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Investor Relations
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FinancialNews
09-05-23
Experts Predict Surge in Hotel Growth in Riyadh Due to Upcoming Events
(MENAFN) Riyadh, the capital city of Saudi Arabia, is expected to experience significant growth in the hotel industry due to an increase in major sporting and entertainment events to be hosted in the metropolis. This was revealed by Turab Saleem, Knight Frank's head of hospitality, during the Future Hospitality Summit in Riyadh. Saleem stated that the growing number of events will expand the hotel supply and create new opportunities for the hospitality sector.
One such event is Riyadh Season 2022, the state-sponsored annual entertainment and sports festival, which hosted 10 million visitors in less than three months of its launch on October 21, 2022. The city has also been a sought-after destination for major events such as formula car racing and WWE wrestling matches. In addition, Riyadh is set to host the seven-side FIFA Club World Cup in December 2023 and the Asian Games in 2034. The flagship event, Riyadh Expo 2030, is scheduled to begin on October 1, 2030, and continue until April 1, 2031.
According to Saleem, all of these events will have a major demand for hotel supply in Riyadh. Makkah currently has the highest number of hotel rooms, followed by Madinah due to Hajj and Umrah pilgrims. However, the increasing number of events in Riyadh is expected to fuel the growth of the hotel industry in the city.
The Kingdom of Saudi Arabia has ambitious plans to double the size and population of Riyadh with investments of USD800 billion under its Vision 2030 plan. The plan aims to modernize the country and diversify its economy to wean it off oil export revenues. The growth of the hotel industry in Riyadh due to the upcoming events aligns with the country's vision for economic diversification and development.
Overall, the surge in hotel growth in Riyadh is expected to bring new opportunities for the hospitality sector, create jobs, and contribute to the growth of the city's economy. As the city continues to host more major events, the demand for hotel rooms is expected to increase, making Riyadh an attractive destination for both tourists and business travelers.
MENAFN09052023000045014228ID1106205808
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