Riyadh's win to host the World Expo 2030 is expected to inject a major economic boost of $94.6 billion into the country by 2030, according to a report by Knight Frank. The firm said in a report that 150 million domestic and international tourists are expected to arrive by 2030, noting that Riyadh's winning bid to host the 2030 World Expo will inject a major economic boost of $94.6 billion into the capital, with an estimated 40 million visitors expected to arrive during the six-month event.
According to Knight Frank, Saudi Arabia will see significant growth in the hospitality sector through the development of 320,000 hotel rooms to meet the expected boom in tourism by 2030. <According to Knight Frank, 66% of growth is expected in the Kingdom's current hotel supply, many of which fall into the luxury and upscale category. However, this segment of the market is expected to increase in size by up to 72% by 2030, equivalent to 251,500 hotel rooms.
According to Knight Frank's analysis, this segment of the market is expected to grow to 72% by 2030, equivalent to 251,500 hotel rooms. <According to Knight Frank's analysis, 67% of the planned hotel units in the Kingdom will fall into “upscale” or “luxury” categories (4-star and 5-star). According to the World Trade Organization, hotels in the 4 and 5-star categories require, on average, 1-2 employees per room, suggesting that between 232,000 and 387,000 key employees may need to be accommodated in this segment of the Kingdom's hospitality market.
The firm noted that 67% of the planned hotel units will fall into the “upscale” or “luxury” categories (4-star and 5-star). <The real estate consultancy noted that by the end of 2023, the Kingdom welcomed around 100 million domestic and international tourists, with the tourism and hospitality sector contributing an estimated 6% of the Kingdom's GDP. This strengthens the sector and puts it on track to achieve the government's goal of 10% by the end of the decade.
According to Ministry of Tourism figures, tourism spending in the first half of 2023 rose to SR87 billion, registering an increase of 132% compared to 2022, showing the outstanding performance during this half-year period.
According to the Ministry of Tourism figures, tourism spending in the first half of 2023 rose to SR87 billion, registering an increase of 132% compared to 2022.
