RIDING THE WAVE

Saudi Arabia's tourism revival under Vision 2030 is creating new opportunities. For Taiba CEO Sultan Al-Otaibi, acting fast is imperative and so is investing $880 million in eight prime projects to keep pace with rising demand.

- BY NERMEEN ABBAS

As Saudi Arabia steps up efforts to accelerate growth in its tourism sector under Vision 2030, local companies are realigning their strategies to keep pace with the country's transformation.

They are expanding their hotel and real estate portfolios to accommodate the anticipated surge in visitors, whether traveling for religious, leisure, or major international events such as Expo 2030 in Riyadh and the FIFA World Cup 2034.

The Kingdom has set ambitious tourism targets, aiming to raise the sector's contribution to GDP to around 10%. Having already exceeded its initial goal in 2023 by welcoming 100 million visitors, it has now raised its target to 150 million by 2030. In 2024, the Saudi Arabia received 115.9 million tourists, including 29.7 million international and 86.2 million domestic tourists, with total tourism spending reaching $75.7 billion. Notably, International tourism for nonreligious purposes surged to 59% of all inbound travel, led by leisure and holiday visits.

“Saudi Arabia is currently positioning itself as a global investment hotspot, as Vision 2030 has unlocked new horizons for investors,” says Sultan Al-Otaibi, CEO of Taiba, a leading Saudi hospitality and real estate conglomerate. Taiba manages 40 hotel and real estate properties with a total of 8,000 keys across seven Saudi cities: Riyadh, Jeddah, Makkah, Madinah, Al Jubail, Al Khobar, and Tabuk. As of November 6, 2025, the company's largest shareholders are Al-Issa family through Assila Investments with 22.2% ownership, Mohammed Al-Issa with 7.7% stake, the Public Investment Fund (PIF) with 8.49% stake, and AlSalehat Investment with 6%. Its hotels have hosted more than 2.5 million guests as of 2024. and operate under Saudi brands such as Makarem Hotels, Nur by Makarem, and Dur Communities, alongside partnerships with global chains including Hilton, IHG, Marriott International, and Accor.