Latest news with #ElKadiri
Gulf Business
18-03-2025
- Business
- Gulf Business
Saudi Arabia set to deliver 362,000 new hotel rooms by 2030
Image: Getty Images Saudi Arabia is set to add 362,000 new hotel rooms by 2030 as part of a $110bn expansion of its hospitality sector, according to data released ahead of the 2025 edition of the Future Hospitality Summit ( The event will be held from May 11-15. The kingdom's ambitious growth in infrastructure, real estate, tourism, and hospitality is in line with Vision 2030 and is positioning Saudi Arabia as a global leader in the travel and tourism industry. This expansion is creating substantial investment opportunities and setting new industry benchmarks, allowing investors to actively participate in the country's long-term economic transformation, according to industry experts. Strategic growth and investment opportunities in the kingdom Oussama El Kadiri, partner and head of Hospitality, Tourism, and Leisure at Knight Frank, stated: 'Fuelled by ambitious Vision 2030 goals, Saudi Arabia's tourism sector presents a compelling investment landscape, evidenced by its record-breaking SAR444.3bn GDP contribution in 2023, accounting for 11.5 per cent of the national economy. This growth reflects the kingdom's strategic initiative to position itself as a leading global tourism destination.' El Kadiri also highlighted that international arrivals to Saudi Arabia reached 30 million in 2024, up from 27.4 million in 2023, demonstrating a robust upward trajectory. This growth is expected to continue, with Saudi Arabia aiming to attract 70 million international visitors annually by 2030. Impact of global events on Saudi's hospitality, tourism sectors The kingdom's economic transformation will be further bolstered by a series of high-profile global events. The 2029 Asian Winter Games, World Expo 2030, and the FIFA World Cup 2034 are expected to drive further growth in tourism, hospitality, and related industries, not only increasing visitor numbers but also enhancing Saudi Arabia's global reputation as a premier destination for leisure, business, and mega-events. Hotel sector performance According to leading hospitality data provider STR, hotel room revenue in Saudi Arabia reached $5.6bn between January and October 2024, a 3.5 per cent increase from 2023 and 26.5 per cent higher than in 2019. Key regions such as Riyadh and Medina saw significant growth in both occupancy and average daily rate (ADR) in 2024, with growth expected to continue in the coming years. In Riyadh, ADR increased by 16 per cent on 2023, while Medina saw a 5 per cent rise. Market challenges and forecast 'Saudi Arabia is undoubtedly one of the most exciting destinations in the world, undergoing a remarkable transformation into a world-class tourism hub,' said Philip Wooller, senior director, Middle East & Africa at STR. 'The key to sustaining this momentum lies in balancing the influx of new hotel developments with a competitive market edge. While we anticipate tremendous success driven by strong demand generators, STR also forecasts a slight softening in rates as new hotel supply enters the market in the short term. This adjustment will be crucial in attracting fresh demand and ensuring healthy occupancy levels across the kingdom.' Read:
Zawya
18-03-2025
- Business
- Zawya
Saudi Arabia set to deliver 362,000 new hotels rooms by 2030
Saudi Arabia is poised to develop 362,000 new hotel rooms by 2030 as part of its $110 billion hospitality sector transformation, according to data released ahead of the 2025 edition of the Future Hospitality Summit (FHS) Saudi Arabia. Saudi Arabia's ongoing and unprecedented expansion across infrastructure, real estate, tourism, and hospitality, in line with Vision 2030, is positioning the kingdom as a global leader in the travel and tourism sector. This strategic growth is setting new industry standards while creating significant investment opportunities, enabling investors to actively participate in the country's long-term economic transformation, according to industry experts. Oussama El Kadiri, Partner – Head of Hospitality, Tourism and Leisure at Knight Frank, said: 'Fuelled by ambitious Vision 2030 goals, Saudi Arabia's tourism sector presents a compelling investment landscape, evidenced by its record-breaking SAR444.3 billion ($118.46 billion) GDP contribution in 2023, accounting for 11.5% of the national economy. This growth reflects the kingdom's strategic initiative to position itself as a leading global tourism destination." The sector's rapid growth is further evidenced by the increase in international arrivals, which reached 30 million in 2024, up from 27.4 million in 2023. This upward trajectory, coupled with a strong investment pipeline, supports Saudi Arabia's goal of attracting 70 million international visitors annually by 2030, he said. El Kadiri further emphasised the impact of upcoming global events on Saudi Arabia's economic transformation. Major international events, such as the 2029 Asian Winter Games, World Expo 2030, and the FIFA World Cup 2034, are expected to drive further growth in tourism, hospitality, and related industries. These events will not only increase visitor numbers but also enhance Saudi Arabia's global reputation as a premier destination for leisure, business, and mega-events. Leading hospitality data and analytics provider STR reports that KSA hotel room revenue reached an impressive $5.6 billion between January and October 2024 – up 3.5% on 2023 and 26.5% higher than in 2019. Key regions including Riyadh and Madinah witnessed significant growth in both occupancy and ADR performance in 2024, with upward trajectory set to continue this year and beyond. In Riyadh, ADR was up 16% on 2023, with a 5% increase in Madinah. "Saudi Arabia is undoubtedly one of the most exciting destinations in the world, undergoing a remarkable transformation into a world-class tourism hub. The key to sustaining this momentum lies in balancing the influx of new hotel developments with a competitive market edge. While we anticipate tremendous success driven by strong demand generators, STR also forecasts a slight softening in rates as new hotel supply enters the market in the short term. This adjustment will be crucial in attracting fresh demand and ensuring healthy occupancy levels across the Kingdom,' commented Philip Wooller, Senior Director, Middle East & Africa – STR. FHS Saudi Arabia's action packed agenda features a plethora of presentations, panel discussion and workshops on investing in KSA's hospitality sector – for seasoned investors and first timers. Among, them: Investing in Vision: Highlighting investable opportunities in Saudi Arabia's Evolving Hospitality Landscape; Navigating the Hospitality Investment Industry in Saudi Arabia: A Beginner's Guide for New Attendees; and Government Insights on Investment Incentives in Saudi Arabia. Organised by The Bench, FHS Saudi Arabia returns to Mandarin Oriental Al Faisaliah in Riyadh from May 11 to 13, uniting hospitality industry leaders and decision makers who are not only playing a key role in sector's success today, but are highly influential in shaping KSA's future hospitality landscape. Centred around the theme 'Where Vision Shapes Opportunity', this year's event is expected to surpass the 2024 edition – which welcomed 1,400 delegates and created $1.1 billion worth of business opportunities – in terms of attendance and business openings, a statement said. - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Mid East Info
17-03-2025
- Business
- Mid East Info
Saudi Arabia set to deliver 362,000 new hotels rooms by 2030 under US$110 billion hospitality project expansion
Riyadh, Saudi Arabia – 17 March 2024. The Kingdom of Saudi Arabia is poised to develop 362,000 new hotel rooms by 2030 as part of its US$110 billion hospitality sector transformation, according to data released ahead of the 2025 edition of the Future Hospitality Summit (FHS) Saudi Arabia. Saudi Arabia's ongoing and unprecedented expansion across infrastructure, real estate, tourism, and hospitality, in line with Vision 2030, is positioning the Kingdom as a global leader in the travel and tourism sector. This strategic growth is setting new industry standards while creating significant investment opportunities, enabling investors to actively participate in the country's long-term economic transformation, according to industry experts. Oussama El Kadiri, Partner – Head of Hospitality, Tourism and Leisure at Knight Frank, said: 'Fueled by ambitious Vision 2030 goals, Saudi Arabia's tourism sector presents a compelling investment landscape, evidenced by its record-breaking SAR 444.3bn GDP contribution in 2023, accounting for 11.5% of the national economy. This growth reflects the Kingdom's strategic initiative to position itself as a leading global tourism destination. The sector's rapid growth is further evidenced by the increase in international arrivals, which reached 30 million in 2024, up from 27.4 million in 2023. This upward trajectory, coupled with a strong investment pipeline, supports Saudi Arabia's goal of attracting 70 million international visitors annually by 2030. El Kadiri further emphasized the impact of upcoming global events on Saudi Arabia's economic transformation. Major international events, such as the 2029 Asian Winter Games, World Expo 2030, and the FIFA World Cup 2034, are expected to drive further growth in tourism, hospitality, and related industries. These events will not only increase visitor numbers but also enhance Saudi Arabia's global reputation as a premier destination for leisure, business, and mega-events. Leading hospitality data and analytics provider STR reports that KSA hotel room revenue reached an impressive US$5.6 billion between January and October 2024 – up 3.5% on 2023 and 26.5% higher than in 2019. Key regions including Riyadh and Medina witnessed significant growth in both occupancy and ADR performance in 2024, with upward trajectory set to continue this year and beyond. In Riyadh, ADR was up 16% on 2023, with a 5% increase in Medina. 'Saudi Arabia is undoubtedly one of the most exciting destinations in the world, undergoing a remarkable transformation into a world-class tourism hub. The key to sustaining this momentum lies in balancing the influx of new hotel developments with a competitive market edge. While we anticipate tremendous success driven by strong demand generators, STR also forecasts a slight softening in rates as new hotel supply enters the market in the short term. This adjustment will be crucial in attracting fresh demand and ensuring healthy occupancy levels across the Kingdom,' commented Philip Wooller, Senior Director, Middle East & Africa – STR. FHS Saudi Arabia's action packed agenda features a plethora of presentations, panel discussion and workshops on investing in KSA's hospitality sector – for seasoned investors and first timers. Among, them: Investing in Vision: Highlighting investable opportunities in Saudi Arabia's Evolving Hospitality Landscape; Navigating the Hospitality Investment Industry in Saudi Arabia: A Beginner's Guide for New Attendees; and Government Insights on Investment Incentives in Saudi Arabia. Organised by The Bench, FHS Saudi Arabia returns to Mandarin Oriental Al Faisaliah in Riyadh from 11-13 May 2025, uniting hospitality industry leaders and decision makers who are not only playing a key role in sector's success today, but are highly influential in shaping KSA's future hospitality landscape. Centred around the theme 'Where Vision Shapes Opportunity', this year's event is expected to surpass the 2024 edition – which welcomed 1,400 delegates and created US$1.1 billion worth of business opportunities – in terms of attendance and business openings. For full details and to register, visit
Trade Arabia
17-03-2025
- Business
- Trade Arabia
KSA set to deliver 362,000 new hotels rooms by 2030
Saudi Arabia is poised to develop 362,000 new hotel rooms by 2030 as part of its $110 billion hospitality sector transformation, according to data released ahead of the 2025 edition of the Future Hospitality Summit (FHS) Saudi Arabia. Saudi Arabia's ongoing and unprecedented expansion across infrastructure, real estate, tourism, and hospitality, in line with Vision 2030, is positioning the kingdom as a global leader in the travel and tourism sector. This strategic growth is setting new industry standards while creating significant investment opportunities, enabling investors to actively participate in the country's long-term economic transformation, according to industry experts. Oussama El Kadiri, Partner – Head of Hospitality, Tourism and Leisure at Knight Frank, said: 'Fuelled by ambitious Vision 2030 goals, Saudi Arabia's tourism sector presents a compelling investment landscape, evidenced by its record-breaking SAR444.3 billion ($118.46 billion) GDP contribution in 2023, accounting for 11.5% of the national economy. This growth reflects the kingdom's strategic initiative to position itself as a leading global tourism destination." The sector's rapid growth is further evidenced by the increase in international arrivals, which reached 30 million in 2024, up from 27.4 million in 2023. This upward trajectory, coupled with a strong investment pipeline, supports Saudi Arabia's goal of attracting 70 million international visitors annually by 2030, he said. El Kadiri further emphasised the impact of upcoming global events on Saudi Arabia's economic transformation. Major international events, such as the 2029 Asian Winter Games, World Expo 2030, and the FIFA World Cup 2034, are expected to drive further growth in tourism, hospitality, and related industries. These events will not only increase visitor numbers but also enhance Saudi Arabia's global reputation as a premier destination for leisure, business, and mega-events. Leading hospitality data and analytics provider STR reports that KSA hotel room revenue reached an impressive $5.6 billion between January and October 2024 – up 3.5% on 2023 and 26.5% higher than in 2019. Key regions including Riyadh and Madinah witnessed significant growth in both occupancy and ADR performance in 2024, with upward trajectory set to continue this year and beyond. In Riyadh, ADR was up 16% on 2023, with a 5% increase in Madinah. "Saudi Arabia is undoubtedly one of the most exciting destinations in the world, undergoing a remarkable transformation into a world-class tourism hub. The key to sustaining this momentum lies in balancing the influx of new hotel developments with a competitive market edge. While we anticipate tremendous success driven by strong demand generators, STR also forecasts a slight softening in rates as new hotel supply enters the market in the short term. This adjustment will be crucial in attracting fresh demand and ensuring healthy occupancy levels across the Kingdom,' commented Philip Wooller, Senior Director, Middle East & Africa – STR. FHS Saudi Arabia's action packed agenda features a plethora of presentations, panel discussion and workshops on investing in KSA's hospitality sector – for seasoned investors and first timers. Among, them: Investing in Vision: Highlighting investable opportunities in Saudi Arabia's Evolving Hospitality Landscape; Navigating the Hospitality Investment Industry in Saudi Arabia: A Beginner's Guide for New Attendees; and Government Insights on Investment Incentives in Saudi Arabia. Organised by The Bench, FHS Saudi Arabia returns to Mandarin Oriental Al Faisaliah in Riyadh from May 11 to 13, uniting hospitality industry leaders and decision makers who are not only playing a key role in sector's success today, but are highly influential in shaping KSA's future hospitality landscape.
Tourism Breaking News
17-03-2025
- Business
- Tourism Breaking News
Saudi Arabia set to deliver 362,000 new hotels rooms by 2030 under US$110 billion hospitality project expansion
The Kingdom of Saudi Arabia is poised to develop 362,000 new hotel rooms by 2030 as part of its US$110 billion hospitality sector transformation, according to data released ahead of the 2025 edition of the Future Hospitality Summit (FHS) Saudi Arabia. Saudi Arabia's ongoing and unprecedented expansion across infrastructure, real estate, tourism, and hospitality, in line with Vision 2030, is positioning the Kingdom as a global leader in the travel and tourism sector. This strategic growth is setting new industry standards while creating significant investment opportunities, enabling investors to actively participate in the country's long-term economic transformation, according to industry experts. Oussama El Kadiri, Partner – Head of Hospitality, Tourism and Leisure at Knight Frank, said: 'Fueled by ambitious Vision 2030 goals, Saudi Arabia's tourism sector presents a compelling investment landscape, evidenced by its record-breaking SAR 444.3bn GDP contribution in 2023, accounting for 11.5% of the national economy. This growth reflects the Kingdom's strategic initiative to position itself as a leading global tourism destination. The sector's rapid growth is further evidenced by the increase in international arrivals, which reached 30 million in 2024, up from 27.4 million in 2023. This upward trajectory, coupled with a strong investment pipeline, supports Saudi Arabia's goal of attracting 70 million international visitors annually by 2030. El Kadiri further emphasized the impact of upcoming global events on Saudi Arabia's economic transformation. Major international events, such as the 2029 Asian Winter Games, World Expo 2030, and the FIFA World Cup 2034, are expected to drive further growth in tourism, hospitality, and related industries. These events will not only increase visitor numbers but also enhance Saudi Arabia's global reputation as a premier destination for leisure, business, and mega-events. Leading hospitality data and analytics provider STR reports that KSA hotel room revenue reached an impressive US$5.6 billion between January and October 2024 – up 3.5% on 2023 and 26.5% higher than in 2019. Key regions including Riyadh and Medina witnessed significant growth in both occupancy and ADR performance in 2024, with upward trajectory set to continue this year and beyond. In Riyadh, ADR was up 16% on 2023, with a 5% increase in Medina. 'Saudi Arabia is undoubtedly one of the most exciting destinations in the world, undergoing a remarkable transformation into a world-class tourism hub. The key to sustaining this momentum lies in balancing the influx of new hotel developments with a competitive market edge. While we anticipate tremendous success driven by strong demand generators, STR also forecasts a slight softening in rates as new hotel supply enters the market in the short term. This adjustment will be crucial in attracting fresh demand and ensuring healthy occupancy levels across the Kingdom,' commented Philip Wooller, Senior Director, Middle East & Africa – STR.
