Riyadh - Sharikat Mubasher: Saudi Minister of Tourism Ahmed Al Khateeb announced the launch of the Tourism Investment Enablers Program (TIEP) to streamline business operations and enhance the attractiveness of tourism investments within the Kingdom.

The minister made this announcement during the ‘100 Million Welcomes’ ceremony held by the ministry to celebrate welcoming more than 100 million tourists in 2023.

The TIEP is designed to facilitate business practices and enhance investment attractiveness for local and global investors, in alignment with the Kingdom’s objective to become a global tourism hub.

The new program aims to introduce regulatory reforms across tourism licensing for multiple types and scales of operation and reduce fees to make it more cost-effective to do business in the Saudi tourism sector.

As part of the TEIP, the Ministry of Tourism and the Ministry of Investments jointly launched the Hospitality Investment Enablers initiative designed specifically to elevate the efficiency of business operations and bolster project success in the hospitality sector.

In his opening remarks, Al Khateeb affirmed that these strategic enablers were designed to enhance business operations and project viability, facilitating access to government-owned land under favorable terms, streamlining project development processes, and minimizing barriers to market entry.

He elaborated: “We have streamlined the investor journey to ensure a seamless experience. As part of these initiatives, we will be launching the Tourism Investment One Stop Shop later this year, in collaboration with our esteemed partners at the Saudi Business Center. Investors can get everything they need to do business in tourism, all from one place.”