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Investor Relations
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FinancialNews
09-05-23
Saudi Arabia's Vision 2030 Strategy Positions It as Most Dynamic Place for Hospitality
(MENAFN) Saudi Arabia has emerged as the most dynamic place for hospitality in the world, thanks to the initiatives set forth by the Vision 2030 economic diversification strategy, according to Prince Bandar bin Saud bin Khalid. The secretary-general of the King Faisal Foundation and chairman of hospitality investment firm Al Khozama made the statement during his speech at the Future Hospitality Summit in Riyadh. He emphasized that tourism is driving the future of the Saudi economy.
Prince Bandar noted that the long tradition of hospitality in Saudi Arabia has taken on an exciting and ambitious new form in recent years. He added that it is a privilege for everyone in the hospitality industry in Saudi Arabia to work in a sector that is central to the country's culture and traditions. He also highlighted how hospitality has always been an essential element of Arabian culture, identity, and tradition.
The official noted that tourism has become a cornerstone of the Saudi Arabian economy, thanks to Vision 2030 and the emphasis placed by King Salman and Crown Prince Mohammed bin Salman. Tourism is a key strategic area outlined in Saudi Arabia's Vision 2030, as the Kingdom aims to attract 100 million visitors by the end of this decade. By prioritizing tourism and investing in the hospitality industry, Saudi Arabia is diversifying its economy and reducing its reliance on oil.
The Vision 2030 strategy aims to transform Saudi Arabia into a global investment powerhouse, diversify its economy, and create more job opportunities for its citizens. The strategy is centered around three main themes: a vibrant society, a thriving economy, and an ambitious nation. It seeks to develop strategic sectors such as tourism, healthcare, and education to create a diversified and sustainable economy.
In conclusion, Saudi Arabia's Vision 2030 strategy has positioned the country as the most dynamic place for hospitality in the world. By investing in the hospitality industry and prioritizing tourism, the Kingdom is diversifying its economy and creating new opportunities for its citizens. The country is on track to achieve its goal of attracting 100 million visitors by the end of the decade, and it is well on its way to becoming a global investment powerhouse.
MENAFN09052023000045014228ID1106205796
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