In a PDF available here entitled Destination Saudi – Leisure, Culture, and Tourism Potential, Colliers examines the potential for significant opportunities in the tourism sector for Saudi Arabia and whether Vision 2030, as an identifier of the potential for entertainment and cultural development, can be the vehicle for that growth.
“There is a positive outlook for tourism in Saudi Arabia, with strong growth forecast and a wave of investment underway. At a total contribution of SAR 190bn in 2015, Travel & Tourism is currently the second highest contributor to Gross Domestic Product (GDP) growth in Saudi Arabia, albeit from a relatively low base compared to other countries. Inbound tourism is forecast to grow to over 32m trips per annum by 2026, driven primarily by growth in religious tourism,” the report finds.
The report is graphic-heavy and highlights the fact that Saudi Arabia’s population growth combined with investments in the travel and leisure sector provides ample business opportunities.
“Domestic tourism is forecast to grow to an impressive 66m trips per annum by 2020, driven by growth in both religious and leisure tourism. Travel & Tourism is estimated to have attracted capital investment of SAR 81.1bn in 2015. This is forecast to rise by 4.2% in 2016, and by a further 4.4% pa over the next ten years to SAR130.5bn in 2026. It is projected that Travel & Tourism’s share of total national investment will rise from 12.5% in 2016 to 14.3% in 2026,” according to the report.
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