Saudi Arabia plans 315,000 new hotel rooms by 2030
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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