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00:00Tourism is one of the main sectors that Saudi Arabia is striving to develop,
00:05as it contributes 10% more to the local tourism sector than it did in 2030,
00:14and private sector investments are one of the main drivers for tourism.
00:19Here, the role of the Tourism Development Fund,
00:23which contributed to the establishment of more than 100 tourism projects,
00:27has increased by more than 40 billion riyals since the foundation of the fund in 2020.
00:33The Tourism Development Fund was established today to support the private sector,
00:36to invest in this sector.
00:38The support is for large projects as well as small and medium-sized projects.
00:43If we talk about the projects that have been supported to date,
00:46we are talking about a total value of more than 40 billion riyals
00:51in all areas of the Kingdom.
00:54As we said, the focus is from large projects to small and medium-sized projects.
00:58Today, the fund leads several initiatives and programs.
01:02The main goal is to support private sector investors to enter this sector.
01:07Companies and the private sector play a major role in Saudi tourism investment,
01:12especially in the provision of hotels, hotels and tourist attractions.
01:17We are targeting most of the promised areas in the Kingdom.
01:24Of course, the size of the investment in these areas depends on the size of the space.
01:31But usually, we target between 200 million and 500 million for each city.
01:38As for the number of cities, we are talking about all the promised cities.
01:42We still have a long way to go.
01:45Today, we are looking at Taif as a new investment in Taif.
01:50There is one thing that I would like to share with you.
01:54Our profits on a single hotel room have reached 8%,
01:58which is the best performance in the sector.
02:00As for Saudi Arabia and the Middle East,
02:02our profits on a single hotel room have reached 15%.
02:06There is a great ability to develop business,
02:09and we are investing resources to develop it.
02:13In the past year, the Saudi tourism sector was in turmoil
02:17due to the increase in the number of visitors,
02:20which reached 100 million visitors.
02:24So, the Kingdom is making more investments in the tourism sector
02:28and encouraging the private sector
02:30to reach 150 million visitors
02:33and provide 1.6 million jobs by 2030.
02:38Atallah Alshamri, CNBC Arabia, Riyadh