"><img src="/images/en.png" alt="en"></a></li> </ul> </span> <div class="clear"></div> </div> <ul class="industry-list"> <li><a href="/en/industry/travel.html" class="btn">Travel</a></li> <li><a href="/en/industry/finance.html" class="btn">Finance</a></li> </ul> <div class="storycontent"> <div itemprop="articleBody"> <p> HONG KONG--(<span itemid="https://www.businesswire.com" itemprop="provider publisher copyrightHolder" itemscope="itemscope" itemtype="https://schema.org/Organization"><span itemprop="name"><a href="https://www.businesswire.com/" itemprop="url" referrerpolicy="unsafe-url" rel="nofollow">BUSINESS WIRE</a></span></span>)--Saudi Arabia is rapidly establishing itself as a global leader in tourism, with the Kingdom’s remarkable achievements in 2023 setting a new benchmark for the industry. This progress was on full display at the IHIF Asia International Hospitality Investment Forum in Hong Kong, where the Saudi Ministry of Tourism highlighted the vast potential for international investors to capitalize on the Kingdom’s rapidly expanding and diverse tourism sector.</p> <p> Saudi Arabia’s strategic location at the crossroads of three continents and its strong economic ties with Asia underscore its potential as a global tourism hub. In 2023, the Kingdom welcomed over 20.9 million tourists from Asia, who collectively spent $25.7 billion. This significant influx highlights the increasing confidence Asian markets have in Saudi Arabia’s tourism potential and the lucrative opportunities it presents for investors. The Kingdom's appeal to Asian travelers is further evidenced by the substantial growth in tourism receipts, reflecting the strong demand for Saudi Arabia as a diverse and culturally rich destination.</p> <p> To capitalize on this momentum, the Kingdom has introduced the Tourism Investment Enablers Program (TIEP), with the Hospitality Investment Enablers (HIE) initiative serving as a cornerstone. HIE is designed to significantly boost accommodation capacity in key tourism areas, driving private investments up to $11 billion and increasing the annual GDP by $4.3 billion by 2030. The initiative also aims to create 120,000 new jobs, supporting Saudi Arabia’s broader economic diversification goals. Key incentives include corporate tax exemptions, VAT reductions, and access to government-owned land under favorable terms, making it easier and more cost-effective for investors to enter the market.</p> <p> A highlight of Saudi Arabia’s participation at IHIF Asia was the panel discussion titled "Invest, Enable, Prosper: Empowering Tourism Destinations." This fireside chat, led by Mr. Tareq Al-Shaghrood, General Manager of Investment Planning & Attraction at the Saudi Ministry of Tourism, explored the Kingdom's strategic approach to developing a world-class, diverse tourism ecosystem. "Saudi Arabia's commitment to creating a wide array of tourism experiences—from cultural heritage and adventure tourism to luxury and eco-tourism—is underpinned by a robust framework of incentives and support for investors. Our vision is to enable and empower those who join us in this transformative journey, ensuring prosperity for all stakeholders," Al-Shaghrood stated.</p> <p> Saudi Arabia's international tourism performance in 2023 was impressive, ranking 14th globally in international arrivals—an improvement of 11 positions since 2019. The Kingdom also ranked 12th globally in international tourism receipts, moving up 15 positions compared to 2019. According to the UN Tourism Barometer (May 2024), Saudi Arabia ranked first among the best-performing large tourism destinations in terms of the growth rate of international arrivals and tourism receipts compared to pre-pandemic levels.</p> <p> As Saudi Arabia continues its ascent as a leading tourism destination, the Kingdom invites investors worldwide to seize the opportunity to be part of this extraordinary transformation. With its robust infrastructure, strategic location, and unwavering commitment to sustainable growth, Saudi Arabia offers unmatched prospects for those looking to invest in a rapidly evolving and highly rewarding market.</p> <p> <strong>*Source: </strong><a href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.aetoswire.com%2Fen%2Fnews%2F0909202441250&esheet=54119274&newsitemid=20240909793097&lan=en-US&anchor=AETOSWire&index=1&md5=b72d1752815a9ef6ea8a242b0b7fa4e2" referrerpolicy="unsafe-url" rel="nofollow" shape="rect" target="_blank"><strong>AETOSWire</strong></a></p> </div> <div> <h2> Contacts</h2> <p> Najla AlKhalifa<br /> Senior Communications Advisor<br /> <a href="mailto:Najla@mt.gov.sa" referrerpolicy="unsafe-url" rel="nofollow" shape="rect" target="_blank">Najla@mt.gov.sa</a></p> </div> <div class="story-image"> <img src="/files/news/54119274-1726026761-1.jpg" alt="Tareq Al-Shaghrood, General Manager of Investment Planning and Attraction, speaking at IHIF Asia (Photo: AETOSWire)"/> <p class="caption">Tareq Al-Shaghrood, General Manager of Investment Planning and Attraction, speaking at IHIF Asia (Photo: AETOSWire)</p> </div> </div> <div class="subjects"> <ul class="subject-list"> <li><a href="/en/subject/economic-analysis.html">Economic News/Analysis News</a></li> </ul> </div> <div class="clear"></div> <div class="commentbox"> <wb:comments url="auto" border="y" width="auto" skin="blue" appkey="3616646312" ></wb:comments> </div> </div> <div class="span3 sidebar"> <div class="widget"> <h3>Business Wire Weibo</h3> <wb:follow-button uid="2676312451" type="red_2" width="136" height="24" ></wb:follow-button> </div> <div class="widget"> <h3>Industries</h3> <ul class="industry"> <li><a href="/en/industry/corporate-social-responsibility">Corporate Social Responsibility</a></li> <li><a href="/en/industry/manufacturing">Manufacturing</a></li> <li><a href="/en/industry/chemical">Chemical</a></li> <li><a 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Saudi Arabia Showcases Strategic Tourism Investments at IHIF Asia, Opening Doors to Investors - Business Wire China