Saudi tourism focuses on US$45.3 bn growth potential

These projects will look to build on domestic and religious tourism totalling an estimated US$ 45.3 bn.WTTEN

The Kingdom will also have a strong presence at the forthcoming Arabian Travel Market 2015 with 15 participating companies. Some of them include Unique Choice, Al Khozama Management Co., Rosewood Hotels & Resorts, E Travel Gate, Saudi Commission for Tourism & Antiquities, Flynas, Al Hokair Group and Yrbooking.com.

According to MEED intelligence data, Saudi Arabia is capitalising on both new business and leisure tourism opportunities with 55 planned or under-development projects including four museums/libraries, 39 hotels and resorts, one mall, seven sports stadia/leisure complexes, two theme parks and two convention centres.

The country’s top 10 projects currently under development are valued at just under US$11.6 bn. This covers a wide range of tourism-related activities from US$4400 m investment by Saudi Aramco into 11 stadiums to next three phases of the Jabal Omar mega development in Makkah. This project upon completion in 2017, will have 40 hotel towers. Other high profile projects include the US$533 m MKEC Visitor complex, the US$450 m Hilton Riyadh Hotel & Resort and US$500 m Millennium Jeddah.

Industry experts put estimated value of Saudi tourism and travel market at US$45.3 bn (SAR170 bn) in 2014, of which US$18.7 bn (SAR70 bn) was generated from domestic tourism and almost US$27 bn (SAR100 bn) from religious and other tourism