Tourism leaders recently attended the Saudi Arabia Hotel Investment Conference at the Marriott Convention Centre, Riyadh Marriott Hotel on February 26.
Some of the speakers included: Dr Hamad Al Ismail, Vice President for Investment & Tourism Development, Saudi Commission for Tourism & National Heritage, Dr Badr Al Badr Chief Executive Officer, Dur Hospitality, Kamel Ajami, Vice President, Operations, KSA & Levant, Hilton, Eng. Mohammed Abdulaziz Al Nashmi, General Director of Vision Realization Office, Saudi Commission for Tourism & National Heritage, Yasser bin Faisal Al-Sharif, Chief Executive Officer, Jabal Omar Development Company, Mohamed Awadalla, Chief Executive Officer, Time Hotels, Ignace Bauwens, Regional Vice President Middle East and Africa, Wyndham Hotel Group, Dr Martin Berlin, Partner, Deals Strategy ME, Global Deals Real Estate Leader, PwC, Olivier Granet. Chief Executive Officer, Middle East and Africa, AccorHotels, Gerald Lawless, Chairman, World Travel & Tourism Council; Chairman, Irish Business Network; Honorary President, Jumeirah Group, Anita Mendiratta, Founder & President of Cachet Consulting
Following recent reforms and widespread investment in Saudi Arabia, Colliers International predicts this will drive growth in the mid-market hotel sector at a compound annual growth rate (CAGR) of 16% between 2017 and 2021.
The data was published ahead of the Saudi Arabia Hotel Investment Conference (SHIC), which took place on February 26 at the Marriott Convention Centre, Riyadh Marriott Hotel.
Highlighting the same, Time Hotels’ CEO, Mohamed Awadalla said: “As receipts from Saudi oil revenues have declined, some government departments and private companies have reduced their travel expenses which in turn has led to an increase in corporate demand for more mid-market hotels, an area of the market that has traditionally been reserved for more luxury properties.
In a bid to attract 30 million visitors annually by 2030, Saudi Arabia has also introduced recent reforms and relaxed visa regulations, while also investing generously in leisure and entertainment sector.