With an estimated $37.8 billion in development costs, Saudi Arabia plans to build 315,000 new hotel rooms by the year 2030 as it works to diversify its economy away from the oil sector by expanding the hospitality, tourism, and travel industries.
The additional rooms, which will bring the total stock to close to 450,000, will be supplied by giga-projects like the future metropolis of Neom, according to Knight Frank’s 2023 Saudi Report.
The survey found that domestic tourism is essential to Saudi Arabia’s future tourism and hospitality industries, which will serve a population of about 36 million people. Domestic tourism is “thriving” in Saudi Arabia, where 65% of residents travel there once to three times per month.
The additional rooms, which will bring the total stock to close to 450,000, will be supplied by giga-projects like the future metropolis of Neom, according to Knight Frank’s 2023 Saudi Report.
The survey found that domestic tourism is essential to Saudi Arabia’s future tourism and hospitality industries, which will serve a population of about 36 million people. Domestic tourism is “thriving” in Saudi Arabia, where 65% of residents travel there once to three times per month.
Achieving this goal requires meeting the diverse lodging needs of domestic tourists, especially those who are younger. A legal framework that makes the sector more open to foreign investors will also be essential, as will supporting infrastructure like upcoming national airlines and new airports.
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