Saudi Arabia’s tourism sector is growing at a rapid pace with investments pouring into the country in wake of heavy revenues generated by tourism projects cropping up in the kingdom.
Tourism industry in Saudi Arabia is currently witnessing rapid growth as several big projects are springing up throughout the kingdom. Some investors believe that Saudi Arabia is the upcoming tourism hub of the world, particularly amid the worldwide recession, as reported by gulfnews.
In 2008, Saudi Arabia witnessed tourism spending in excess of 74 Billion Riyals, as per the report by Tourism Information Research Centre. According to the Supreme Commission for Tourism, the commission is offering a wide range of incentives and mechanisms to boost the investments in the sector. It has identified around 12,000 major tourist spots and landmarks across the nation.
Tourism industry is receiving huge investments owing to the surging demand, and the huge amount of revenue is generated by the rapidly cropping tourism projects. Many businessmen and investors are focusing on this sector and are lining up to launch their projects worth billions of Riyal.
Tne of the biggest investors in Saudi Arabia’s tourism sector, Al Hokeir, has strong faith in the potential of the sector, and stated that the investments in the sector would turn out more successful in coming decades, as reported by gulfnews.
Although the tourism sector is confronting several challenges, Al Hokeir said, "The Saudi economy is witnessing robust growth and a major leap in investment in general. Of late, we have noticed an unprecedented boom in the tourism sector in particular. The market has enough potential enough to accommodate more tourism investment projects."
The Middle East is not affected much by the financial crisis. According to industry experts, tourism sector will play a key role in recovering the world from the turmoil.
According to a Research Analyst at RNCOS, “In this economically tough time, entrepreneurs should try to retain their talented and experienced staff capable of delivering quality services to the entire industry. It is evident from past that crisis may give rise to opportunities as a crisis demands substantial and united efforts by the industry. The Saudi Arabian tourism industry is also expected to rebound, notwithstanding the economic recession, which has hampered the growth of almost all industries around the world.”
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