Saudi Arabia’s Crown Prince Mohammed bin Salman is trying to reduce his nation’s dependence on oil for its economy, like the UAE. The Saudi Prince has made a vision for 2030 and started several projects worth billions. In competition with the eUAE, The Saudi Prince is developing NEOM, a futuristic city in northwest Saudi Arabia.
The Saudi Prince witnessed a big success after his efforts. The country has observed a surge in tourism, and foreign tourists’ expenses have gone 57% up, and the nation’s earnings have risen multiple times.
Saudi Arabia opened its boundaries to tourists in 2019. According to a report from the World Trade And Tourism Council, Last year, tourism surged, contributing 11.5% of the total GDP. Experts say as the world shifts towards renewable energy, cash-rich Saudi Arabia may discover a new ‘oil’ in tourism.
Asfar, Saudi Arabia’s sovereign wealth fund, is helping to boost the tourism sector. The company operates hotels and entertainment projects in other cities across the nation. By 2030, the company will add 2000 hotel rooms with 50 lakh more tourists when Afsar completes all projects.
Saudi Arabia has planned to spend $1 trillion on tourism. The country is planning to attract 15 crore tourists each year.
Saudi Arabia is focusing on upcoming projects like the World Expo in 2030 and the FIFA World Cup in 2034.
