Boosting Tourism in Saudi Business Growth
Saudi Arabia has been experiencing an accelerated growth in business expansion activities. Data from the AstroLabs 2023 Saudi Market Entry Report revealed that the timeframe for decision-making to enter the Kingdom reduced to 2 months in 2023, compared to 8-12 months in 2018, signifying a fourfold increase in the businesses’ market entry to Saudi. Thanks to its favorable business environment and ease of doing businesses reforms, there are a plethora of investment opportunities, with traveling for business to the Kingdom is becoming more and more common.
As the tourism sector drives pivotal change and growth in Saudi’s economy, global and regional tourism-focused companies are now looking at seizing the sector’s ripe opportunities – evidently, the Kingdom has witnessed a 390% increase in the demand for business tourism activity in 2023.
Capitalizing on the increased momentum in the tourism sector, RezLive, one of AstroLabs expansion members, and a part of the Travel Designer Group expanded its presence in the Kingdom last year. The B2B travel booking platform provides a streamlined reservation system for hotels, sightseeing and activities, and car transfer. For RezLive, Saudi has growing to become a major market in focus.
With the regular hosting of key business events in Saudi including LEAP, Seamless, Cityscape Global, FII, and BIBAN, the nation has enjoyed an even greater influx of global business travelers. For example, this year’s LEAP saw an attendance of 215,000, out of which 1,800 were global tech companies that exhibited their innovative products at the event. This further supports the vision of Saudi expecting 10 to 11 million business travelers by 2030.
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