Study
Afaq Feasibility Studies Company
Feasibility Study
Entity: Shanta Travel and Tourism Company
Location: Kingdom of Saudi Arabia - Jeddah
Executing Agency: Afaq Economic Consulting Company
Project Overview:
Shanta Travel and Tourism Company (pronounced "sh-") is an innovative brand targeting young people and families seeking comfortable, economical, and modern travel experiences. The project's identity was developed to appeal to the public, with the name symbolizing the suitcase that accompanies every traveler, a clever reference to the comprehensive services the company provides.
1,500,000
32%
Feasibility Study
• Organizing domestic and international trips at competitive prices, including flights, accommodation, and transportation.
• Preparing customized tourism packages for young people, families, and university students.
• An electronic platform and mobile application for booking and managing trips.
• Hotel and flight reservation services in partnership with global service providers.
• Smart tour guide service and digital tourism recommendations via the app.
• Seasonal travel programs (Hajj, Umrah, summer, winter, school holidays).

Feasibility Study
The tourism sector in the Gulf Cooperation Council (GCC) countries is a vital sector that contributes significantly to the national economy, having witnessed remarkable development in recent years. Here is an overview of the tourism sector indicators in the GCC countries for 2030:
Number of incoming tourists: The Joint Gulf Tourism Strategy 2023-2030 aims to increase the number of incoming trips to the GCC countries by an annual rate of 7%, reaching 128.7 million visitors by 2030, compared to 39.8 million visitors in 2022.

Tourist spending: The strategy aims to increase incoming tourist spending to $188 billion by 2030, compared to a forecast of $96.9 billion by the end of 2022.

Hotel establishments: The total number of hotel establishments in the GCC countries is expected to reach 11,119 by 2030, with a projected increase in the number of hotel rooms of 2.3%.
Employment in the tourism sector: The travel and tourism sector is expected to contribute 10% of the Gulf's GDP by 2030, reflecting the sector's importance in creating jobs and boosting the economy.

Intra-tourism: Inter-tourism between GCC countries represents a significant percentage of the total number of tourists, reaching 26.9% in 2023, with expectations of increasing this percentage by 2030.

Major tourism projects: GCC countries continue to implement mega tourism projects, such as the Red Sea Project in Saudi Arabia, which aims to transform 90 remote islands on the Red Sea into luxury resorts, enhancing the region's appeal as a global tourist destination.

These indicators demonstrate the GCC countries' commitment to developing the tourism sector and enhancing its contribution to the national economy, contributing to achieving the Sustainable Development Goals by 2030.
Feasibility Study
Afaq Company Services:
Afaq Company prepared a comprehensive economic feasibility study for the project, which included the following:
• A study of the tourism market in Saudi Arabia and an analysis of recent trends in traveler behavior.
• Study local and international competitors in the same category (youth and family budget travel).
• Identify target customer segments and their needs.
• Develop an innovative marketing strategy to differentiate the company in the market.
• Analyze fixed and variable costs and estimate the required capital.
• Prepare a financial model and revenue and profit forecasts for a five-year period.
• Propose a flexible and scalable operational plan across the Kingdom.
• Present a tourism product development plan to align with Saudi Vision 2030.