Saudi Arabia Moves Focus And Investments Into Tourism Sector
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Roshan Amiri
- . August 24, 2022
- . Update: August 25, 2022 1:40 pm
saudi arabia–Saudi Arabia is moving aggressively in to developing a strategy to attract more investments in the tourism sector. For starters, it has approved the new tourism law that will give a boost to the investments in this related sector.
The introduction of a new legislation is also being done with the intent to help attract more visitors and make it easier doing business in the industry. The intention is also to look at more greener pastures like the tourism industry and concentrate more on diversification.
According to a formal statement by the government, the new tourism law, approved by a resolution passed by the Council of Ministers this week, will establish a new regulatory environment to “attract tourism innovators and improve ease of doing business” in the kingdom.
Elaborating on the future plans, Saudi Arabia’s Tourism Minister Ahmed Al Khateeb said that “It will also streamline the licensing processes and procedures by creating a one-stop-shop platform for all tourism stakeholders as well as allow “new or experimental tourism businesses to receive special licences” to operate in the country.
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The new tourism law will “drive business and investment, support innovation and attract tourists, in line with international best practices.”
As the kingdom has started to develop new tourism projects, the new legislation only gives a push to these new innovative plans.
A council of ministers have also approved The Council of Ministers also approved a resolution that “empowers the ministry of tourism to enable sector growth”, SPA reported.
It allows the ministry to give tax and custom exceptions or reductions with related government entities, creating incentives for businesses to invest in the tourism sector.
“This new framework for collaboration with the private sector and relevant government entities will improve the quality of services in the tourism sector and promote Saudi Arabia as a top five global destination,” the report said.
“It will accelerate achieving the goals set by the kingdom’s National Tourism Strategy and Vision 2030, including 100 million new visits, tourism’s 10 per cent GDP contribution and 1 million new tourism jobs.”
