WTTC 2022 Summit: Key projects to boost Saudi hospitality sector

WTTC 2022 Summit: Key projects to boost Saudi hospitality sector

The four-day World Travel & Tourism Council’s (WTTC) 22nd Global Summit opened in Riyadh, Saudi Arabia, on November 28 under the theme “Travel for a Better Future.”

Zawya Projects has summarised some of the new projects and initiatives unveiled until now at the summit.

SEVEN’s $13.3bln boost to Saudi hospitality

The Saudi Entertainment Ventures (SEVEN), wholly owned by the Public Investment Fund (PIF), plans to invest more than 50 billion Saudi riyals ($13.30 billion) to establish and operate 21 full-service entertainment destinations, state-owned Saudi Press Agency (SPA) reported.

The move will include opening more than 150 unique entertainment areas in 14 cities around the Kingdom as SEVEN starts construction work on its 3-billion-riyal entertainment destination in Al-Hamra district, Riyadh.

SEVEN Chairman Abdullah bin Nasser Al-Daoud stated the company is working to build the future of the entertainment sector by developing and operating more than 21 entertainment destinations in 14 cities around the Kingdom.

TDF partners to bring lifestyle developments

The Tourism Development Fund (TDF), lifestyle hospitality company Ennismore and Al Rajhi Capital, a Saudi asset management company, have identified multiple sites to develop lifestyle developments across the Kingdom, including urban beachfront sites.

The projects will be developed as part of the newly formed Lifestyle Hospitality Fund, which recently