The past ten years have seen a 172% growth in the number of hotels in Saudi, as a result of the increasing role that the Kingdom is playing as a regional economic powerhouse.
Figures from the SCTA indicate that based on the current economic growth forecasts there is a requirement for an additional 230,176 hotel rooms across the Kingdom ranging from serviced apartments to luxury five star properties - an 83% increase from the requirements of today.
Focusing on the corporate sector and becoming more business friendly are the key factors that will assist Saudi in reaching its targets, as hotels seek to provide a more comprehensive service from Wi-Fi internet to apartments that are available for longer term occupancy.
The hotel industry can also benefit from the Kingdom's progressive strategy to break into the lucrative MICE (Meetings, Incentives, Conferences & Exhibitions) market. This strategy is focusing on; the development of the institutional and regulatory framework; product development; human resources development; marketing and research, in order to enable Saudi Arabia to play host to large numbers of events across the whole country which will have a significant positive impact on the hotel sector.
With the Saudi tourism market having such diversified plans, there is huge potential for investment opportunity in the market. With many of the regions hotel investors, owners, developers and operators meeting at AHIC, it is the ideal platform for people wanting to find out more about upcoming projects directly from the decision makers involved.
Eng. Ahmed Al Issa added: "The hotel industry is, despite issues that may be affecting other sectors, continuously growing, and although sensitive to political and economic factors, is not as fragile as some people may think. Saudi Arabia has seen its hotel industry pick up quickly despite the economic pressures facing the world since 2008, and there is a strong focus on both leisure and business tourism. With such high forecasts for demand over the coming decade, there is significant investment opportunity in the hotel industry which will support the growth in the Kingdom's wider economy."
‘Making the Case for Budget and Mid-Market Hotel Real Estate Investment in MENA' is another panel discussion that includes a specialist from Saudi Arabia, Dr. Bassam Boodai, Managing Director, Jenan Real Estate Co. The panel will be looking at some of the relevant challenges to this sector and how can they be overcome. Dr. Bassam will also be speaking on the growth of the middle income and midscale residential housing developments in the kingdom.
Figures from the SCTA indicate that based on the current economic growth forecasts there is a requirement for an additional 230,176 hotel rooms across the Kingdom ranging from serviced apartments to luxury five star properties - an 83% increase from the requirements of today.
Focusing on the corporate sector and becoming more business friendly are the key factors that will assist Saudi in reaching its targets, as hotels seek to provide a more comprehensive service from Wi-Fi internet to apartments that are available for longer term occupancy.
The hotel industry can also benefit from the Kingdom's progressive strategy to break into the lucrative MICE (Meetings, Incentives, Conferences & Exhibitions) market. This strategy is focusing on; the development of the institutional and regulatory framework; product development; human resources development; marketing and research, in order to enable Saudi Arabia to play host to large numbers of events across the whole country which will have a significant positive impact on the hotel sector.
With the Saudi tourism market having such diversified plans, there is huge potential for investment opportunity in the market. With many of the regions hotel investors, owners, developers and operators meeting at AHIC, it is the ideal platform for people wanting to find out more about upcoming projects directly from the decision makers involved.
Eng. Ahmed Al Issa added: "The hotel industry is, despite issues that may be affecting other sectors, continuously growing, and although sensitive to political and economic factors, is not as fragile as some people may think. Saudi Arabia has seen its hotel industry pick up quickly despite the economic pressures facing the world since 2008, and there is a strong focus on both leisure and business tourism. With such high forecasts for demand over the coming decade, there is significant investment opportunity in the hotel industry which will support the growth in the Kingdom's wider economy."
‘Making the Case for Budget and Mid-Market Hotel Real Estate Investment in MENA' is another panel discussion that includes a specialist from Saudi Arabia, Dr. Bassam Boodai, Managing Director, Jenan Real Estate Co. The panel will be looking at some of the relevant challenges to this sector and how can they be overcome. Dr. Bassam will also be speaking on the growth of the middle income and midscale residential housing developments in the kingdom.