Saudi Arabia interested in investing in 5-star hotels in Bulgaria

Minister Angelkova and Crown Prince Sultan bin Salman bin Abdulaziz Al-Saud agreed specific steps in tourism in Riyadh 

Saudi Arabia has interest in investing in 5-star hotels in Bulgaria and wants to take active part in investment in our country. You country has big investment potential not only in tourism but also in all sectors of the economy. This was said to the Minister of Tourism, Nikolina Angelkova, in Riyadh by His Royal Highness, Sultan bin Salman bin Abdulaziz Al-Saud, Crown Prince of the Kingdom of Saudi Arabia and Chair of the country’s Commission for Tourism and National Heritage. Minister Angelkova is on a visit to Kingdom of Saudi Arabia with a highest level government delegation headed by the Prime Minister, Boyko Borisov.

„We are promoting Bulgaria as an attractive tourism destination”, further stated Crown Prince Sultan bin Salman bin Abdulaziz Al-Saud.

The Bulgarian minister showcased to the Saudi Arabia Crown Prince a map of tourism investment projects in Bulgaria, focusing specifically on the huge development opportunities for various types of tourism – spa, cultural-historical, medical, and sea. Bulgaria’s advantages as a destination include financial and political stability, and legislation encouraging large-scale investors. Other benefits are the 10% corporate tax rate, 10% income tax rate, 3.4% GDP growth in 2016”, stated Minister Angelkova.

„Last year the number of visits by Saudi Arabia nationals in Bulgaria registered a 78% growth compared to 2015. Significant growth in the travel of Bulgarians to the Arab country was also registered“, stated Minister Angelkova, appealing for a boost of bilateral contacts in tourism. The Saudi Arabia Crown Prince and Minister Angelkova shared the idea that both country would benefit significantly from exchange of expertise and information in the sector.

Minister Angelkova also reported on the tourism-wise exceptionally successful year for Bulgaria. The number of international tourists in our country surpassed the 8 million boundary this year, as indicated by NSI data current to October 2017. „During the January–October 2017 period the number of visits of international tourists in our country stood at 8 026 103. This amounts to a 7,6% growth compared to the same period of 2016, which was a historically record-breaking one for the sector“, added Minister Angelkova. Our country is increasingly recognizable and preferred as a destination for high-end tourists, she announced.

The two countries will encourage various initiatives towards mutual promotion of cultural and historical landmarks. Saudi Arabia and Bulgaria will exchange experience in regards to marketing projects and advertising in tourism. It was also agreed at the meeting to set up task groups for tourism. Representatives of the Arab country will be able to visit Bulgaria and become familiar with our country’s experience in developing the sector.

Back in October 2016, a Memorandum of Understanding for Cooperation in Tourism was signed between Republic of Bulgaria and Saudi Arabia, when Crown Prince Sultan bin Salman bin Abdulaziz Al-Saud came to Bulgaria on a formal visit at the invitation of Minister Angelkova. The document’s purpose is for the countries to showcase the potential opportunities in tourism, encourage mutual investments, support joint tourism and cultural events, and actively cooperate in international institution initiatives, such as UN’s World Tourism Organization (WTO).

Minister Angelkova invited Crown Prince Sultan bin Salman bin Abdulaziz Al-Saud to be involved in the International Congress on World Civilizations and Creative Tourism under WTO aegis. The forum will be held in Bulgaria in November 14-16 next year.