Saudi Boosting Supporting Tourism Sector
Roberto Croci
Director @ Public Investment Fund | Executive MBA | Transformation, Innovation & Startups
Every year, the government brings a new plan to prevent any financial or cultural crisis.?
Like every country, Saudi Arabia has revamped its vision and embraced the idea of boosting tourism, as stated in Saudi Vision 2030.
Tourism has always been central to the vision of every government, as it is one of the best opportunities to reflect a country’s heritage while becoming a backbone for the economy, whether it is struggling or thriving.
Saudi Arabia has geared up to elevate its tourism potential.?
To this end, they have secured a $13 billion investment, aligning well with their goal to achieve $85 billion in revenue solely from tourism.
However, government officials have made it clear that they are not solely aiming for revenue but also focusing on propagating the stories of culture hidden within their heritage.
Saudi Vision 2030 is being praised by various political critics. Everyone is confident that the vision, teamwork, and arrangements will bring the desired results, setting another example of political and cultural excellence.
How It Will Help Saudi Arabia
Every year, the government brings a new plan to prevent any financial or cultural crisis.?
Like every country, Saudi Arabia has revamped its vision and embraced the idea of boosting tourism, as stated in Saudi Vision 2030.
Tourism has always been central to the vision of every government, as it is one of the best opportunities to reflect a country’s heritage while becoming a backbone for the economy, whether it is struggling or thriving.
Saudi Arabia has geared up to elevate its tourism potential. To this end, they have secured a $13 billion investment, aligning well with their goal to achieve $85 billion in revenue solely from tourism.
However, government officials have made it clear that they are not solely aiming for revenue but also focusing on propagating the stories of culture hidden within their heritage.
Saudi Vision 2030 is being praised by various political critics. Everyone is confident that the vision, teamwork, and arrangements will bring the desired results, setting another example of political and cultural excellence.
Increasing Job Opportunities
“If the plans are effectively implemented by the government, the first tick on the checklist is for job opportunities.”
By boosting tourism, Saudi Arabia will definitely create new job opportunities. The more tourism there is, the greater the need for quality and timely services.
Private investments have already been made to increase the number of rooms from 150,000 to 200,000. This is just the beginning of inviting new job opportunities in security, guest management, travel management, and hospitality.
Not only will private opportunities increase, but there will also be a positive impact on government opportunities in the respective departments. Many experts have forecasted that tourism will also spur the growth of startups in travel agencies, hospitality, hotels, travel management, and more.
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Strengthening the GDP
Just as a stethoscope catches the heartbeats of patients, GDP reflects the condition of a country, especially its finances.
Gross Domestic Product, abbreviated as GDP, represents the monetary value generated within a national border by producing goods and services.
GDP is the main reason behind any political or national strategy developed by the government, as a high GDP can benefit the country in many ways, such as political relations, increased job vacancies, improved infrastructure, educational advancements, reduced poverty, and technological growth.
“Money from money” is how it works. When GDP increases, it brings changes.?
Some of these changes will become sources of direct national revenue, while others can become tourist attractions or other indirect resources of revenue.
This is why the government focuses on building different development plans and visions to protect the country from tough crises. Hence, it would not be wrong to say that GDP, in addition to being pronounced as Gross Domestic Product, can also be called Gross Development Product.
When Vision 2030 was announced, tourism contributed 10% to the GDP. Let’s see how Saudi Arabia will skyrocket its GDP.
Digital Tourism
Who hasn’t discussed the advancements in automation and the emergence of artificial intelligence with their family and friends??
Now, this emergence and its potential future impact no longer shock anyone.
Saudi Arabia has ensured it will not remain untouched by this technology. The government has made sure to let tourists and local visitors savor the exposure to new technology.?
One emerging aspect of this is the development of digital tourism through 7D experiences, VR, or even more advanced technologies. This will not only create opportunities for the IT sector but also break down the barriers for people who cannot afford to travel globally, setting an example of generating new scopes for development.
Everyone is confident that by 2030, Saudi Arabia will have improved in almost every aspect. We are excited to see a version of Arabia that will set an example of tourism and technological excellence.
Final Thoughts
Saudi Arabia is setting an excellent example of moving beyond the bandwagon effect and adopting development strategies that challenge the developers and backend workers to the core but promise a high return on investment.
One thing to look forward to is how the government, despite its strong standing in tourism and its impact on GDP, still holds the capability to improve and unveil new dimensions to the world.
In short, one must learn from the government and its plans how to grow politically, financially, culturally, and technologically rich with one of the best-drawn visions.
Let's hope for the best possible outcome!
Building the Venture Network - Investment Community | Associate Partner at NB&A Investment Company | Raising Capital Globally | Talk to me about art, science, business, and philosophy
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