The World Travel & Tourism Council (WTTC) has praised the Government of Saudi Arabia for adopting tourism as a key sector to help diversify the economy away from oil income.
Saudi Arabia last month announced a plan to diversify its economy in order to overcome reliance on crude oil exports by 2030.
The ‘Saudi Vision 2030’ plan will see the country’s Public Investment Fund increase from $160 billion to $2 trillion, of which tourism investment will increase by $8 billion to almost $46 billion in 2020.
The country’s tourism strategy involves expanding Saudi Arabia as a tourist hub, increasing investment in coastal areas, creating new attractions through museums and historical sites; and the adoption of a post-Umrah program.
