(MENAFN) Saudi Arabia is set to invest a sum of USD11.6 billion for tourism projects as the country wants to capitalize on this year's domestic and religious tourism, which totaled USD45.3 billion at Arabian Travel Market (ATM), Saudi Gazette reported.
The projects cover a wide range of tourism-related activities such as the USD 4400 million investment by Saudi Aramco into 11 stadiums, the USD533 million MKEC Visitor complex, the USD450 million Hilton Riyadh Hotel & Resort and USD500 million Millennium Jeddah.
Industry experts put the estimated value of the Saudi tourism and travel market at USD45.3 billion in 2014, of which USD18.7 billion was generated from domestic tourism and almost USD27 billion from religious and other tourism.
"If we look just at the Kingdom's list of top 10 tourism and hospitality projects, almost USD11.6 billion is being invested into supporting the country's economic diversification plans," exhibition manager of Arabian Travel Market said in a statement.
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