Tourism Breaking News
The kingdom is poised for a major expansion in its hospitality sector by creating 315,000 hotel units by 2030, according to global real estate consultancy Knight Frank. Knight Frank stated that this growth will highlight the increase in hotel room inventory in Saudi Arabia to become larger than Dubai’s current 140,000 hotel units. The development of the hospitality sector is a cornerstone of Saudi Arabia’s economic diversification plans. Faisal Durrani, Partner and Head of Research in the Middle East, explained, “The size of the hotel room units planned to be delivered in the Kingdom is unbelievable, with the total number of rooms likely to reach nearly 450,000 hotel rooms. To illustrate, the UAE today has a total of approximately 200,000 hotel rooms, including Dubai’s 140,000 hotel units, meaning Saudi Arabia is poised to grow by up to 58% greater than the UAE. The bulk of the success of Saudi Arabia’s future tourism and hospitality market will be its local tourism sector. The sector is already thriving, with 65% of Saudis already traveling within the Kingdom one to three times a month. But what is surprising is the fact that 58% of Saudis we spoke to as part of the 2023 Saudi report choose not to stay in hotels.” Speaking about the need for diversity in accommodation options, Durrani explains, “The prevalence of large families travelling together may be a factor, as can cost, quality and location. Our Saudi Report 2023. Only 17% of planned hotel fittings are for 3-star or lower-class hotels, and with 56% of KSA residents under the age of 35, the demand for different hotel accommodation types will continue to emerge as an important consideration for the …
Read More »Saudi Arabia has planned to build high-rise tourist hotels with 315,000 new hotel rooms by 2030
