KSA to witness USD38.4 billion hotel investments

The Saudi Commission for Tourism and Antiquities has stated the total hotel projects currently under construction in Makkah currently exceeds 100 towers, a number of those hotels are nearing completion, adding more than 24,500 hotel rooms.

The Commission expects the kingdom to witness a boom in the field of hotel facilities and projects during the next two years, and calculates an estimated investment of SAR144 billion (US$38.4 billion) by 2020, reports UAE-based Aliqtisadi.
 

The findings predict growth to be driven by the development of Saudi cities and the increasing annual growth of local tourism. They also suggested many of these properties will be operated by international hotel chains.

The Saudi Commission explains that the total hotel projects under construction in Makkah exceed 100 towers, and a number of those hotels are nearing completion, indicating that they will add more than 24,500 hotel rooms.

Investments in hotel projects that will launch in the next two years in the Holy Capital amounts to US$4.9bn (SAR18.3 bn).

Additionally, the commission adds that during the next two years, the city of Riyadh will witness the entrance of a number of world-class hotels, that have already begun the establishment of their hotels in the city.

This is expected to also see the establishment of 70 hotels during the next two years, with more than 8,180 rooms and investments up to US$4.3bn (SAR16bn).