Saudi Arabia’s Dur Hospitality has revealed plans to invest SR1.5 billion ($399.8 million) in a portfolio of 20 hotels and six residential complexes in the kingdom over the next seven years.
"The market is promising,” said Dr Badr Al Badr, Dur Hospitality's chief executive officer, based on data released by reputable resources who expect around 25 million visitors to Mecca and Medina by 2025.
Dur Hospitality is further planning to expand into emerging cities in Saudi Arabia such as Jubail, Yunbu and Tabuk, announcing its first Holiday Inn in Tabuk - the first hotel to be developed under the master-development agreement (MDA) inked between InterContinental Hotel Group (IHG) and Dur Hospitality last year.
