Business Reporter: Saudi Arabia Strives to Be the Global Destination for Luxury Tourism
Saudi Arabia invests in extensive developmental projects for hospitality, edutainment and technology to diversify its economy and drive tourism.
In line with the Vision 2030 objective to attract approximately one million tourists per year, preparations have been made to strengthen Saudi Arabia”s position in international sport, entertainment, and renewable energy. Ad Diriyah, one of Saudi Arabia”s most prominent heritage sites, recently hosted the prestigious Formula E championship race, attracting sports enthusiasts from around the globe.
Further plans to cement Saudi Arabia as a global tourism destination, have been created as part of the Red Sea Project. With huge investments in hospitality properties, the first phase of the project will oversee the completion of an airport, residential areas, recreational facilities, and up to 3,000 hotel rooms by 2022.
Whilst propelling the rate of international visitors, these developments will expect to create an estimated 70,000 jobs and increase investment opportunities for the Saudi Arabian private sector.
Another infrastructural expansion announced is the King Salman Energy Park (SPARK), a 50km² energy city megaproject which will place the country as a global energy, industrial and technology hub. Already attracting investments from foreign and local companies, the investment in the first phase of the project is expected to be around $1.6billion. By creating thousands of jobs, these developments will undoubtedly catalyse Saudi Arabia”s economic growth and diversification drive.
Read the full article here: https://www.business-reporter.co.uk/2018/12/17/saudi-arabia-continues-to-invest-in-entertainments-sport-and-renewable-energy/#gsc.tab=0
About Business Reporter
Business Reporter is distributed with The Daily Telegraph, The Sunday Telegraph and City AM, each of our publications reaches an average of 1.5 million people.
Content is also published through the Business Reporter and TEISS websites, which includes video debates, online articles, and digital magazines. This content is meant to deliver news and analysis on the issues that are affecting businesses to our global audience. In addition to publications, Business Reporter hosts conferences, breakfast meetings, and exclusive summits.
These events bring together some of the most influential decision makers and innovators in modern business. These exclusive events for business leaders complement the content and direction of editorial projects, allowing them to have direct contact with their readers.
Above all, Business Reporter”s commitment is to make meaningful analysis for every business owner. Whether individuals are running a small business, the head of a local company or an executive in a multinational corporation, there will be something for them at Business Reporter.
LONDON, December 26, 2018 /PRNewswire/ —