SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Mall, Retail & Hospitality(Real Estate & Retail)
Filter PR by
  
Saudi Arabia Sets Sights Sky-High with 315,000 New Hotel Rooms Planned by 2030
 
Saudi Arabia Sets Sights Sky-High with 315,000 New Hotel Rooms Planned by 2030

Riyadh/Jeddah | 30th April 2023: The Kingdom is gearing up for a major expansion in its hospitality sector by developing 315,000 hotel keys by 2030, according to global property consultancy Knight Frank. 


This growth, Knight Frank says, will see Saudi Arabia’s hotel room inventory swell to become larger than Dubai’s current 140,000 keys. The development of the hospitality sector is a cornerstone of the Kingdom’s economic diversification plans.


Faisal Durrani, Partner – Head of Middle East Research explained, 'The volume of hotel room keys planned to be delivered in the Kingdom by 2030 is nothing short of incredible, with a total likely stock of close to 450,000 hotel rooms. For context, the UAE today has a combined total of around 200,000 rooms, including Dubai’s 140,000 keys, so Saudi is gearing up to see nearly 58% more than this figure. A major part of the success of the Kingdom’s future tourism and hospitality market will be its domestic tourism sector. The sector is already alive and thriving, with 65% of Saudis already traveling within the Kingdom between one- and three- times a month. What’s fascinating however is the fact that 58% of Saudis we spoke to as part of our 2023 Saudi Report opt not to stay in hotels.”


Addressing the need for diversity in accommodation options, Durrani explains, “The prevalence of large families traveling together may clearly be a factor, but so is cost, quality and location, with these three reasons being cited by our 2023 Saudi Report respondents. Notably, just 17% of the planned hotel supply falls in the 3 star or below category, and with 56% of the Kingdom’s population aged below 35, the demand for various accommodation types will likely continue to emerge as a significant consideration for the industry. We will need to think broader and incorporate the likes of luxury glamping sites and youth hostels to cater to this increasingly important segment of the market if it is to thrive and flourish, being mindful of the cultural sensitivities and the need for appropriate adaptations.”


The rapid expansion of hospitality-linked offerings across the country is expected to play a critical role in boosting domestic tourism, which Knight Frank forecasts will form a key part of the future of the Kingdom’s hospitality landscape and is already a thriving industry. 


Turab Saleem, Head of Hospitality, KSA commented, “With a total development cost of US$ 37.8 billion for all the hotel rooms planned in the Kingdom, according to our estimates and Giga projects like NEOM leading the supply pipeline, Saudi Arabia is on the cusp of becoming one of the world’s major tourist markets. The key to achieving this goal lies in catering to the diverse accommodation needs of the domestic tourists including the younger generation. Furthermore, supporting hospitality infrastructure, such as new airports and national airlines, both of which are coming, combined with a legislative framework that eases access to the sector for international investors will be critical.”

 


Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 55638 times
PR Category : Real Estate & Retail
Posted on : Tuesday, May 2, 2023  11:26:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of SaudiArabiaPR.com.
Previous Story : Courtyard by Marriott Riyadh Northern Ring Road Offers Famil...
Next Story : JW Marriott Hotel Riyadh Appoints Khaled Al Jamal as General...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Eid Gift Guide – Fragrance Edition [30505-Views]
Watches & Wonders 2024 Unico: Hublot's Manufacture Calibre [29402-Views]
Al Haramain Group shares its business growth by hosting UAE's largest Iftar for 5,000 people as it e... [24366-Views]
Bremont introduces a new generation of its Supermarine diving watch series [24158-Views]
flydubai adds two destinations in the Kingdom of Saudi Arabia [22638-Views]
Hysek reveals iconic timepieces at Watches & Wonders 2024 [22516-Views]
Catrice Cosmetics Introduces the Clean Girl Makeup Look with New Essentials! [21829-Views]
Slay the sun-kissed girl makeup look: Your Ultimate Guide [21489-Views]
Response Plus Holding Net Profit surges 68% to AED 49.39 million during 2023 [20593-Views]
Khabib's Official Training Gloves Will Be Sold at Tooba Charity Auction in Dubai [17796-Views]
Ogilvy Appoints Antonis Kocheilas Global Chief Transformation Officer [15896-Views]
Maximilian Guenther Secures Victory For Maserati Msg Racing In Debut Tokyo E-PRIX [14953-Views]
TAQA and JERA to develop Industrial Steam and Electricity Cogeneration Plant for Saudi Aramco Total ... [14465-Views]
Vibrant Eid Al Fitr Festivities Await at The Hotel Galleria Jeddah, Curio Collection by Hilton [13969-Views]
Saudi Exchange Marks a Milestone with its 400th Listed Security [13939-Views]
Tokyo E-prix Winner Max Gunther Eager to Challenge for Formula E Title [13695-Views]
Green Corp acquires Emad Bakeries increasing investment in Saudi food processing [13441-Views]
Formula E to Use Latest Sustainable Tech to Power its Events Worldwide [13285-Views]
Ubisoft to launch formula E Universe in Trackmania with Three Championship Racetracks [13099-Views]
Egis to Provide a Comprehensive Refurbishment and Maintenance Assessment for King Fahd Causeway Brid... [12993-Views]
 
RSS Facebook Twitter LinkedDin SaudiArabiaPR.com on Instagram
 
Top Sections
 
Top Stories