ProTenders' GCC Hospitality Construction Report 2019 says $183bn hotel projects are active in the kingdom
Contracts worth $4bn (SAR15bn) are expected to be awarded in Saudi Arabia’s hotel construction sector during Q3 and Q4 2019, with hospitality growth in the kingdom – where 350 projects with a combined value of $183bn (SAR686.4bn) are currently active – being led by the Vision 2030 economic diversification mandate, according to tech investor Karim Helal-led construction listings platform ProTenders.
ProTenders, which is Intelligence Partner of the upcoming Construction Week Awards 2019, said Saudi Arabia has $128.7bn (SAR482.7bn) hospitality projects under construction, followed by $24.6bn (SAR92.2bn), $17.3bn (SAR64.8bn), and $12.84bn (SAR48.1bn) respectively in the planning, design, and tender stages.
The $330m (SAR1.2bn) Burj Fas, which is currently in the design phase and due to complete in December 2023, is the highest-valued hospitality project in Saudi Arabia, according to ProTenders’ GCC Hospitality Construction Report 2019.
Other high-value hospitality projects in Saudi Arabia include the $220m (SAR825.2m) Sharma Royal Palaces (Package 5), which is being developed by Saudi Arabia’s Ministry of Royal Court Affairs, and is due to complete in March 2020.
Another high-value hotel project in Saudi Arabia is Samhan Heritage Hotel, a $160m (SAR600m) scheme that Saudi Commission for Tourism and National Heritage and Saudi Hospitality Heritage Co are developing to complete by November 2021.
ProTenders’ report added that the hospitality elements within gigaprojects such as Neom, The Red Sea Project, Qiddiya, and Amaala are driving the kingdom’s hotel construction sector.
Source: Construction Week Online