RIYADH: Saudi Arabia’s tourism sector has revised its 2030 target to 150 million visitors, up from the initial 100 million, according to the minister of tourism.
In a session titled “What is the Vision for High-Growth Industry” on the first day of the Future Investment Forum, Ahmed Al-Khateeb explained that the Kingdom expects to reach its original goal by the end of 2023.
“I think we will close this year with the about 100 million (visitors) and almost 6 percent of contribution to gross domestic product, that’s why his royal highness (Crown Prince Mohammed bin Salman) instructed us to revise up our targets to 150 (million visitors),” Al-Khateeb said.
The minister elaborated that out of this new target, an estimated 75 million visitors are expected to be international, with the remaining 75 million being domestic travelers.
During the discussion, he also confirmed that the ministry will invest over $800 billion in the next 10 years to serve the sector.
He also emphasized that expanding the middle class in India and China encourages further travel.
“That’s why the World Tourism and Travel Council is expecting the international arrivals to double by 2032,” Al-Khateeb highlighted.
Additionally, the minister addressed the many purposes for travel today, advancing beyond culture.
“There are emerging services and new purposes of travel like wellness,” he said, adding: “Wellness (tourism) is very small today. It’s about 1 percent of the total market, but it is growing at double digits and therefore, we expect this market to be soon very attractive.”
Al-Khateeb also shed light on how sustainability poses a significant challenge and underlined the importance of its consideration within the sector.
“Today, in travel and tourism, we need to make sure that whatever we build, whatever we promote is sustainable. Sustainability covers environment, social, and economic,” the minister noted.
World leaders, industry titans, and global financiers are in Riyadh for the seventh edition of the FII from Oct. 24-26.
Under the slogan “The New Compass,” the attendees will discuss climate, economy and technology issues.
The FII acts as a catalyst for crucial talks surrounding the macroeconomic challenges communities face.
This year’s conference will also shed light on the role of governments and the transformative potential of technology, education, and healthcare in shaping a more prosperous future.