Saudi Arabia is without question, the most important market in the Middle East. As the region’s biggest economy and home of Islam’s most important sites, the Kingdom dominates the regional landscape.
The events in March provide a reminder, if one was needed, that Riyadh is also a key actor on the global stage, and that it is no longer content to operate quietly in the backroom of global politics, said GlobalData, a leading data and analytics company.
Richard Thompson, editorial director, GlobalData. Commented, “Despite decades of diversification initiatives, the Saudi economy remains dependent on government spending and on oil. That is changing. The launch in April 2016 of the Kingdom’s Vision 2030 reform agenda set a new path for a more diversified, private sector-led economy.”
In October 2017, Riyadh unveiled a series of gigaprojects, including the USD500 billion Neom future city, to drive investment and business opportunities. In late 2019, a new round of reforms opened up the tourism market. Critical to the vision are the country’s USD1,4 trillion of major projects planned or under construction. Saudi Arabia is by far the biggest projects market in the region, nearly double the size of the next largest market, the UAE.
Thompson continued by saying, “The Kingdom is home to almost half of all projects planned in the GCC. But the collapse in global economic activity caused by the COVID-19 crisis, and the subsequent crash in oil prices, has raised questions about the prospects for Vison 2030 and the Saudi projects sector. In the short-to-medium term, Riyadh’s diversification drive will be severely disrupted. The crisis has introduced urgent economic and health challenges at home and abroad that must take priority.”
Strengthening the destinations presence in the GCC market, the Seychelles Tourism Board (STB) recently showcased the tropical paradise in the 10th edition of the Jeddah International Travel & Tourism Exhibition (JTTX10).
Hyatt Hotels Corporation has announced that a Hyatt affiliate has entered into a management agreement with Umm Alqura for development and construction of a Grand Hyatt branded hotel in the Holy City of Makkah in the Kingdom of Saudi Arabia.
Visitors to the Kingdom of Saudi Arabia (KSA) are predicted to increase 38 percent from 15,5 million in 2019 to 21,3 million by 2024, according to new research by Colliers International, commissioned by Arabian Travel Market (ATM) 2020, which takes place at Dubai World Trade Centre from April 19-22.
Millennium Hotels & Resorts Middle East announced the signing of its first Millennium Central property in the Kingdom of Saudi Arabia in partnership with Hasaad Real Estate, on stage at the Saudi Arabia Hospitality Investment Conference (SHIC), held in Riyadh from 21-22 January 21-22.
Millennium and Copthorne Makkah Al Naseem, the largest cluster property of Millennium Hotels and Resorts MEA, has announced the appointment of a new cluster general manager, who is an award-winning general manager with an extensive international experience that extends over 23 year.
Players from the world’s most renowned polo teams, Argentina’s La Dolfina, have contested in the inaugural Desert Polo tournament this month at the breathtaking AlUla UNESCO world heritage site.
Millennium Hotels & Resorts MEA, one of the region’s fastest-growing hotel management company, has revealed ambitious development plans for Saudi Arabia with a goal of operating 25 hotels kingdom-wide by 2025.
A delegation of the Cyprus Deputy Ministry of Tourism, headed by Savvas Perdios, deputy minister, visited Saudi Arabia and Dubai on November 18-21.
To sustain its 16-year partnership with Biman Airlines, Elaf Group has recently renewed their contract and will continues to serve as the official General Sales Agent (GSA) of Biman Airlines in the western region of Saudi Arabia.