The more the merrier: Saudi Arabia's hospitality sector set to grow to $93billion by 2019
Riyadh and Jeddah are among the biggest 10 cities in terms of having the largest number of new hotel projects in the Middle East
The volume of hospitality market in the Kingdom is expected to grow by 4 percent to $93billion (SR348 billion) in the next five years, local media said quoting a report released by a hotel tracker firm.
The report, prepared by TopHotel Projects Euromonitor International assigned by Saudi Hotel Show14, said hotel construction will witness a robust growth of 24 percent by 2017.
Head of Events at Saudi Hotel Show14 Christine Davidson said hospitality sector in the Kingdom enjoyed enormous potentials for growth at the moment and foreseeable future.
There are some firms which are currently seeking a platform through which they could see the latest available products and services in a way to give momentum to the growth, she said.
The Saudi Hotel Show14 will reportedly allow attendees to explore more information and business opportunities, notably in shopping and transport sectors, which are predicted to grow by 22 percent and 21 percent, respectively, by 2014 and 2017, local media said.
Meanwhile, experts said Riyadh and Jeddah are among the biggest 10 cities in terms of having the largest number of new hotel projects in the Middle East. The two cities have captured 60 percent of total (hotel and hospitably) projects in the Kingdom.
In this context, economics expert Abdulrahman Ba Ashin stated that the Kingdom is witnessing big economic, investment and commercial activities which are fully capable of accommodating largest number of partnerships between the Saudi companies and their counterparts from other countries.
Earlier, Head of MENA Region at STR Global Philip Wooller said the number of hotel rooms being built in the Middle East and Africa stood at 66,438 where Dubai has the biggest portion at 10,970, followed by Makkah at 6,927, Riyadh 5,804, Doha 4,944, Abu Dhabi 3.036, and Jeddah 2,569.
Saudi Hotel Show14 is being held in Jeddah from April 22-24. The event is supported by Jeddah Chamber of Commerce and Industry (JCCI), the Supreme Commission for Tourism and Antiquities (SCTA) and Mice Arabia Exhibitions and Conferences.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- Diversification And Private Investment Are Key To Saudi Arabia’s Economic Success
- Saudi hospitality sector to grow by 2.5 percent annually by 2017
- Saudi hospitality sector to create 2.3 million jobs by 2020
- An inside look into how the non-oil sector is fuelling growth in Saudi Arabia
- Industry experts predict blue skies ahead for regional and global hospitality sector