Saudi Arabia is poised to benefit from a surge in tourism in the coming years as it opens its borders to foreign visitors eager to tour its planned smart cities and discover historical sites in its vast desert. The Kingdom’s budding tourism industry depends in large part on whether authorities can expand and train the labor force to keep up with its giga- and mega-projects’ ambitious goals. The government has made notable progress expanding the workforce, particularly by increasing female participation. The development of well-designed technical and vocational training programs can help Saudi Arabia launch its economy into the future, underpinned by bourgeoning tourism. Saudi Arabia’s tourism
The Kingdom has announced mega- and giga-projects worth at least $950 billion since launching its Vision 2030 economic diversification plan in 2016. The primary objective of the projects, with around $60 billion already disbursed, is to increase Saudi’s competitiveness in tourism, construction, infrastructure, and other non-oil sectors. Run by the Public Investment Fund (PIF), the Vision 2030 program also aims to enhance the Kingdom’s economic resilience through investments in local strategic sectors and the diversification of the fund’s global assets.
Another key ambition is to transform PIF, whose assets are expected to reach $1.86 trillion by 2030, into one of the largest sovereign wealth funds in the world and consolidate its position in shaping the global economy. The mega- and giga-projects play a major role in achieving that goal. In 2022, Saudi witnessed significant progress in the launch and implementation of giga-projects, with a particular focus on the tourism sector. These investments are expected to boost non-oil economic activities and generate job opportunities for the Kingdom’s growing labor force.
