Saudi Arabia Hotel Market to exceed USD 24bln
Saudi Arabia Hotel Market is projected to be more than USD 24 Billion by the end of the year 2025, according to the “Saudi Arabia Hotel Market, Volume & Forecast by Type (High End, Mid Scale, Budget) Ordering Platform (Online, Offline), Regions, Company”.
Saudi Arabia hotel market has grown significantly in recent years and is expected to continue growing in the forecast period. With significant demand for leisure, corporate, and religious visitors, Saudi Arabia has lured many international and national hotel chains. The Saudi Arabia hotel industry is driven by rapid economic growth, the development of real estate projects investment, and Constructions.
Besides, the growing tourism demand in the country has played an essential role in the accelerated growth of the tourism industry as well as the hotel industry. The Kingdom has also project to grow the number of Hajj and Umrah tourists, presently the major contributor to the kingdom visitor number to 30 Million by 2030 from around 19 Million in 2019.
Saudi’s Vision of 2030, taking prior initiatives into the Hotel industry; likewise, according to the Index Saudi, the government plan to open 144 pulse hotel and 56,106 rooms between the years 2019 to 2021. This year, the government is going to open 44 new hotels, and the next couple of years by 2020, the government plan to open 15 new hotels, and by 2021, 21 projects are in their pipeline. Apart from that, 41 and 9 hotels are in pre-planning stages.
Many hotel (4+ stars, 4 stars, 3 stars, and 2 stars) companies in the Kingdom has grown rapidly and as per our study, the publisher has covered companies future prospect say for instance, the Intercontinental Hotel Group (IHG) to open Voco hotel with 4,200 rooms, Accor Hotels Middle East will open 13,500 rooms by 2020, and Marriott International pipeline of 29 hotels and over 5700 rooms in the Kingdom by 2030 and many more companies in cities like Makkah, Medina, Riyadh, and Jeddah.
Also, with the assistance of internet hotel booking, the high-end hotel and mid-scale hotel in Saudi Arabia is a significant contributor to the rapid development of the financial community. International and national tourists in Saudi Arabia are more likely to book their hotels online through the region, mostly in Makkah, Medina, Riyadh, Jeddah, and Dammam. The Government of Saudi Arabia is committed to enhancing citizens ‘ quality of life by implementing its Vision 2030.
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Source: Hotelier International
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