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  • 08-05-23

    Saudi Arabia's Hospitality Industry Emerges as a Competitive Market

    (MENAFN) In September 2019, Saudi Arabia opened its doors to international tourism, introducing e-visas and visas on arrival for visitors from 49 countries. This move has had a significant impact on the hospitality industry in the Kingdom, with no looking back since then.

    Despite challenging global conditions, Saudi Arabia's hospitality industry has emerged as one of the most competitive markets in the world. According to Statista, an online platform specialized in market and consumer data, the hotel segment in the Kingdom is projected to generate USD2.51 billion in revenue this year and is expected to reach USD3.02 billion by 2027.

    The hospitality industry in Saudi Arabia has witnessed significant growth in recent years, with the opening of new hotels and resorts across the country. The government's focus on promoting tourism and building world-class infrastructure has attracted many international hotel chains to invest in the Kingdom. This has not only boosted the industry's revenue but also created job opportunities for locals and expatriates.

    In addition, the government's efforts to diversify the economy and reduce its dependence on oil have also played a crucial role in the growth of the hospitality industry. The development of new tourist destinations, such as the Red Sea Project and NEOM, has attracted global attention and investment, further boosting the industry's growth.

    The COVID-19 pandemic has undoubtedly affected the hospitality industry in Saudi Arabia, with a significant drop in tourist arrivals and hotel occupancy rates. However, the government's swift response to the crisis, including the implementation of strict health and safety protocols, has helped the industry recover quickly.

    Overall, the hospitality industry in Saudi Arabia has emerged as a competitive market, providing world-class services and facilities to visitors from across the globe. With the government's continued focus on promoting tourism and developing new destinations, the industry is expected to grow steadily in the coming years, contributing to the Kingdom's economic diversification and growth.

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