Day: May 1, 2023

The production of spare parts is expected at the joint venture of Azerbaijan and Uzbekistan for the production of cars, the Chairman of the Board at Azermash Emin Akhundov said on the sidelines of the groundbreaking ceremony of the joint automobile production of Azerbaijan and Uzbekistan, Trend reports.

According to Akhundov, this step is expected as part of the third stage of the project.

"The construction of a joint plant for the production of cars has been launched. This is the first stage of the project, which includes the car assembly. At the second stage, we plan to develop the plant and prepare for the commissioning of additional production capacity, and at the third stage - the production of spare parts," Akhundov said.

The joint automobile plant of Azerbaijan and Uzbekistan is expected to be launched in May 2025. The investment value of the plant will amount to 88 million manat ($51.7 million). Some 1,200 new jobs will be created at the plant, which will be located on an area of 16 hectares in the Hajigabul Industrial District.

The plant's capacity will amount to 30,000 cars per year. The facility will use technologies from countriessuch as the US, Italy, China, South Korea and Uzbekistan, and is expected to produce such Chevrolet car brands as Cobalt, Malibu, Tracker and Equinox.

Source: Trend News Agency

Saudi Arabia plans to open 315,000 new hotel rooms by 2030, according to a report from property consultancy Knight Frank, Trend reports citing Al Arabiya.

This would mean that the number of hotel rooms in the Kingdom would be more than double those in the neighboring tourist hotspot of Dubai, which currently has 140,000 rooms.

Development of the hospitality sector is a major facet of Saudi Arabia’s Vision 2030 plan to diversify the economy away from oil.

“The volume of hotel room keys planned to be delivered in the Kingdom by 2030 is nothing short of incredible, with a total likely stock of close to 450,000 hotel rooms,” said Faisal Durrani, head of Middle East research in a statement.

Domestic tourism will be a major part of the Kingdom’s plan, Durrani explained.

According to Knight Frank, 65 percent of Saudis travel within the country between one and three times a month.

“With 56 percent of the Kingdom’s population aged below 35, the demand for various accommodation types will likely continue to emerge as a significant consideration for the industry.”

“We will need to think broader and incorporate the likes of luxury glamping sites and youth hostels to cater to this increasingly important segment of the market if it is to thrive and flourish, being mindful of the cultural sensitivities and the need for appropriate adaptations.”

Turab Saleem, head of hospitality for Saudi Arabia at Knight Frank, pointed out the need for new infrastructure to support the growth of the tourism sector.

“Supporting hospitality infrastructure, such as new airports and national airlines, both of which are coming, combined with a legislative framework that eases access to the sector for international investors will be critical,” he said.

Source: Trend News Agency