Travel, Tourism & Hospitality
Saudi hospitality sector records solid growth in Q2
The Saudi hospitality sector witnessed solid growth in Q2 thus solidifying its position as a global travel hub. Driven by a combination of leisure, cultural and religious tourism, it saw a 48% jump in international visitors over last year, said a report.
Saudi Arabia's hospitality sector has witnessed remarkable growth during the second quarter of the year, solidifying its position as a leading global travel destination, according to CBRE, a global leader in commercial real estate.
Driven by a combination of leisure, cultural, and religious tourism, the sector saw a 48% increase in international visitors for the three-month period compared to Q2 2024, it stated.
The upcoming mega-events, including major sporting tournaments and Expo 2030, are poised to generate substantial demand for accommodation, said the industry expert.
The pipeline of new hotel projects is also expanding, particularly in Riyadh, and new brand debuts, such as IHG's EVEN Hotel, are adding to the diversity and appeal of the sector, creating a strong outlook for sustained growth, it added.
On the Saudi real estate growth, Matthew Green, Head of Research Mena, said: "This groundbreaking regulation marks a pivotal moment for Saudi Arabia's real estate market. By welcoming foreign investment, we anticipate a transformative shift, driving substantial growth in inbound capital over the next five years."
"This will not only support the ambitious FDI targets but also stimulate private sector development, further diversify the non-oil economy, and generate wealth for landowners," stated Green.
"Furthermore, it will foster long-term population growth and economic stability by enabling foreign residents to participate in homeownership, a significant social milestone, he added.-TradeArabia News Service