Sunday, April 14, 2024

Saudi Arabia plans to open 315,000 new hotel rooms by 2030 to Promote Tourism

By 2030, Saudi Arabia intends to construct 315,000 new hotel rooms, with an estimated $37.8 billion in development costs, as the country works to diversify its economy away from the oil sector by growing the hospitality, tourist, and travel sectors.

According to Knight Frank’s 2023 Saudi Report, the additional rooms will bring the total stock to close to 450,000, with giga-projects like the future metropolis of Neom directing the supply.

The success of Saudi Arabia’s future tourism and hospitality markets, which have a population of roughly 36 million, depends on domestic tourism, the survey concluded. With 65% of Saudi Arabians currently visiting within the country once to three times per month, domestic tourism is “thriving” in the country.

According to Knight Frank’s 2023 Saudi Report, the additional rooms will bring the total stock to close to 450,000, with giga-projects like the future metropolis of Neom directing the supply.

The success of Saudi Arabia’s future tourism and hospitality markets, which have a population of roughly 36 million, depends on domestic tourism, the survey concluded. With 65% of Saudi Arabians currently visiting within the country once to three times per month, domestic tourism is “thriving” in the country.

“Providing for the varied lodging needs of domestic tourists, notably the younger age, is essential to reaching this goal. Additionally, a legal framework that makes the industry more accessible to foreign investors, along with supporting infrastructure like new airports and national airlines, both of which are on the way, will be crucial.

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