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01-05-23
Saudi Arabia Invests USD1T to Attract 100M Visitors by 2030
(MENAFN) According to industry experts, Saudi Arabia is currently investing in a massive USD1 trillion worth of real estate and infrastructure projects, which includes the development of 315,000 hotel rooms. This information was recently shared ahead of the Future Hospitality Summit Saudi Arabia, which is scheduled to take place in Riyadh from May 7 to 9. As per the experts, the number of hotel keys in the country is expected to nearly double in the next four to five years, reaching around 200,000. To achieve this, at least 50 percent of the proposed supply will become operational by 2028, and some existing properties will have to exit from the market to make way for new hotels and resorts.
Turab Saleem, head of tourism and hospitality at Knight Frank, emphasized that the Saudi government has set a target of attracting 100 million visitors by 2030. To achieve this goal, the country is focused on creating and delivering top-notch gateways and developments, such as the USD500 billion NEOM project. The USD1 trillion projects that are already underway represent only one-third of the total spending plan, highlighting the country's aggressive plan to provide world-class infrastructure, hospitality, tourism, and residential facilities. These efforts are aimed at meeting the ambitious targets set out in Vision 2030. With such a massive investment and an ambitious vision, Saudi Arabia is poised to become a top destination for tourists and investors alike.
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