Saudi Arabia Collaborates with Private Sector to Double Tourism Investments
Date
5/10/2023 4:23:47 AM
(MENAFN) Saudi Arabia's government is working in collaboration with the private sector to double tourism investments in the coming years and create a sustainable and growing environment, according to Deputy Minister of investment Attraction Mahmoud Abdulhadi. During a panel discussion titled "Case Study - Private and Public Sector Collaborate to Accelerate Lifestyle Developments and Promote New Destinations" at the Future Hospitality Summit in Riyadh, Abdulhadi stated that the Kingdom's leadership is striving to provide investors with appropriate tools to boost funds into the sector.
Abdulhadi emphasized the role of public-private partnerships in creating a sustainable investable tourism environment in the Kingdom of Saudi Arabia. He noted that in the coming three to four years, the inflow of investments in the private sector will be more than double what the Kingdom has witnessed in the last three to four years.
Furthermore, Abdulhadi highlighted the evident shift from investors looking at single assets to a portfolio, which is changing the government's view of how people perceive the tourism sector. The range of different interests and approaches continues to expand, whether it is an interest in pure one-time assets, large portfolios, or a market segment. He emphasized that being a nascent sector in an economy such as the Kingdom has the advantage of having multiple paths to get to the ultimate target.
The collaboration between the government and private sector is crucial to achieving sustainable growth in Saudi Arabia's tourism sector. The Kingdom's leadership is committed to providing investors with the necessary tools to boost funds into the sector and create a sustainable investable tourism environment. The government's shift in perspective towards portfolios instead of single assets reflects the changing nature of the tourism sector and the expanding range of interests and approaches. With the future inflow of investments in the private sector, Saudi Arabia is well on its way to achieving its Vision 2030 plan of diversifying its economy and reducing its reliance on oil income.
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