KSA to pump over US$80bn into tourism sector

Saudi Arabia, the world’s largest exporter of oil, plans to invest more than SAR300bn (US$80bn) into tourism related facilities such as hotels and airports, it was reported this week. A report published by Al Mazaya Holding recommended that both public and private sectors focus on corporate, governmental and group tourism, rather than individual travelers. The report is apparently based on a Saudi Council of Ministers’ resolution to expand the Gulf kingdom’s so-called ‘conference tourism’ sector. Tourism involving conferences and fairs holds much potential for the conservative-minded nation, the report said, and can help drive Saudi Arabia’s economic growth. However, facilities that can accommodate this area of tourism in Saudi are currently lacking. Al Mazaya Holding's report appeared to contain no specific information on the time frame or nature of the investments. Earlier this week, the governor of the country's Makkah Province revealed that SAR47bn would be spent on bolstering public infrastructure in the coastal city of Jeddah.