Tourism Development Fund Shines at World Travel Market

Saudi Arabia’s Tourism Development Fund (TDF) made waves at the recent World Travel Market (WTM) 2024 in London. The kingdom aims to attract international investors, part of its push to position itself as a premier global tourism destination. This move aligns with Saudi Vision 2030, with the goal of diversifying the economy and reducing dependence on oil.

Saudi Arabia at World Travel Market 2024

More than 4,000 exhibitors promoted their products and services at the November 4-6 travel event in London. Additionally, over 200 travel industry speakers took part in 70 sessions.

At WTM 2024, the Tourism Development Fund’s pavilion stood out, drawing attention from tourism professionals and investors worldwide. The event hosted presentations, interactive discussions, and one-on-one meetings, encouraging potential partners to explore Saudi Arabia’s tourism opportunities. Moreover, TDF representatives emphasized the Kingdom’s commitment to sustainable tourism and highlighted attractive incentives for investors.

The pavilion included the Visit Saudi exhibition, now on its fourth year, as organized by the Saudi Tourism Authority (STA). The pavilion provided support for over 70 hospitality partners such as hotels, airlines, and travel agencies.

Key milestones

During the event, Tourism Development Fund officials unveiled several new projects designed to attract international investment. In addition, the Visit Saudi exhibition also showcased the latest Red Sea Global projects. By 2030, the kingdom hopes to open 16 resorts. TDF also signed a memorandum of understanding with Dusit International to develop high-end accommodations in Saudi Arabia.

“Saudi Arabia, the fastest-growing tourist destination globally, seeks to solidify its leadership in world tourism, aligning with the Saudi Vision 2030 goals by highlighting unique destinations, new projects, and significant investment opportunities,” remarked Saudi Minister of Tourism and STA Chairman Ahmed Al-Khateeb.

STA chief executive and board member Fahd Hamidaddin also noted, “Tourism powers economies more than anything. The jobs we create are the jobs for the young, the entrepreneurs, for the remote, for the pop-and-mom shops and for the new rising talents. When we travel, we go with our best intentions. Our minds are the most open.”

These projects aim to develop diverse tourism offerings, such as eco-tourism, cultural heritage, and luxury hospitality. By focusing on these niche markets, Saudi Arabia hopes to differentiate itself from other destinations in the region.

About the Tourism Development Fund

The Tourism Development Fund has been a significant player in realizing the ambitions of Vision 2030. By providing tailored financing solutions and strategic partnerships, it supports projects that enhance Saudi Arabia’s tourism infrastructure. In addition, this initiative not only boosts the economy but also creates job opportunities for local communities.

Saudi Arabia has ambitious goals for its tourism sector, including attracting 150 million visitors annually by 2030. The impact of the TDF’s initiatives is already visible across Saudi Arabia. For instance, newly developed coastal resorts have attracted tourists from across the globe. Additionally, cultural and heritage sites are now receiving more visitors, thanks to improved facilities and targeted marketing campaigns.

Beyond the activities at WTM, the Tourism Development Fund’s efforts form a part of Saudi Arabia’s broader strategy to boost its tourism sector. Initiatives like the Red Sea Project and NEOM are central to this plan, showcasing Saudi Arabia’s dedication to transforming its tourism offerings.

Photo: Facebook/World Travel Market – WTM London