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Saudi Arabia attracts US$13bn of private investment as tourism industry continues to grow at pace | Planet Attractions
     

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Saudi Arabia attracts US$13bn of private investment as tourism industry continues to grow at pace

Saudi Arabia’s tourism push is gaining momentum with more than US$13bn of private investment attracted by the kingdom’s ongoing spending spree




Saudi Arabia’s 2030 Vision plans includes welcoming 150 million tourists to the kingdom each year

In its efforts to become a global tourism destination, Saudi Arabia has attracted more than US$13bn (€11.9bn, £10.2bn) of investment with further spending still to come.

As part of its grand vision for 2030, Saudi Arabia wants to attract 150 million tourists each year. To achieve this, the kingdom is investing in a wide array of entertainment options, including sports, entertainment, destination resorts and attractions.

By 2030, the government is aiming to attract as much as US$80bn (€73.5bn, £62.8bn) in private investment into its tourism industry, as well as invest more than US$800bn (€735bn, £628bn) of its own money into the sector.

Among its investments, within the next two years the kingdom will add an additional 150,000-200,000 rooms, with tourist revenue in 2024 expected to be around US$85bn (€78bn, £66.8bn) - up from US$66bn (€60.6bn, £51.8bn) in 2023.

Projects include the likes of Six Flags Qiddiya, which will cover 320,000sq m (3.4 million sq ft) and will feature upon opening 28 rides and attractions across six themed lands - the record-breaking Falcon’s Flight among them.

The WWE has recently opened its first permanent attraction in the kingdom, with WWE Experience allowing fans of the wrestling brand to relive classic WWE moments and see iconic exhibits from the promotion’s history.

US$75m (€70m, £59.7m) is also being invested in plans to develop a luxury train to take passengers on overnight trips between two Unesco World Heritage Sites. Running from Riyadh to Al Qurayyat, the ‘Dream of the Desert’ will be operated by Saudi Arabia Railways and is being developed by Italian firm Arsenale Group in the style of the world famous Orient Express.

Development company Saudi Entertainment Ventures (Seven) has announced plans to develop a number of major projects, including a more than SAR1bn (US$266.4m, €244.7m, £215.7m) state-of-the-art entertainment destination in the city of Tabuk. Overall, Seven is investing SAR50bn (US$13.3bn, €12.84bn, £11.07bn) across 21 integrated entertainment destinations in the country with more than 150 innovative attractions to open across 14 different Saudi cities.

Saudi Arabia has also won a bid to host World Expo 2030 in Riyadh, with US$7.8bn set to be invested into building a site that focuses on ‘shaping a prosperous and sustainable future’.

“The current GDP contribution is 4.5% and we aim to get that to 10% by 2030,” said Princess Haifa M. Al Saud, Saudi Arabia’s vice minister for tourism, speaking to Bloomberg. “We started from 3.2% when we opened up for tourism.”

2023 saw Saudi Arabia record tourist numbers totalling 100 million people, though most of them were local with international visitors accounting for just over a quarter. Most of those international visitors were also thought to have been travelling for religious or business purposes, with much of Saudi Arabia’s expanding entertainment industry still under construction.


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Saudi Arabia attracts US$13bn of private investment as tourism industry continues to grow at pace | Planet Attractions
news

Saudi Arabia attracts US$13bn of private investment as tourism industry continues to grow at pace

Saudi Arabia’s tourism push is gaining momentum with more than US$13bn of private investment attracted by the kingdom’s ongoing spending spree




Saudi Arabia’s 2030 Vision plans includes welcoming 150 million tourists to the kingdom each year

In its efforts to become a global tourism destination, Saudi Arabia has attracted more than US$13bn (€11.9bn, £10.2bn) of investment with further spending still to come.

As part of its grand vision for 2030, Saudi Arabia wants to attract 150 million tourists each year. To achieve this, the kingdom is investing in a wide array of entertainment options, including sports, entertainment, destination resorts and attractions.

By 2030, the government is aiming to attract as much as US$80bn (€73.5bn, £62.8bn) in private investment into its tourism industry, as well as invest more than US$800bn (€735bn, £628bn) of its own money into the sector.

Among its investments, within the next two years the kingdom will add an additional 150,000-200,000 rooms, with tourist revenue in 2024 expected to be around US$85bn (€78bn, £66.8bn) - up from US$66bn (€60.6bn, £51.8bn) in 2023.

Projects include the likes of Six Flags Qiddiya, which will cover 320,000sq m (3.4 million sq ft) and will feature upon opening 28 rides and attractions across six themed lands - the record-breaking Falcon’s Flight among them.

The WWE has recently opened its first permanent attraction in the kingdom, with WWE Experience allowing fans of the wrestling brand to relive classic WWE moments and see iconic exhibits from the promotion’s history.

US$75m (€70m, £59.7m) is also being invested in plans to develop a luxury train to take passengers on overnight trips between two Unesco World Heritage Sites. Running from Riyadh to Al Qurayyat, the ‘Dream of the Desert’ will be operated by Saudi Arabia Railways and is being developed by Italian firm Arsenale Group in the style of the world famous Orient Express.

Development company Saudi Entertainment Ventures (Seven) has announced plans to develop a number of major projects, including a more than SAR1bn (US$266.4m, €244.7m, £215.7m) state-of-the-art entertainment destination in the city of Tabuk. Overall, Seven is investing SAR50bn (US$13.3bn, €12.84bn, £11.07bn) across 21 integrated entertainment destinations in the country with more than 150 innovative attractions to open across 14 different Saudi cities.

Saudi Arabia has also won a bid to host World Expo 2030 in Riyadh, with US$7.8bn set to be invested into building a site that focuses on ‘shaping a prosperous and sustainable future’.

“The current GDP contribution is 4.5% and we aim to get that to 10% by 2030,” said Princess Haifa M. Al Saud, Saudi Arabia’s vice minister for tourism, speaking to Bloomberg. “We started from 3.2% when we opened up for tourism.”

2023 saw Saudi Arabia record tourist numbers totalling 100 million people, though most of them were local with international visitors accounting for just over a quarter. Most of those international visitors were also thought to have been travelling for religious or business purposes, with much of Saudi Arabia’s expanding entertainment industry still under construction.


 



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