The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Investment, has released a report titled “Invest in Coastal Tourism” that outlines development goals for the entire Red Sea coast.
The 26-page report, “reviews coastal tourism as a new economic activity in Saudi Arabia, highlighting the efforts, developments, and achievements. It also addresses the alignment with sustainable development goals to preserve the marine environment. Moreover, the report outlines the efforts to enhance investment in this sector by showcasing the regulatory and legislative developments that govern the coastal tourism ecosystem and facilitate investment, as well as presenting the journey of investors to explore unique investment opportunities.”
Coastal tourism is an important element of Saudi Arabia’s goals to make tourism 10% of GDP, attract 150 million visitors annually and create 1.6 million jobs by 2030.
According to the report, in 2019, coastal tourism accounted for $520 billion, or 52% of $1 trillion global expenditure on inbound leisure tourism, and is projected to grow to $900 billion by 2030, with a Compound Annual Growth Rate (CAGR) exceeding 5%, representing its significance within the global tourism industry.
The Saudi Red Sea coast extends more than 1,800 km and the Saudi Red Sea Authority has identified 3 different clusters along the coast offering a diverse set of activities.
The report details SRSA’s development plans, regulatory environment, tourism goals, sustainable development parameters, how investors can get involved and which projects are investible.
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