Saudi Arabian General Investment Authority Tourism Essay
Saudi Arabia has set up a new investment promotion authority as the Arab world's largest economy looks to boost growth. The Saudi Investment Promotion Authority Sipa was established on the orders of King Salman and Crown Prince Mohammed bin Salman, chairman of the Council for Economic and Development Affairs, the Photo: Consulum. The Saudi Public Investment Fund has established the Saudi Tourism Investment Company, or Asfar, to support the growth of the kingdom's tourism sector. The company will invest in new tourism projects and develop destinations with hospitality, tourist attractions, retail and food and beverage offerings in cities around the world. Domestic FDI peaked at approximately what the new Saudi investment strategy aims to achieve annually. Newly empowered Saudi government agencies are spearheading the investment drive. Saudi Arabia has transformed the Saudi General Investment Authority into a ministry. Saudi Arabia is visited a million times a year and now wants to increase the contribution of tourism to the gross domestic product, according to Majed AlGhanim. Mr AlGhanim is director of tourism and quality of life at the kingdom's General Investment Authority. According to Saudi Arabia's General Investment Authority SAGIA, the country wants to increase investment in recreational facilities by one percent. per year – more than double the current level, as part of Saudi Arabia.