KSA aims for 10pc tourism contribution to economy by 2030
Saudi Arabia tourism sector currently contributes 5% of Saudi Arabia's economy, up from 3% in 2019, with a target of 10% by 2030, while globally, tourism accounts for 10% of the world economy, according to Ahmed Al-Khateeb, Minister of Tourism, reported SPA.
Speaking during the Saudi-US Investment Forum in Riyadh, the minister highlighted the role of Saudi Vision 2030 in attracting 100 million tourists.
He also pointed out the streamlined visa procedures, which allow citizens of 65 countries to obtain a tourist visa to Saudi Arabia in as little as two to five minutes.
Al-Khateeb stated that Saudi Arabia is now among the world's top 10 most visited countries, with the number of international visitors growing from around five million in 2019 to over 30 million.
The goal is to reach 50 million international tourists by 2030, positioning Saudi Arabia among the top five most visited countries globally.
'We are very excited to build this new sector,' Al-Khateeb added. 'Under the directives of the Crown Prince, we are exploring the Kingdom's untapped opportunities and hidden treasures. We are accelerating our progress toward achieving the 2030 goals, and tourism will become as vital to our economy as oil.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Trade Arabia
2 hours ago
- Trade Arabia
Al Salam Bank Bahrain closes $450m AT1 capital issuance
Al Salam Bank has announced the successful closure of its $450 million additional Tier 1 (AT1) capital issuance, reflecting strong investor confidence in the Bahraini bank's financial strength and long-term growth strategy. The issuance, which was structured as a private placement and advised by ASB Capital (the Group's asset management and investment banking arm headquartered in the DIFC), attracted substantial demand from regional and international investors. The AT1 Capital issuance forms a key initiative within the Group's broader financial optimisation strategy, enhancing its capital position to support future growth plans. Following market leading annual growth exceeding 35% across balance sheet metrics, the issuance was designed to further enhance the Group's financial standing and capitalization profile. The issuance also underscores the bank's commitment to sustainable growth and financial resilience, positioning it as a leading and diversified financial group in the region. The significant investor demand highlights the Group's ability to access liquidity from regional and global markets, reflecting strong investor confidence in the Bank's strategy and financial position. ASB Capital was mandated by Al Salam Bank to advise and structure the issuance. As part of its Capital Markets offering, ASB Capital provides innovative and tailored financing solutions to meet the evolving needs of clients by leveraging market expertise and strategic partnerships. Most recently, ASB Capital was also appointed as a joint lead manager by Bapco Energies in Q1 2025 for its $1 billion Sukuk issuance. Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital, said: "The overwhelming response to our $450 million AT1 Capital issuance is a testament to Al Salam Bank's financial stability, market credibility, and strategic direction." "Since 2020, we have consistently increased our total equity by more than 65%, and this issuance further strengthens our capital base and enhances our financial agility to execute our ambitious growth aspirations," stated Nayed. "We have recently rolled out an aggressive growth strategy across all Group companies. We are confident that the Group is well positioned to continue creating sustainable shareholder value," he noted. Nayed highlighted ASB Capital's ability to attract substantial investor demand, despite global market volatility, spotlighting the team's capabilities in the Capital Markets space. "By focusing on efficient capital raising and tailored financing solutions, ASB Capital connects clients to a broad network of funding sources, enabling them to adapt to market conditions and achieve growth aspirations," he stated.
Trade Arabia
7 hours ago
- Trade Arabia
UiPath appoints Sara Al-Alsheikh as Regional VP for Saudi Arabia
UiPath, a global leader in agentic automation, has appointed Sara Al-Alsheikh as Regional Vice President (RVP) and Managing Director for Saudi Arabia, Kuwait, and Bahrain, amid rising demand for AI-powered automation adoption across the Gulf. Al-Alsheikh will lead UiPath's go-to-market and customer success strategy across Saudi Arabia, Kuwait, and Bahrain and act as Managing Director of the UiPath regional hub, headquartered in Riyadh. She will focus on accelerating growth in key sectors such as government, banking, oil and gas, and others, strengthening UiPath's partner ecosystem, and driving customer success across large-scale digital transformation initiatives, the company said. Agentic Automation Momentum The Gulf region is experiencing a significant surge in digital transformation initiatives, with organisations increasingly adopting advanced automation technologies to enhance efficiency and competitiveness. UiPath is at the forefront of this evolution, enabling local businesses and governments to develop and orchestrate complex AI-powered automation deployments through seamless integration of AI agents, software robots, and human collaboration. Thanks to her exceptional track record of success having worked closely with UiPath customers in the region since joining in 2023 as Director of Public Sector and Public Investment Fund (PIF), Al-Alsheikh's appointment aligns with this momentum. Furthermore, it is placing UiPath in a solid position to further support the Gulf's ambitious Vision 2030 objectives by fostering innovation and driving sustainable growth across key sectors, while also supporting gender inclusion goals, the company said. With over a decade of experience at global technology firms including HP, IBM, and SAP, she represents a new generation of Saudi leaders driving innovation, inclusion, and sustainable growth across the region's technology landscape. "Sara's leadership is a strategic asset for UiPath and a symbol of what's possible when talent, vision, and inclusion intersect," said Zakaria Haltout, Area Vice President Middle East and Africa at UiPath.
Trade Arabia
7 hours ago
- Trade Arabia
SalamAir enhances distribution strategy via Sabre partnership
Sabre Corporation, a leading global travel technology company, has announced a new agreement with SalamAir, Oman's leading low-cost carrier under which SalamAir will utilise Sabre's marketplace to enhance its global visibility, expand its market reach, and drive revenue growth. Through this agreement, SalamAir's flights and services will be made available to travel agencies worldwide via Sabre's extensive global distribution network. This strategic move enables SalamAir to connect with new customer segments, increase bookings, and further solidify its position in the regional aviation market. For Sabre, the partnership underscores its commitment to empowering airlines in the Middle East and beyond with cutting-edge travel solutions. 'Our partnership with Sabre marks a significant milestone in SalamAir's growth journey,' said Steven Allen, Chief Commercial Officer at SalamAir. 'By utilising Sabre's robust global distribution platform, we aim to achieve greater global visibility, reach new markets, and offer our affordable travel options to a wider audience.' Sabre's strong presence in the Middle East, combined with its global distribution capabilities, positions it as a trusted partner for airlines looking to expand their operations. Recently, SalamAir renewed its long-term agreement with Sabre for the Radixx Reservation System, further reinforcing Sabre's credibility and reliability as a technology partner. SalamAir has been a Radixx customer since 2017, using the reservation system to streamline passenger booking and operational efficiency. 'We are thrilled to deepen our relationship with SalamAir through this new distribution partnership,' said Alessandro Ciancimino, Vice President, Airline Distribution, EMEA at Sabre Travel Solutions. 'Our global distribution network will enable SalamAir to connect with travel agencies and travelers worldwide, providing the tools they need to scale their operations and achieve their ambitious growth targets. We look forward to supporting their continued success.' This partnership reflects SalamAir's rapid growth within the region and its commitment to scaling operations to meet increasing demand. By utilizing Sabre's technology, SalamAir is well-positioned to achieve its vision of becoming a leading low-cost carrier while enhancing customer experiences and driving profitability. - TradeArabia News Service
