Saudi Tourism Seeing More Private Investment, Minister Says
- Private investment rose to about $3.8 billion in 2024
- Minister says foreign capital mostly from Europe, US
Tourists during a visit to the ancient archaeological site of Hegra in AlUla, Saudi Arabia.
Photographer: Jeremy Suyker/BloombergThis article is for subscribers only.
Saudi Arabia’s tourism industry saw an increase in private investment last year as the kingdom pushes ahead with new hotels, luxury projects and entertainment offerings to develop itself into a travel hub.
Funding from the private sector rose to about 14.2 billion Saudi riyals ($3.8 billion) in 2024 from 12 billion in the prior year, with foreign capital accounting for around 40%, according to Tourism Minister Ahmed Al-Khateeb. Saudi Arabia is seeing the strongest interest from abroad from Europe and the US, he added.