Elm, a pioneer of digital solutions, signed a Memorandum of Understanding (MoU) with the Saudi Ministry of Tourism (MT) at LEAP 2023, which took place in Riyadh from February 6th to 9th.
Under this MoU, Elm will play a role in advancing the digital transformation of the tourism sector in the Kingdom. This will involve creating digital solutions and products, promoting the use of modern technologies within the sector, and proposing and studying technical development prospects, to reach MT's strategic targets.
The MoU requires Elm and MT to join their efforts and share their knowledge and experiences to develop innovative plans and strategies to achieve their shared goals. Both parties strive to drive digital transformation in the tourism sector, which plays a vital role in the Kingdom's economic growth and income diversification. Elm and MT also aim to contribute to reaching the tourism sector's targets of increasing its direct contribution to the GDP to over 10% and attracting 100 Million tourists, with 55 Million being international and 45 Million being domestic.
Thanks to its efforts to boost the tourism sector, the Kingdom moved up 10 places on the Tourism and Travel Development Index to 33rd place. The Saudi Ministry of Investment (MISA) reported that the first half of 2022 witnessed a surge in spending by international tourists in the Kingdom, reaching SAR 27 Billion, following a 6.1 Million increase in the number of tourists, for a total of 46 Million foreign and domestic tourists. Signing this MoU is an important step for enhancing Elm's cooperation with various entities in different sectors, ultimately benefiting its activities and strategic plans.
The new collaboration between Elm and MT covers multiple areas. For starters, Elm will support entrepreneurs and SMEs in the tourism sector, by offering them four advanced technical products at competitive prices. This will help improve their business and encourage investment in the sector. Elm will also offer consulting and technical support services, as well as human capital development in the tourism ecosystem, to guarantee a high-quality customer experience. Furthermore, Elm will support MT's operations by providing four use cases in the fields of monitoring, inspection, investor journey, and operation management. Elm will also contribute to the localization of the Saudi tourism sector in line with national strategies and visions, by building the capacities of Saudi jobseekers and offering job opportunities in the sector. Additionally, Elm will enhance the skills of local talent working in the tourism field through training programs and mentorship. The company will also provide advanced technical services to build digital platforms in the tourism sector based on sustainable business models, which will contribute to achieving the targets of the digital economy.
"At Elm, we are pleased to conclude this MoU with MT as it provides a framework for cooperation and enables us to work together efficiently and effectively to advance the tourism sector in the Kingdom. This agreement will lay the groundwork for digital transformation in various areas of the tourism sector. This move coincides with the significant advancements in the Kingdom's tourism sector, which has seen the strongest growth among the G20 countries in the past year. Elm and MT will collaborate and harness all available means and areas of cooperation to develop their joint business in this sector. Elm is committed to fulfilling its strategic goals by offering cutting-edge digital tools and solutions that meet the highest international standards, improving the performance of operations and services, and enabling the Saudi tourism sector to keep pace with global digital developments and transformations and fully meet the needs and expectations of customers," said Majid bin Saad Al-Arifi, Elm's Spokesperson and Executive VP of Marketing.
Elm is a premier technology company in the Kingdom and it offers state-of-the-art digital solutions and services to its strategic partners in the government and private sectors, helping advance their business and enhance the customer experience. With this MoU signed with MT, Elm will leverage its extensive portfolio of advanced products and services to accelerate the digital transformation in the sector, enhance its performance, and streamline operations across its various fields. This is crucial considering the significance of the tourism sector in the Kingdom and its critical role in diversifying the national economy's income sources and making a high contribution to the GDP.