Saudi hospitality sector revenue to hit $23.1bn
Saudi Arabia's hospitality industry is set for solid growth as revenues are forecast to reach $23.1 billion by 2020, indicating an annual average growth of 6.2 per cent from 2015, a new report unveiled.
According to data revealed by the Alpen Capital report, Saudi Arabia – the largest hospitality market and religious tourism centre in the GCC – will witness major expansion works being carried out at its two holy mosques in Makkah and Madinah, the report said, as well as the addition of 47,000 rooms by 2020.
The GCC's hospitality sector as a whole will also see a major boost with more than 136,000 hotel and serviced apartment rooms likely to enter the market, taking the total inventory to nearly 770,000
The UAE's hospitality sector revenue is projected at $9.8 billion by 2020, translating into a robust 10.8 per cent annualized growth from 2015. Close to 60,000 rooms are expected to be added to the region's existing inventory over the next four years, the report said.
Encouraging this growth, the ninth edition of the Hotelier Summit – UAE and Saudi Arabia kicked off today (December 6) at Al Bustan Rotana in Dubai.
The summit, which will conclude tomorrow (December 7), reunites 235 key decision makers and experts from the UAE and Saudi Arabia with suppliers from across the globe, offering an exceptional meeting platform for leading hotel owners, operators, developers, architects, interior designers, consultants and service providers in the hospitality industry.
“The initiative is featuring various seminars, presentations and panel discussions focusing on the new hotel designs and sustainable, high-tech and locally authentic hotel properties, beside the challenges that are faced in the hospitality sector in UAE and Saudi Arabia,” said Ganesh Babu, director India & Middle East, IDE, organizer of the summit.
The two-day summit provides precious occasions to schedule one–to–one business meetings and join networking sessions in an attempt to enlarge attendees’ customers and partners portfolio.
“We promise very interesting talks and we are happy to introduce high profile speakers to the hospitality community in the UAE and Saudi Arabia. They are high ranked executives from Deloitte Financial Advisory, Taka solutions, Paramount Hotels and Resorts, Foodlinked, and One to One Hotels and Resorts among others” added Banu.
Seventy projects holders from UAE and Saudi Arabia have confirmed their presence, including La Maison For Interior Design, Asala Holding, AE7, Interspace Interior design, EHAF Consulting Engineers, Dynamic Engineering Consultant, and Pearl Jumeira Hotel. - TradeArabia News Service