Tourism Magnet

Saudi tourism attracts $13 billion in private sector investment

The kingdom expects to add 150,000 to 200,000 hotel rooms over the next two years, with $85 billion in tourism revenue in 2024, up from $66 billion

Ancient Nabataean carved tombs at the archaeological site of al-Hijr (Hegra), near the northwestern Saudi city of AlUla. (Photo: Getty Images)

Ancient Nabataean carved tombs at the archaeological site of al-Hijr (Hegra), near the northwestern Saudi city of AlUla. (Photo: Getty Images)

Saudi Arabia’s tourism industry has drawn about $13 billion in private sector investment, adding thrust to its campaign to attract international travelers.

The money will pay for the addition of 150,000 to 200,000 hotel rooms over the next two years, Princess Haifa M. Al Saud, Saudi Arabia’s vice minister for tourism, told Bloomberg.

Government projections call for $85 billion in tourism revenue in 2024, up from $66 billion last year.

The kingdom has been on a spending spree to spruce up historical sites such as the desert city of AlUla and the Diriyah section of Riyadh with luxury hotels and high-end restaurants.

It has also staged gaming conferences, MMA (mixed martial arts) matches and hip-hop concerts to attract younger visitors from abroad.

Subscribe now to
The Daily Circuit

The Daily Circuit newsletter (coming soon!) connects doers and dealmakers in the Middle East and those who care about the region from afar. Sign up today to be among the first in the know.