Whether it’s investment bankers, global sports stars or luxury tourists, Saudi Arabia is starting to show some progress in changing its reputation and attracting people to the kingdom that for years has been largely closed off to visitors.
Football legend Lionel Messi's recent trip to Saudi Arabia in his role as a tourism ambassador for the country came amid reports he's in talks to earn $400 million a year to play for a local club. It's part of efforts to raise the country's profile as a tourism destination, which hopes to become one of the world's most visited destinations by 2030, and promote sports among the local population.
To host the hoped-for influx of visitors, a luxury development on the Red Sea is set to start opening its door on the first hotels later this year. If all goes well, the company behind the project, Red Sea Global, will then look to list on the local stock exchange, perhaps as early as 2026. That will give investors and analysts a chance to see how successful Saudi Arabia's vast tourism spending has been in creating profitable businesses.
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