Tourism to contribute $70bn to Saudi Arabian economy in 2019

Saudi Arabia’s travel and tourism sector is expected to contribute $70.9 billion to the Kingdom’s GDP in 2019. (SPA)
Updated 29 April 2019
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Tourism to contribute $70bn to Saudi Arabian economy in 2019

  • Religious tourism will continue to be the biggest contributor
  • Leisure tourism is also gaining traction in Saudi Arabia, with various projects and initiatives under Vision 2030

DUBAI: Saudi Arabia’s travel and tourism sector is expected to contribute $70.9 billion to the Kingdom’s GDP in 2019, according to the World Travel and Tourism Council.
International arrivals to the Kingdom are also expected to increase 5.6 percent per year from 17.7 million in 2018 to 23.3 million by 2023, according to research by Colliers in partnership with the Arabian Travel Market (ATM), which opened at the Dubai World Trade Center on Sunday.
Religious tourism will continue to be the biggest contributor to these numbers over the next decade, according to the research, with a goal of 30 million pilgrims to the Kingdom by 2030, an increase of 11 million from the 19 million Hajj and Umrah pilgrims that visited the country in 2017.
“More relaxed access to visas and the growth of the Umrah market are expected to be key drivers in the growth of international tourism in the Kingdom,” Danielle Curtis, Middle East exhibition director at the ATM, said in a statement.

Danielle Curtis, Middle East exhibition director at the ATM

But leisure tourism is also gaining traction in Saudi Arabia, with various projects and initiatives under the Vision 2030 reform plan already in progress.
“Saudi Arabia will see a vast expansion of its hotel and resort inventory during 2019, with over 9,000 keys of three, four and five-star international supply expected to enter the market,” Curtis said.
This will drive up competition in the country’s hotel scene, with projected growth in domestic and international visitors set to boost occupancy levels throughout 2019, according to Curtis.
A significant number of local tourist trips also adds to the upbeat forecast for the country’s tourism sector, with the number of domestic tourists exceeding 47 million in 2018, which Colliers said will increase to 70.5 million by 2023.


MODON to establish integrated pharmaceutical complex

Updated 23 May 2019
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MODON to establish integrated pharmaceutical complex

JEDDAH: The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed an industrial land lease covering more than 62 thousand square meters in the city of Madinah, to build a pharmaceutical complex including research and development centers, with a total investment reaching SR 570 million.

MODON’s Director General Khalid bin Mohammed Al-Salem said that the signing of the contract was the result of joint work with the National Program for the Development of Industrial Compounds. MODON provided various facilities and incentives to support the investment, with the project set to provide nearly 1000 jobs for both genders with a localization rate exceeding 50 percent.

He added that the project is in line with the goals of the National Industrial and Logistics Development Program (NIDLP) to localize the most advanced industries in the world, in accordance with Saudi Vision 2030 for economic diversification.

Since its inception in 2001, MODON has been developing integrated industrial lands in accordance with the highest international standards. It currently oversees 35 industrial cities under development in various regions of the Kingdom, in addition to supervising private industrial parks and cities. The developed industrial lands exceeded until today 198.8 million square meters, while the existing industrial cities include 3,474 productive factories.