NEOM News

The latest news and information about NEOM, The Line and related projects

NEOM Tourism Update

The last 16 months have been hard for most sectors worldwide but tourism has been hit hardest and Saudi Arabia is no exception.

Global tourism GDP declined 49% in 2020 due to unprecedented lockdowns and travel restrictions. Saudi Arabia’s tourism economy declined 3% by comparison and accounted for 7% of national GDP.

Major business reforms affecting foreign ownership, procurement, and competition have been implemented since the launch of Vision 2030 in 2016 to boost private investor confidence in the business potential of sectors where the public sector has historically dominated.  Major business reforms affecting foreign ownership, procurement, and competition have been implemented since the launch of Vision 2030 in 2016 to boost private investor confidence in the business potential of sectors where the public sector has historically dominated.

According to MEED Projects, SAR22.9 billion ($6.1 billion) in leisure or hospitality projects are currently under execution. Saudi megaprojects including the Red Sea Project, NEOM, Amaala, and Diriyah Gate have tendered sizeable hospitality, site readiness, and project management contracts that have involved a variety of U.S. companies including Bechtel, Parsons, and Hill International.

Read the full report at the U.S. - Saudi Business Council