Saudi Arabia ready to invest $2bln in region’s cultural tourism sector

A man makes handmade ornamental products during Janadriyah Culture Festival on the outskirts of Riyadh, Saudi Arabia February 8, 2017. (File photo: Reuters)

Saudi Arabia and Oman will lead the GCC’s multi-billion dollar investments in cultural tourism with a series of projects to develop new cultural attractions, according to a report by Reuters.

According to the research, compiled by Colliers International, Saudi Arabia is ready to invest up to US$2bn, one of the highest commitments of any government to cultural tourism in the region, with a number of projects and targets set out under Saudi Vision 2030.

Under the vision, by the year 2030, Saudi Arabia will increase the number of public and private museums from 155 to 241, increase the number of UNESCO World Heritage Sites from four to 10, and increase the number of archaeological sites suitable to visit from 75 to 155.

In addition, the Kingdom will increase the number of archaeological heritage sites from 10 to 28 and increase the number of activities and cultural events from 190 currently to 400 annually.

In 2015, Oman pledged investments of $2.5bn for the Omagine Project – a mixed-use development set on 245 acres of prime beachfront facing the Gulf of Oman, which is an integration of cultural, heritage, educational, entertainment and residential elements.

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Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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