Saudi Arabia decided on Wednesday to cancel fees for issuing commercial activity licenses for hotels, hotel apartments and residential resorts in the kingdom, state news agency SPA reported.
The Ritz-Carlton, Jeddah © Mena Today
Saudi Arabia decided on Wednesday to cancel fees for issuing commercial activity licenses for hotels, hotel apartments and residential resorts in the kingdom, state news agency SPA reported.
The decision, effective Sept. 4, is part of the Tourism Investment Enabler Program that Saudi Arabia launched in March, aimed at making the kingdom a global tourism powerhouse.
"This decision comes in line with the goals of the Kingdom's Vision 2030 to make Saudi one of the most prominent tourist destinations in the world", SPA said.
SPA added that the initiative would encourage investors to put more money into the tourism sector, which would increase the industry's contribution to gross domestic product.
Saudi's Vision 2030 plans to modernise the Gulf Arab state and reduce its dependence on oil export revenues with over $800 billion invested to diversify the economy.
By Jana Choukeir
Saudi Arabia plans to scrap light-touch oversight of its nuclear facilities by the U.N. atomic watchdog and switch to regular safeguards by the end of this year, the kingdom said on Monday, a step the watchdog has long been calling for.
Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices.
Britain's new trade ministers visited the Gulf region on Monday in a first joint visit for talks on a possible trade deal, the government said.
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