The number of visitors to Saudi Arabia is expected to increase by 38% to 21.3 million by 2024 from 15.5 million in 2019, Colliers International said in a recent report.
The rise in tourists' number is driven by a flow of GCC residents planning for short city or mini-breaks, as well as business travelers who are extending their trips.
“Saudi Arabia has an incredible landscape, with diverse regions and an array of tourism offerings for leisure travelers,” said Danielle Curtis, Exhibition Director ME, Arabian Travel Market.
In addition, the global hotel industry is showing interest in the Kingdom with several international and regional brands looking to expand their footprint in the local market.
According to data released by hospitality analytics firm STR, the Kingdom is expected to add 79,864 hotel rooms to its existing inventory by 2025, with the majority in Makkah (34,270), followed by Jeddah (14,525) and Riyadh (11,632).
“This new supply may place additional competitive pressure on hotels’ performance, but the projected growth in visitors’ number over the next years is expected to boost occupancy levels throughout 2020 and well beyond,” Curtis noted.
In November 2019, the Saudi Commission for Tourism and National Heritage chairman Ahmed Al Khateeb said that the Kingdom is expected to welcome 100 million domestic and international visitors yearly by 2030, which will create 1 million new jobs and increase the sector’s contribution to national GDP from 3% to 10%.
Read: Saudi Arabia’s tourism sector growth is exponential: SCTH Chairman
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