SAUDI HOSPITALITY SECTOR TO GROW 13.5% PER ANNUM TO 2022

According to a new report, recent reforms in Saudi Arabia – not to mention widespread investment in the Kingdom’s burgeoning tourism industry – will drive growth in the hospitality market of 13.5% compound annual growth rate (CAGR), higher than the established markets of the UAE (10.1%) and Oman (11.8%). The study produced by ATM’s research partner Colliers, found that religious tourism in the kingdom is still driving demand, with 30,000 rooms opened during 2017, with a further 40,020 guestrooms in 89 projects currently under construction – compared to 35,050 rooms in the UAE. Last year, Saudi Arabia set the stage for this to expand to leisure tourism, as it pursued targets of 30 million visitors annually by 2030. As a result, 2018 is seeing the first tourism visas granted to international travellers and, for the first time, women aged 25 and older will now be able to obtain a single entry, 30-day tourist visa without a male chaperone.