Saudi’s tourism industry to hit US$14.88bn

Saudi Arabia’s travel and tourism industry is estimated to grow to SR55.8bn (US$14.88bn) in 2012 compared to SR38.9bn (US$10.37bn) recorded in 2009, it was reported. The World Board of Travel and Tourism said that the industry is expected to represent 2.9 percent of the GDP this year as compared to 2.7 percent in 2009, reported kingdom-based Saudi Gazette. Companies in both Saudi Arabia and the Gulf Cooperation Council (GCC) involved in the industry will develop their services in expectation of robust growth. The number of tourists heading to Saudi Arabia is expected to reach 15.8m by 2014, up from around 13m in 2010, according to international industry consultant Business Monitor International (BMI).