parameters at the World Economic Forum (WEF22).
Saudi Arabia’s ministers told the World Economic Forum (WEF) on Wednesday that the country will continue to invest in new areas and diversify its economy in order to achieve long-term prosperity.
Saudi Arabia rated 34 out of more than 100 nations in the 2017 World Economic Forum Travel and Tourism Development Index (TTDI) published on Tuesday, a 10-point improvement over pre-pandemic levels.
Princess Haifa bin Mohammed, assistant minister of the Tourism Ministry, stated the Kingdom’s sector “didn’t only recover, but actually increased” during the Saudi Arabia Outlook session in Davos.
“We were able to alter the regulations and policies,” she continued. In terms of business, travel, and tourism, we are currently among the top ten countries.”
Since 2019, the Kingdom’s TTDI score has improved in three primary areas: the business environment (up 11 percent), tourism demand pressure and impact (up 8%), and human resource and labor market (up 7.3 percent).
Princess Haifa attributed the increase to the government’s decision to prioritize travel and tourism in its recovery efforts. She said that support was swiftly supplied to keep the industry’s development on track.
“The government’s focus of the travel and tourist industry is why we were able to recover so quickly after the pandemic.” We swiftly provided assistance to lodgings, safeguarded jobs in the sector, and concentrated on training. We were able to train 110,000 people last year alone, which is all contributing to our progress,” she continued.
The Kingdom will continue to “make access to talent easier in this upward path of our economic and social prosperity,” according to Minister of Economy and Planning Faisal Al-Ibrahim.
Saudi Arabia’s Vision 2030 reform plan includes bridging the digital divide and leveraging local talent, according to Minister of Communications and Information Technology Abdullah Al-Swaha.
The Kingdom has made tremendous progress toward its goal of diversifying the economy, as outlined in Crown Prince Mohammed bin Salman’s reform plan. The Kingdom stated in 2019 that it will open its doors to tourists and has subsequently implemented protocols to make travel easier.
“How can we leverage talent and technology to achieve inclusivity, sustainability, and growth?” is the thesis of Vision 2030. In terms of inclusiveness, Al-Swaha stated, “We want to make sure that we close the digital divide and ensure equity in everything we do.”
The Kingdom was swift to alter legislation on women’s empowerment and gender equity when it opened its doors to international travelers.
“We are quite pleased of the fact that we have increased women’s empowerment in technology from 7% to over 29%, which is higher than the EU, G20, and even US averages.” I just returned from Silicon Valley, where they reported a 27 percent increase.”
Despite speculations in the media that Saudi Arabia will allow NEOM to operate under its own set of laws, including alcohol, the Kingdom has remained steadfast in its refusal to change its regulations in order to attract foreign tourists.
“We are going to stick to our current laws,” Princess Haifa declared. With what we now have to offer, we have been doing extremely well and have actually outperformed the rest of the world in terms of tourism. Without providing anything new, there is a lot to go around.”
Saudi Arabia’s technology and tourism industries, according to Saudi Minister of Investment Khalid Al-Falih, have been a driving factor in drawing investors from around the world.
According to Al-Falih, the Saudi National Investment Strategy is “driving us to diversify the economy by unlocking some of the new, fascinating industries that have so much potential and so much competitiveness.”
The strategy intends to increase net foreign direct investment to $103.46 billion per year by 2030, making the Kingdom the world’s 15th largest economy.
According to the ministers, Saudi Arabia’s progress will serve as a catalyst for regional prosperity and encourage healthy competition, allowing the Kingdom and its neighbors to become a hub for investment and travel.
“I believe that the Kingdom’s improved economic and competitive performance actually enhances the competitiveness,” Al-Falih remarked (of neighboring countries). It permits Saudi Arabian corporations and industries, as well as their governments, to merge into a wider global economy.”
“I believe competition is crucial for us to raise the bar,” Al-Ibrahim added, “but coordination is also required.” Behind the scenes, there is a great deal of organization and teamwork. These promises come from a strong sense of solidarity among politicians in the region.