Saudi Arabia Tourism Feature

Special feature, March 2024, for publication as part of

FORTUNE EUROPE EDITION & FORTUNE.COM

If there is a final frontier of tourism left, it's Saudi Arabia. The birthplace and spiritual home of Islam, Saudi
Arabia is rich in attractions and stirring symbolism. For Muslims, the cities of Mecca and Medina, rich in
Prophetic significance, have no equal, while the carved temples of Madain Saleh, known as the second Petra, and
the sophisticated rock art at Jubbah are the Kingdom's greatest pre-Islamic treasures.

Tourism and Culture on top of the agenda

Saudi Arabia threw open its doors to foreign tourists launching a new visa regime for 49 countries and appealing
to foreign companies to invest in a sector it hopes will contribute 10% of gross domestic product by 2030. To
drive growth, it is estimated some 250 billion riyals ($67 billion) of investments are needed, including 500,000
new hotel rooms by 2030 — half at government-backed mega projects and half from private investors. Saudi
Arabia, the market fundamentals are in place for a vibrant tourism industry, and it is believed that the private
sector will play a crucial role in unlocking this potential.

• Empower and enable domestic and international investors by identifying and developing new
opportunities, fostering partnerships and shaping regulatory reforms.
• Easing the way forward for international investors: Short vs long term | What are the key issues that
international investors need to consider in determining whether and how to invest in Saudi Arabia tourism
sector?
• Sustainable tourism triple bottom-lines – economic, environmental and social
• Human resource management, Making career opportunities in the hospitality industry attractive
• What issues need to be addressed in terms of regulatory policy, infrastructure development and product
offering enhancement in order to make Saudi Arabia an even more attractive destination?

INTERVIEW TOPICS

Fahd Hamidaddin

Chief Executive Officer and a Member of the Board of the Saudi Tourism Authority

Saudi Arabia’s economy is booming, unemployment is at a record low, the output gap is closed, inflation is
contained, and fiscal and external buffers have been rebuilt. The continuation of Vision 2030 reforms has
helped advance the country’s economic diversification agenda, including through reduced reliance on
oil.What are the biggest challenges and opportunities that lie ahead in order to achieve the Kingdom’s
vision 2030goals?

Saudi Arabia is rolling out a broad range of tourism offerings across the country as a central part of its
Vision 2030 national transformation strategy. Following the launch of the tourist visa programme in
September 2019 and the subsequent downturn from the Covid-19 pandemic, 2021 and 2022 have
witnessed an ambitious calendar of events ranging from the Formula 1 Grand Prix to arts and cultural
festivals. How critical is it for the Kingdom to invest in and train the hospitality workforce of the
future as it increases its tourism efforts?

Can you highlight the key initiatives and strategies that the STA is currently undertaking to promote
tourism in Saudi Arabia, especially in the context of Vision 2030?

Saudi Arabia has been actively working to diversify its tourism offerings. Could you share some of the
unique cultural and natural attractions that are being developed to attract international tourists to the
Kingdom?
How does the STA and Ministry of Tourism plan to address sustainability and responsible tourism
practices in Saudi Arabia, particularly in preserving the environment and local cultures while promoting
tourism?

Saudi Arabia is making significant investments in tourism infrastructure and development. Could you
provide insights into the role of public-private partnerships in driving the growth of the tourism sector
and encouraging foreign investments in the Kingdom?

The entertainment and amusement industry is one of the fast-developing ones in the country. GCAM ,
estimates that by 2030 there are going to be 350 cinemas and 2,500 movie screens in the country, as well as an
industry worth around USD 1 billion. The kingdom is also aiming to see household spending double from
making up 3% of GDP in 2018-19 to 6% in 2030 on entertainment. What are the opportunities for foreign
investors in the entertainment industry?

As Saudi Arabia moves toward a future of AI-driven creativity and culture, the ways in which we
produce and consume will be transformed. What will be the major challenges and opportunities that
digitalization brings to entities in promoting knowledge development?

The EU is Saudi Arabia’s second trading partner, with 14.8% of Saudi Arabia’s global trade (China is
first with 18.7 %). Saudi Arabia is the EU’s 17th trading partner in goods, with a total trade of 40 bn Euro
and with an EU market share of 1.1 %.Economic relations between both countries are becoming more
diversified. Substantial European investments increasingly position Saudi Arabia as a strategic partner in
the region. These investments span the industrial, shipping, real estate tourism and financial sectors.
What message do you have for the readers of Fortune Europe?

Personalities interviewed until today

Abdulrahman bin Sulaiman Althukair, CEO Saudi Exports

Suliman Almazroua. CEO and Board member - Saudi Vision 2030 – NIDLP
Abdullah Ibrahim Alkhorayef, CEO, Alkhorayef Commercial
Makarem Sobhi Batterjee, President and Vice Chairman, Saudi German Health
Mr Ciryl Piaia. CEO of Knowledge Economic City
Mr. John Pagano, CEO of Red Sea Global
Jerry Inzerillo CEO, Diriyah Gate Development Authority
Eng. Khalid Al-Salem , President of the Royal Commission for Jubail and Yanbu
Amr AlMadani, the CEO of the Royal Commission for AlUla
Omar Abdulla Al Abdul Jabbaroa CEO , Hail Region Development Authority
Muna Abu Sulayman ,Executive manager of Strategic Studies Prince Alwaleed bin Talal’s
Kingdom Holding Company
Mohammed Ajlan, Chairman of Ajlan Brothers
Obaid Alrasheed, CEO Arab National Bank
Tarek Sultan, Vice Chairman of AGILITY
Haitham Alforaih, Co Funder of SEEDRA
Abdulaziz AlBoug, CEO, Tawuniya
Majid M. Rafea, CEO Desert Technologies & Chairman of Saudi Polytech Institute for
Renewable Energy
Khaled bin Hamad Al-Gnoon, CEO of Saudi Electricity (*)
Fawaz al Fraiji, Board Advisor and CEO of Quara Holding, Dar Al Arkan
Ibrahim Mohamed Al Alwan, CEO Alakaria
Elias Abou Samra, CEO Rafal
Abdullah A Al Shilash, AlKhair Capital
Mashael Abdullah Ben Saedan Chief Executive Officer Al Saeedan Development Group
Dr. Munir Eldesouki , President of King Abdulaziz City for Science and Technology KACST
Dr. Tony Chan, President of King Abdullah University of Science and Technology - KAUST
Dr. Muhammad Al-Saggaf President of King Fahd University of Petroleum & Minerals ,
KFUPM
Mr. Mr. Selim Chidiac, CEO – l´Azurde
Eng. Sami Al Safran, CEO MEPCO
Nabil Al Amir, United Wires Factories
Eng Khaled Al Qureshi, CEO Saudi Water Partnership Company
Borjan Sehovac, CEO of Riyadh Cables