Hospitality Industry in Saudi Arabia: Growth, Trends, and Forecast
The hospitality industry in the Kingdom of Saudi Arabia has been dynamic in the past few years. The kingdom is looking to increasing investment opportunities through several projects such as Qiddiya, The Red Sea Development, Amaala, NEOM, Al Ula, and Wadi Al Disah Development. The boom in religious and leisure travel to Saudi Arabia has exposed new investment possibilities in the hospitality industry and led to an increasing number of new hotels in eminent cities. In fact, top international chains have established over 20 new hotels under their flagship or through a strategic partnership with domestic hospitality groups. Jeddah gained the highest average daily revenue value among the top competitive hospitality markets with USD 284. Riyadh, Makkah, and Damman/Al Khobar have also been included among the top 10 areas that witness the highest average daily revenue across the world with USD 176, USD 170, and USD 132 respectively during 2018. Therefore, these areas are attracti...