#Saudi Seeks $80 Billion in Investments in Push for More Tourists - Bloomberg

Saudi Seeks $80 Billion in Investments in Push for More Tourists - Bloomberg

Saudi Arabia is seeking to attract as much as $80 billion in private investment into the tourism industry as the kingdom looks to share the financial burden of plans to become one of the world’s most visited destinations.

“I want the private sector to represent the majority of investment,” Tourism Minister Ahmed Al Khateeb said in an interview in Riyadh on Sunday, adding that the goal is to raise $60 billion to $80 billion by 2030. “This is a very ambitious target.”

The government plans to spend some $800 billion on tourism over the next decade as it prepares Saudi Arabia for a post-oil future that includes becoming a major hub for everything from metals mining to sporting events. The goal is to have 150 million tourists a year by 2030, with about 70 million coming from abroad.

While the state and its sovereign wealth fund have been the cash lifeline for tourism development thus far, getting foreign direct investment — particularly from the private sector — will be critical to the Vision 2030 time line as mega projects ramp up and spending needs balloon, said James Reeve, chief economist at Jadwa Investment Co.