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The announcement came at the fourth edition of the Public Investment Fund Private Sector Forum held in Riyadh. Al-Khateeb highlighted how the tourism industry has become a key pillar in the kingdom’s economic transformation under Vision 2030. The minister noted that visitor numbers exceeded 122 million in 2025, a 5 percent increase from the year before, according to preliminary Ministry of Tourism data.
Tourism spending totaled about SAR 300 billion ($80 billion) last year, up 6 percent from 2024, the minister reported. This performance has helped lift the sector’s share of GDP from 3.5 percent in 2019 to 5 percent today. Vision 2030 targets call for tourism to account for 10 percent of the economy by 2030, which would align with creating 1.6 million jobs in the sector by that date according to the National Tourism Strategy.
Al-Khateeb pointed to the importance of private sector participation in major projects led by the Public Investment Fund such as those in the Red Sea and Qiddiya. These developments aim to build infrastructure that supports expanded tourism offerings and attracts further investment. The Tourism Development Fund provides incentives and financing to improve the business environment for operators.
The PIF Private Sector Forum has grown into a major platform for public-private collaboration with participation from 25,000 leaders since 2023. Earlier editions produced more than 140 agreements worth over SAR 15 billion. Yasir Al-Rumayyan, governor of the Public Investment Fund, inaugurated the latest two-day event.
International benchmarks show tourism representing around 10 percent of the global economy, a level Saudi Arabia seeks to approach domestically. The World Travel and Tourism Council has recorded strong growth in the kingdom’s travel sector in recent years with rising contributions to both GDP and employment. Upcoming sports events and international exhibitions are projected to boost visitor arrivals toward the 150 million goal.
Ministry of Tourism figures for the first quarter of 2025 indicated foreign visitor spending rose 9.7 percent year on year. This momentum supports the broader objective of sustainable economic growth through tourism diversification. The strategy emphasizes local content and opportunities for national talent in the expanding industry.
