Revised municipal real estate transactions regulations to boost tourism investments, says minister

Saudi Arabia's revised regulations for municipal real estate transactions helped eliminating obstacles facing investments in the tourism sector, Minister of Tourism, Ahmad Al-Khatib, said in a statement.

The updated regulations expanded contractual terms of long-term investments, from 25 years to 50 years, to attract capital investments for major projects, he added.

Al-Khatib also mentioned that the revised regulations came in line with the seasonal factors, and helped provide new opportunities to entrepreneurs in local tourist destinations.

Diversified investment options represent "good choice" for the tourism industry investors, as there is a need to draw quality investments to Saudi cities, the minister stated.

The Kingdom's strategy is aimed at enhancing the tourist products, in line with the national strategy and to boost the tourism's contribution to the gross domestic product (GDP) to 10% by 2030, Al-Khatib noted, adding that the strategy will require hotel as well as tourism investments from private sector.

According to data available on Argaam, Saudi Arabia approved the revised regulations for the municipal real estate transactions on Wednesday.