Thursday, 19 November 2015

Tourism would replace Oil Exports as main source of Revenue in Saudi Arabia

According to several tourism officials and experts in Saudi Arabia, tourism can now take place of the crude oil for making revenues. This probably means tourism is now doing much better than the production of oil, which is the main basis of revenue for this country. The tourism officials have stated how tourism and national legacy could bring a positive rapid change in the economy and is said to have the capability of further investments taking place in the country. These discussions were taken place by the Saudi Commission for Tourism and National Heritage (SCTNH).

It is predicted that the tourism sector is expected to contribute 5.4% to the non-oil GDP of the country. This is further expected to reach to 5.7% by 2020 and this is because the tourism sector has an advantage of the government spending on it, corporate firms giving several loans to it and the demand of this is also very high. Tourism is high in Saudi Arabia due to the beautiful Holy places and mosques that exist here and that are being constructed now. Salah Al-Shalhoob stated how Saudi Arabia is expanding its economy by the Custodian of the Two Holy Mosques King Salman as it is making major changes to the economy by its transformation. This is why tourism is the most important branch of making a positive change in the economy.

Fadl Saad Al-Bu Ainaian, who is an Economic analyst, said that tourism has the opportunity to create more jobs and investments in Saudi Arabia hence tourism is becoming an important sector day by day. More than 400,000 jobs are expected to be created in the next few years and this was forecasted by the Human Resources Development Fund (HRDF).

Even without all the Haj and Umrah earnings, the volume of the tourism industry in Saudi Arabia is estimated to be SR80 billion which show how bright of a future this industry has in the country. Several meetings are now being held back and forth to discuss the future of tourism in this country and how it should be expanded in a better way for a better revenue source.

Source: Arab News

Establishing Business in Saudi Arabia
  1. Role of Indian Expats in Saudi Economy is Commendable – Saudi Government
  2. Expatriates can start 100% own business in Saudi Arabia – Newly Proposed Regulations
  3. Drop in Oil Prices will not affect Investments in Saudi Arabia
  4. 13 Useful Ways to Earn Extra Money in Saudi Arabia
  5. Procedure for Expatriates to Invest in Saudi Stock Market


Post a Comment


Follow us in Google+