The critical role of tourism in driving economic diversification will take center stage at Davos 2025, the World Economic Forum‘s Annual Meeting, this week, with the participation of Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, who will attend as part of the Saudi delegation led by His Highness Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs. Al-Khateeb will be leading the discussion on how travel and tourism are critical to economic growth and prosperity.
“The Travel and Tourism sector is a cornerstone of global economies and, as we convene in Davos for the WEF Annual Meeting 2025, acknowledging the importance of the sector in discussions is vital,” Al-Khateeb said.
A catalyst for inclusive global economic growth
In collaboration with Saudi Arabia’s Ministry of Tourism, with expert input from Al-Khateeb, the World Economic Forum released a new briefing paper titled “Future of Travel and Tourism: Embracing Sustainable and Inclusive Growth” ahead of Davos 2025.
The paper explores the transformative trends of the sector, destination readiness and the importance of cross-sector collaboration. It will help drive key travel and tourism discussions at Davos 2025 including Travel and Tourism’s role in Building Trust, Scaling Sustainable Tourism: Connecting People and Places, and The Way We Will Travel.
The paper expects the travel and tourism sector to recover further and see an annual growth in spending of 7 percent in the next decade. Prior to the pandemic, the sector accounted for 10.4 percent of global gross domestic product (GDP) and 10 percent of jobs worldwide. In Saudi Arabia, Vision 2030 has been instrumental in diversifying the country’s dependence on oil, with tourism registering a 73 percent growth in the first month of 2024 compared to the same period in 2019.
The paper also highlights key stakeholders and their evolving role in shaping travel and tourism, emerging opportunities in the sector and ongoing challenges.
“I am honored to be invited to the WEF Annual Meeting and underscore tourism’s potential as a catalyst for inclusive global economic transformation through sustainability, innovation, and collaboration. Saudi Arabia remains committed to strengthening international cooperation and promoting sustainable growth in tourism,” Al-Khateeb added.
HE @AhmedAlKhateeb will participate in insightful sessions at #WEF25 to highlight the vital role of tourism in driving inclusive, sustainable growth. HE will also showcase Saudi Arabia’s efforts in harnessing tourism’s transformative power to create lasting economic and social… pic.twitter.com/TON6GJZr31
— وزارة السياحة (@Saudi_MT) January 20, 2025
Saudi Arabia among world’s fastest-growing tourism destinations
Saudi Arabia also released an Investor White Paper spotlighting Vision 2030 initiatives that are transforming the tourism sector. The paper highlights the significant strides made in developing state-of-the-art tourism infrastructure, drawing international visitors and offering unique cultural experiences.
Saudi Arabia has rapidly become one of the world’s fastest-growing tourism destinations, surpassing its 2030 goal of 100 million tourist arrivals in 2023. Strategically located within a six-hour flight of 40 percent of the world’s population, Saudi Arabia is poised to be a global tourism hub.
The country topped the UN Tourism ranking for the growth of international tourist arrivals in 2023 compared to 2019, among G20 destinations, achieving an increase of 56 percent. Tourism spending also rose by 37 percent, according to the World Tourism Barometer report released in January 2024. Growth has continued to accelerate, with the total number of tourist arrivals surging to 60 million during the first half of 2024 and spending amounting to $40 billion, according to Al-Khateeb.
Read: Wizz Air Abu Dhabi reaches milestone with 3.5 million passengers in 2024
New partnerships and initiatives to drive growth
Davos 2025 marks a significant moment in the trajectory of global tourism and emphasizes Saudi Arabia’s dedication to fostering cross-sector partnerships and driving economic growth through tourism. His Excellency Al-Khateeb’s active participation will pave the way for new partnerships and initiatives aimed at leveraging tourism for global economic development. The Kingdom remains committed to sharing its vision for a sustainable, inclusive, and prosperous future for the tourism industry, ensuring perpetual growth and innovation.
In addition to participation in official Davos 2025 engagements, Minister Al-Khateeb will represent the Kingdom in dialogues aimed at fostering pathways to drive Africa’s development through investment, the role of women leaders in global economies, and strategies to scale sustainable tourism and will engage with key policymakers and influential leaders across both the private and public sectors.
