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KSA: Tourism Transformation – Opportunity for Business Setup5 min read

Author: Derya Bandak
Managing Partner Attorney at German Law

Saudi Arabia’s National Tourism Strategy is an integral part of its broader Vision 2030 initiative, aimed at reducing the economy’s dependence on oil by developing other sectors, including tourism and entertainment. By the end of 2023, the tourism sector is expected to contribute approximately 5% to the gross domestic product (GDP), with ambitions to double this contribution to 10% by 2030.

The tourism and hospitality sectors currently support 940,000 jobs, with a goal to expand this to 1 million positions by 2030. This employment strategy is part of a broader effort to develop the Kingdom’s human capital, essential for sustaining long-term sector growth. Training initiatives are a cornerstone of this plan, with over 100,000 Saudi nationals receiving annual training to qualify for tourism-related roles. The budget for these programs, both domestically and internationally, exceeds SAR 375 million (~USD 99.9 million) per year.

The commitment to enriching the visitor experience is evident in the Kingdom’s strategy to prepare all historical sites and archaeological monuments for tourists. The Tourism Development Fund (TDF), with a capital of USD 4 billion, supports over 50 projects aimed at unlocking the potential of Saudi Arabia’s tourism investments. This fund facilitates access for local and international investors to high-potential tourism investments across key destinations within the Kingdom.

How TME Services Can Support You

The current economic climate and strategic initiatives in the Kingdom of Saudi Arabia (KSA) present an opportunity for entrepreneurs and investors to establish businesses. With the Kingdom’s Vision 2030 in full swing, aimed at diversifying the economy beyond oil, there has never been a more opportune time to explore business ventures in this market.

At TME Services, our team of 45 experts is ready to help your business make the most of these opportunities. With over 18 years of experience in the UAE and the Middle East, we specialize in legal, tax, accounting, and compliance matters. Visit our services page to learn more about everything we do.


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