RIYADH: Saudi Arabia’s travel industry will get more accessible with digital solutions player TAM Development Co. helping to develop an online platform for the Kingdom’s tourism authority.
According to a bourse filing on Monday, TAM Development signed an agreement with the Saudi Tourism Authority to provide digital solutions and consultancy necessary to build and operate an online services platform.
The digital consultant said the deal is valued at SR14.83 million ($3.95 million), and the contract will last 16 months.
The company added that the authority awarded the contract on Sept. 25.
In August, the advisory firm received a project worth SR3.27 million from the Tourism Ministry to provide consultancy in developing the sector.
In the same month, it inked a deal worth SR20.70 million with the Ministry of Culture.
Under the 12-month contract, the company was expected to provide technical solutions for the Culture Ministry.
Developing the tourism sector is a crucial agenda outlined in Saudi Arabia’s Vision 2030 goals, as the Kingdom is currently on its path to diversify its economy away from oil.
Its National Tourism Strategy aims to attract over 100 million visitors by the end of this decade and increase the tourism sector’s contribution to the gross domestic product to over 10 percent.
In May, STA inked a deal with payment solution provider Visa to develop the first tourism data lab in the Middle East and North Africa region in Saudi Arabia.
Under the deal, the financial services company will explore innovative ways to enhance the visitor experience and advance the Kingdom’s hospitality industry.
Earlier this month, Saudi Arabia’s Public Investment Fund launched a new firm named Balad Development Co. to transform the historic Jeddah area into a global cultural and heritage destination.
Meanwhile, TAM Development, in September, announced that it achieved a net profit of SR4.8 million in the first half of 2023, compared to SR2.4 million in the same period of the previous year.
