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

Hala Matar Choufany, President – Middle East, Africa and South Asia at HVS, said: “The surge in tourism and arrivals into KSA over the last 18 months alone – largely the result of legislation changes and visa facilitation – is a testament to the country’s growing allure. Interestingly, this uptick is not confined to established destinations and sectors such as commercial and religious tourism. ‘Bleisure’ and leisure tourism are equally on the rise, with secondary cities welcoming new visitors from far and wide. As the country continues to diversify its offering, the outlook looks positive, and, while it is early days in terms of planning and future investment, the hospitality market and investment opportunities are significant.”

Knight Frank’s data research on KSA hotels outside of the giga projects shows that there are currently 129,000 hotel and serviced apartment keys in the country. By 2030, that figure will have grown by more than 60 per cent to 212,000 keys in 5-star, 4-star, 3-star and under, and serviced apartment sectors, with 4-star properties accounting for almost half of the total development cost of USD21.3 billion. Meanwhile, the Kingdom’s giga projects represent nearly 73 per cent of the hotel supply pipeline, with a 62