Sunday 8 December 2019

Riyadh hospitality sector continues to grow, says report

RIYADH, July 18, 2019

Saudi Arabian capital city Riyadh continues to see growth in the hospitality sector, fueled by increasing demand from visitors, according to a new report.

According to the new H1 2019 Riyadh Market Snapshot by global real estate consultancy firm CBRE, King Khalid International Airport witnessed increased activity during the 2019 Ramadan and Eid season, with over 2.3 million travellers, positively impacting hotel demand.

With the surge in visitor numbers, Riyadh’s hotels are expected to continue generating positive occupancy growth, with a modest 0.4 per cent increase year-to-date.

As part of plans to further increase average length of stay and to generate a more compelling all-year-round leisure offering, various new tourism infrastructure developments are being delivered. These projects include Qiddiya and Ad Diriyah Gate Development within Riyadh, as well as other touristic projects across Saudi Arabia, such as The Red Sea Project and Neom, the latter of which has recently experienced its first commercial flight from the capital. These projects, as well as the complementary infrastructure and real estate development surrounding these, are expected to boost the hotel sector even further.

In total, there are over 4,000 keys currently under construction in the city, with the aim of accommodating the country’s emergent entertainment and tourism sector, the report said. - TradeArabia News Service


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