Property Articles Real Estate Articles Tourism indicators for a real estate renaissance
Abdulrahman bin Ali al-Qut
<Saudi Arabia is witnessing a major transformation in the tourism sector, where several initiatives and reforms have been implemented to attract tourists and strengthen the tourism sector in the Kingdom, the most important of which is the Kingdom's recent hosting of World Tourism Day in Riyadh, from September 27 to 28 of this year. The tourism sector was remarkably active in 2022, as the Kingdom jumped to the thirteenth place in the list of the most attractive countries for tourists, and the tourism sector - leisure - achieved a growth of 120% compared to 2019 figures, and the Ministry of Tourism is currently working to rehabilitate 20 Saudi cities.The Minister of Tourism explained that the Kingdom has implemented initiatives and reforms to attract tourists and promote the tourism sector. <In his recent statement to Bloomberg, Minister of Tourism Ahmed Al-Khatib explained that Saudi Arabia has decided to increase the number of tourists it expects: Saudi Arabia has decided to increase the number of tourists it expects to visit by 2030 from 50 million to 70 million, as the Kingdom implements its $800 billion plan to become the world's most visited country.
Hospitality and hospitality industry is currently working on rehabilitating Saudi cities. The hospitality industry is expected to perform strongly in the coming years as many new hospitality projects have been announced in the Kingdom. The number of hotel rooms in the Kingdom is expected to increase from 128 thousand rooms currently to 403 thousand rooms by 2030, a jump of about 215%, and the total cost of establishing these hotel rooms is $21.2 billion, excluding the cost related to the hotels of the Red Sea, Qiddiya and NEOM projects, which alone will be responsible for 225 thousand hotel rooms by 2030.
The total cost of establishing these hotel rooms is $21.2 billion, excluding the cost related to the hotels of the Red Sea, Qiddiya and NEOM projects, which alone will be responsible for 225 thousand hotel rooms by 2030. <To promote <a style="color: #800000;" href="https://www.my.gov.The tourism industry in our country needs a real integration with an important player, the real estate sector, so that this integration will have a positive impact on the local economy by enhancing the attractiveness of tourist areas, improving the experience of tourists and increasing investments in the tourism sector, and can lead to enhanced economic growth by providing new job opportunities through the development of tourism projects by building hotels, resorts, hotel apartments, shopping centers and other tourist facilities in tourist areas.
All these indicators are positive. All these indicators are positive and great opportunities for the real estate sector through which it can achieve diversity and growth in demand for real estate products without focusing on one real estate product.
Real Estate Expert
