USD 1trln KSA development pipeline reinforces Vision 2030’s ambitious goals, experts say

USD 1trln KSA development pipeline reinforces Vision 2030’s ambitious goals, experts say

Dubai, UAE: More than USD1 trillion worth of real estate and infrastructure projects, including 315,000 hotel keys, are under development or in the pipeline in the Kingdom of Saudi Arabia, underpinning the ambition set out in the country’s Vision 2030 strategy, according to industry experts speaking ahead of the upcoming Future Hospitality Summit (FHS) Saudi Arabia, taking place at the Al Faisaliah Hotel in Riyadh, 7-9 May 2023.

The number of hotel keys is likely to almost double to around 200,000 in the next four to five years, with at least 50 per cent of the proposed supply becoming operational by 2028, with some existing properties exiting from the market to make way for new, more competitive and appealing hotels and resorts.

KSA is set to take its place on the world stage and showcase its vision of an ultra-modern future to a global audience, with a diverse array of giga and mega projects that will transform the country’s real estate landscape and redefine tourism, living and lifestyle, according to leading real estate consultancy and FHS Saudi Arabia Sponsor, Knight Frank.

Turab Saleem, Head of Tourism and Hospitality at Knight Frank, said: “The KSA government’s strategy includes attracting 100 million visitors by 2030,