SAUDI ARABIA SCRAPS HOTEL LICENCE FEES IN BID TO BOOST TOURISM

Thu 05 September 2024:

Saudi Arabia decided today to cancel fees for issuing commercial activity licences for hotels, hotel apartments and residential resorts in the kingdom, state news agency SPA has reported.

The decision is effective immediately. It is part of the Tourism Investment Enabler Programme that Saudi Arabia launched in March, aimed at making the kingdom a global tourism powerhouse in line with the goals of the Saudi regime’s Vision 2030.

The SPA added that the initiative would encourage investors to put more money into the tourism sector, which would increase the industry’s contribution to gross domestic product.

Vision 2030 plans to modernise the Gulf Arab state and reduce its dependence on oil export revenues. More than $800 billion has been invested to diversify the economy.

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This growth, in line with the Gulf Cooperation Council (GCC) average, is further supported by various projects under the Kingdom’s Vision 2030 plan, as stated by a recent report from investment banking advisory firm Alpen Capital.

Moreover, Alpen Capital’s report forecasts the GCC hospitality sector’s revenue to grow at a CAGR of 7.5 percent from 2023 to 2028, reaching approximately $48.1 billion by 2028. This growth is driven by economic expansion, increased tourist arrivals, and numerous mega events, as well as incentives, conferences, and exhibitions coupled with sporting events in the region.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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