What about investing $1 trillion in tourism. This is serious business by any standard, and the oil-rich kingdom of Saudi Arabia is doing it.
The Kingdom hopes for 100 million visits by 2030 as it moves away from the oil sector to a more sustainable economy
Maya Margit lays out in her article first published by The Media Line saying the Kingdom of Saudia Arabia has a decade-long plan and it will cost $1 trillion to make tourism more than a big business for the Saudis.
Saudi Arabia is set to spend over $1 trillion in tourism in the coming decade in a bid to attract 100 million visitors by 2030 and diversify its primarily oil-based economy.
The kingdom is pivoting from religious to leisure tourism, which it views as being a key sector in its Vision 2030 program that aims to modernize the country’s economy, according to a special report recently published by Entrepreneur Middle East in partnership with Lucidity Insights.
Erika Masako Welch is the chief content officer of special reports for Entrepreneur Middle East and helped put together the report. She told The Media Line that Saudi Arabia is hoping to become a global tourism leader.
“Working [women] are entering the workforce at breakneck speed,” Masako Welch said.