(Entertainment-NewsWire.com, January 24, 2020 ) In GCC countries, the market of hospitality has gained prominence. GCC economies have historically been heavily dependent on oil. Nevertheless, as governments concentrate on non-oil industries, the region has undergone many economic changes over the past decade. For the hospitality sector, tourism is a primary driver. The hotel industry in Saudi Arabia is driven by rapid economic growth, investment in real estate projects, and construction. Saudi Arabia Hotel Market is expected to cross USD 24 Billion by the year 2025.
Religious tourism will thrive as the Kingdom completes the expansion of the Holy Mosques from just over 17.5 Million in 2014, to cross 25 Million by 2025. The Kingdom also has a proposal to increase the number of Hajj and Umrah visitors from about 19 million in 2019 to 30 million by 2030. Saudi's 2030 dream, taking prior measures in the hotel industry; the government also plans to open 144 pulse hotels and 56,106 rooms between 2019 and 2021.
In order to meet this growing demand, the government is investing heavily in the construction of hotel, transport infrastructure, such as high-speed rail and Metro projects in Makkah. Business tourism is proliferating on the back of strong economic growth and concentrating on expanding other economic pockets by the government. This is mainly concentrated in Saudi Arabia's three major cities: Riyadh, Jeddah and Al-Khobar. In order to attract more business visitors and increase the flow of domestic tourists, the government invests heavily in developing transport infrastructure in these cities.
Renub Research report title “Saudi Arabia Hotel Market, Volume & Forecast by Type, Ordering Platform, Regions, Company (Dur Group, Al Hokair Group, Altyaar Group, IHG Group, Marriot International, Accor Middle East, Hilton Hotels)” provides a complete analysis of Saudi Arabia Hotel Market.
By Hotel Type: The study explores the demand for the following types of hotels: high-end, mid-scale, and budget. High-end hotels dominate this market place's with the most significant market share.
By Ordering Platform: Online hotel booking business is steadily growing in the hotel industry in Saudi Arabia. The study deals with two types of platform for ordering: online and offline. The online hotel market is expected to increase dramatically by 2025.
By Region: This report provides the details of hotels in the respective cities of Saudi Arabia: Makkah, Medina, Riyadh, Jeddah, and Dammam. The details covered in the report are: Room Number, Regular Room Average Rate (ADR), Available Room Income (RevPAR), and Regional Occupancy Rate.
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