It is no secret to those interested in the real estate sector that enriching the discussion on comprehensive tourism development is inextricably linked to the development of related real estate, such as hospitality establishments, hotels, and markets that provide various services to tourists and visitors.
This official interest by the state—may God support it—in formulating ambitious strategies to build and develop a tourism industry capable of drawing attention to the Kingdom as a global tourist destination; requires investment leaders to keep pace with this development by serving the sector through injecting more funds and channeling them into the arteries of domestic tourism, in accordance with a clear and well-thought-out vision so that no gap arises between reality and human aspirations. For example, archaeological sites such as Al-Ula must be an aesthetic masterpiece featuring attractive hotels surrounded by malls, high-end restaurants, government facilities, and various major investment projects, and attractive residential developments and suburbs, so that commerce and industry can flourish there, because tourism needs other pillars to rely on. For this reason, the Royal Commission for Al-Ula has allocated $20 billion to complete tourism and investment projects in the region. so the private sector must take the initiative, not only in Al-Ula but in all archaeological regions, by constructing hotels and various accommodation facilities to create a fertile ground for welcoming tourists.
Looking toward a future that is already taking shape, projections indicate that the Kingdom will welcome more than 100 million visitors annually by the end of this decade, and these plans require a significant increase in hotel room inventory. and the projects currently underway serve as strong evidence of the sincerity of ongoing efforts to achieve strategic goals. Among the promising signs, a report issued by Hotel Data indicates that there are more than 73,000 hotel rooms under construction, representing a 671% increase in supply, which is encouraging other supporting investments and major brands to rush to secure their place in the markets adjacent to those hotels.
We hope the private sector will continue to support domestic tourism by establishing companies specializing in domestic tourism and promoting it, as well as organizing trips to all cities across the Kingdom. Sports can also contribute by hosting major events in those regions, at which point everyone will come to appreciate the value of our beloved country’s heritage.
