Latest news with #Formula1SaudiArabianGrandPrix
Yahoo
13-05-2025
- Business
- Yahoo
Saudi Arabia $12.7 Bn Catering Services Market Trends, Competition, Forecast and Opportunities, 2030F
Saudi Arabia's Catering Services Market, valued at USD 7.51 Billion in 2024, is projected to reach USD 12.74 Billion by 2030, with a 9.21% CAGR. Growth is driven by expanding hospitality and education sectors, Vision 2030 tourism, and demand for quality food. Challenges include high costs and supply chain issues. Saudi Arabian Catering Services Market Dublin, May 13, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Catering Services Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia Catering Services Market, valued at USD 7.51 billion in 2024, is projected to reach USD 12.74 billion by 2030, growing at a CAGR of 9.21% during the forecast period. This growth is attributed to the expansion of the hospitality, corporate, healthcare, and education sectors. Key factors such as increased tourism due to Vision 2030, higher disposable incomes, and the preference for outsourced catering in various sectors are driving market expansion. Government-backed mega projects like NEOM and the Red Sea Project present new opportunities for market players. Expansion of the Hospitality and Tourism Industry The rapid growth of Saudi Arabia's hospitality and tourism sector significantly contributes to the catering services market. The Vision 2030 initiative focuses on transforming the nation into a global tourism hub, leading to the rise of luxury hotels, resorts, and entertainment venues like NEOM and Qiddiya. During the first eight to nine months of 2024, Saudi Arabia recorded an over 61% increase in international tourist arrivals, becoming the third-fastest growing destination globally for inbound tourism. Government efforts to attract global events, such as the Formula 1 Saudi Arabian Grand Prix, have heightened the demand for large-scale catering solutions. The surge in restaurants and cafes is also contributing to the heightened need for high-quality catering services. Key Market Challenges High operational costs present a significant challenge to the catering industry in Saudi Arabia. The country's arid climate necessitates the importation of food ingredients, raising costs for businesses. Fluctuating global food prices, supply chain disruptions, and currency exchanges compound financial pressures. Maintaining quality standards also demands investment in advanced storage and logistics solutions to comply with food safety regulations. Labor costs escalate due to the need for skilled personnel at competitive wages. The VAT increase from 5% to 15% further raises business expenses, challenging profitability and competitive pricing, thereby impacting the scalability of operations. Key Market Trends The integration of technology in operations is rapidly transforming the catering services landscape. Companies increasingly utilize cloud-based kitchen management systems, AI-driven meal planning, and automated inventory tracking to boost efficiency and reduce waste. Online platforms and mobile apps simplify ordering and enhance the customer experience. Digital payment solutions and contactless transactions align with the Vision 2030 goal of creating a cashless economy. Data analytics helps forecast demand trends, offering personalized meal plans and promotions. Future investments in robotics for food preparation and AI-powered customer service promise to further innovate the industry. Key Market Players Gulf Catering Company Saudi Airlines Catering Company Sodexo FZE Unique Catering Services Ltd. Algosaibi Services Company Gulf Mahmal Support Services Co. Ltd. Al-Karam Al-Arabi for Catering Services Ltd. Rezayat Catering & Support Services Almays Catering Solutions Arabian Gannas Ltd. Co. Key Attributes: Report Attribute Details No. of Pages 88 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $7.51 Billion Forecasted Market Value (USD) by 2030 $12.74 Billion Compound Annual Growth Rate 9.2% Regions Covered Saudi Arabia Key Topics Covered: 1. Introduction2. Research Methodology3. Executive Summary4. Voice of Customer Analysis5. Saudi Arabia Catering Services Market Outlook6. Saudi Arabia Hospitality Catering Services Market Outlook7. Saudi Arabia Holy Sites Catering Services Market Outlook8. Saudi Arabia Onshore Rigs Catering Services Market Outlook9. Saudi Arabia Healthcare Catering Services Market Outlook10. Saudi Arabia Offshore Rigs Catering Services Market Outlook11. Saudi Arabia Education Catering Services Market Outlook12. Saudi Arabia Corporate Catering Services Market Outlook13. Market Dynamics14. Market Trends & Developments15. Policy & Regulatory Landscape16. Supply Chain Analysis17. Saudi Arabia Economic Profile18. Competitive Landscape19. Strategic Recommendations For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Catering Services Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Saudi Arabia $12.7 Bn Catering Services Market Trends, Competition, Forecast and Opportunities, 2030F
Saudi Arabia's Catering Services Market, valued at USD 7.51 Billion in 2024, is projected to reach USD 12.74 Billion by 2030, with a 9.21% CAGR. Growth is driven by expanding hospitality and education sectors, Vision 2030 tourism, and demand for quality food. Challenges include high costs and supply chain issues. Saudi Arabian Catering Services Market Dublin, May 13, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Catering Services Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" has been added to offering. The Saudi Arabia Catering Services Market, valued at USD 7.51 billion in 2024, is projected to reach USD 12.74 billion by 2030, growing at a CAGR of 9.21% during the forecast period. This growth is attributed to the expansion of the hospitality, corporate, healthcare, and education sectors. Key factors such as increased tourism due to Vision 2030, higher disposable incomes, and the preference for outsourced catering in various sectors are driving market expansion. Government-backed mega projects like NEOM and the Red Sea Project present new opportunities for market players. Expansion of the Hospitality and Tourism Industry The rapid growth of Saudi Arabia's hospitality and tourism sector significantly contributes to the catering services market. The Vision 2030 initiative focuses on transforming the nation into a global tourism hub, leading to the rise of luxury hotels, resorts, and entertainment venues like NEOM and Qiddiya. During the first eight to nine months of 2024, Saudi Arabia recorded an over 61% increase in international tourist arrivals, becoming the third-fastest growing destination globally for inbound tourism. Government efforts to attract global events, such as the Formula 1 Saudi Arabian Grand Prix, have heightened the demand for large-scale catering solutions. The surge in restaurants and cafes is also contributing to the heightened need for high-quality catering services. Key Market Challenges High operational costs present a significant challenge to the catering industry in Saudi Arabia. The country's arid climate necessitates the importation of food ingredients, raising costs for businesses. Fluctuating global food prices, supply chain disruptions, and currency exchanges compound financial pressures. Maintaining quality standards also demands investment in advanced storage and logistics solutions to comply with food safety regulations. Labor costs escalate due to the need for skilled personnel at competitive wages. The VAT increase from 5% to 15% further raises business expenses, challenging profitability and competitive pricing, thereby impacting the scalability of operations. Key Market Trends The integration of technology in operations is rapidly transforming the catering services landscape. Companies increasingly utilize cloud-based kitchen management systems, AI-driven meal planning, and automated inventory tracking to boost efficiency and reduce waste. Online platforms and mobile apps simplify ordering and enhance the customer experience. Digital payment solutions and contactless transactions align with the Vision 2030 goal of creating a cashless economy. Data analytics helps forecast demand trends, offering personalized meal plans and promotions. Future investments in robotics for food preparation and AI-powered customer service promise to further innovate the industry. Key Market Players Gulf Catering Company Saudi Airlines Catering Company Sodexo FZE Unique Catering Services Ltd. Algosaibi Services Company Gulf Mahmal Support Services Co. Ltd. Al-Karam Al-Arabi for Catering Services Ltd. Rezayat Catering & Support Services Almays Catering Solutions Arabian Gannas Ltd. Co. Key Attributes: Report Attribute Details No. of Pages 88 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $7.51 Billion Forecasted Market Value (USD) by 2030 $12.74 Billion Compound Annual Growth Rate 9.2% Regions Covered Saudi Arabia Key Topics Covered: 1. Introduction2. Research Methodology3. Executive Summary4. Voice of Customer Analysis5. Saudi Arabia Catering Services Market Outlook6. Saudi Arabia Hospitality Catering Services Market Outlook7. Saudi Arabia Holy Sites Catering Services Market Outlook8. Saudi Arabia Onshore Rigs Catering Services Market Outlook9. Saudi Arabia Healthcare Catering Services Market Outlook10. Saudi Arabia Offshore Rigs Catering Services Market Outlook11. Saudi Arabia Education Catering Services Market Outlook12. Saudi Arabia Corporate Catering Services Market Outlook13. Market Dynamics14. Market Trends & Developments15. Policy & Regulatory Landscape16. Supply Chain Analysis17. Saudi Arabia Economic Profile18. Competitive Landscape19. Strategic Recommendations For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Catering Services Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Arab News
15-04-2025
- Automotive
- Arab News
Saudi driver Farah Al-Yousef to compete as wild card in F1 Academy Jeddah round
JEDDAH: Saudi racing talent Farah Al-Yousef will make her debut in the 2025 F1 Academy series as a wild-card entry during Round 2 of the championship in Jeddah this weekend, it was confirmed on Tuesday. For the latest updates, follow us @ArabNewsSport The announcement was made by the Saudi Motorsport Company, main promoter of the Formula 1 Saudi Arabian Grand Prix, which will host the F1 Academy race as part of its race weekend from April 18 to 20 at the Jeddah Corniche Circuit. Al-Yousef's participation follows in the footsteps of fellow Saudi driver Reema Juffali, who made an appearance in the series at the same venue last year. 'Racing as a wild-card entry in the F1 Academy on home soil here in Jeddah is truly a dream come true,' Al-Yousef said. 'I hope my participation inspires young girls across Saudi Arabia to believe in themselves and chase their dreams.' The 21-year-old has already made a name for herself in karting, winning the Saudi Women's Karting Championship in 2022 and competing at the Karting World Finals, where she finished 26th. She will also represent Saudi Arabia at the FW Nations Cup Finals in Dubai in May. The F1 Academy, launched in 2023, is an all-female racing series aimed at developing young female drivers aged 16 to 25. The 2025 season spans seven rounds, each held as part of the F1 World Championship calendar, with races scheduled in Asia, Europe and North America. After the opener in Shanghai, the series will move to Jeddah before heading to Miami, Montreal, Zandvoort and Singapore, concluding with the finale in Las Vegas in November.
