In a recent move to attract foreign investment, Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, urged Chinese business leaders to seize investment opportunities in the Kingdom.
During the Arab-Chinese Business Conference, Al-Khateeb outlined ambitious investment plans. He revealed, “The Kingdom will invest more than $800 billion in tourism over the next 10 years.”
He highlighted the significance of the tourism sector in Saudi Arabia’s economy, noting that it accounts for 3% of the job market. Further emphasizing the impact on the country’s gross domestic product (GDP), the minister stated that the contribution of tourism reaches about 4.45%. This stands in comparison to the global average of tourism’s contribution to GDP, which has hit 10%.
With substantial economic prospects and a rapidly developing tourism sector, the Kingdom of Saudi Arabia extends an invitation to Chinese investors. As the country looks to diversify its economy, these developments mark a pivotal moment in Saudi Arabia’s business landscape.