The travel and tourism sector of the Kingdom of Saudi Arabia is slated to become the fastest-growing in the MENA region in the next decade.
Saudi Arabia’s travel and tourism sector is expected to grow an average of 11 percent annually over the next decade, which would make it the fastest-growing market in the Middle East and North Africa.
The World Travel & Tourism Council (WTTC) said that the travel and tourism sector will become a driving force of the Kingdom’s economy, and will surpass the goals that were laid out by the country in its Vision 2030 blueprint.
Annual growth within the travel and tourism sector is expected to bolster the overall economic recovery of Saudi Arabia.
By 2032, travel and tourism will contribute nearly $169 billion to Saudi Arabia’s gross domestic product.
That means the sector would represent more than 17 percent of the total economy of the Kingdom.
Saudi Arabia was developing its tourism industry before the Covid pandemic outbreak in an effort to diversify its economy, and move away from full dependence on oil.
In May this year, Saudi Arabia was featured in the World Economic Forum’s index on travel and tourism, ranking among 117 countries. From 2019 to 2021, the Kingdom moved up to the 33rd position from the 43rd position, and its score rose by 2.3 percent.
Employment within the travel and tourism sector in Saudi Arabia could double over the next decade, which would create more than 1.4 million jobs.
By 2023, the travel and tourism sector’s contribution to the overall Saudi economy could pass pre-pandemic levels.
Saudi Arabia will be the host of the WTTC’s 22nd Global Summit in November.
The WTTC said it was “delighted” that Saudi Arabia would be the host.
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