Riyadh - Sharikat Mubasher: Saudi Arabia received $13 billion in private sector investment into the tourism industry, driven by its goals to share the cost of spending associated with its plan to become a new travel hub, Saudi Vice Minister of Tourism Haifa Al Saud revealed.

These investments are expected to add from 150,000 to 200,000 hotel rooms within the upcoming two years, Al Saud said in an interview with Bloomberg.

She stated that the Kingdom plans to increase tourism revenue to reach $85 billion in 2024, compared to $66 billion in 2023.

Al Saud added that the current gross domestic product (GDP) contribution is 4.5% and the Kingdom aspires to raise it to 10% by 2030.

It is worth noting that Saudi Arabia targets welcoming 150 million tourists by 2030, in alignment with Vision 2030’s goal of diversifying revenue streams and reducing dependence on oil resources.