Saudi Arabia plans to build on tourism projects worth US$ 45.3b
Riyadh : Saudi Arabia’s US$11.6 billion worth of tourism projects currently underway in the country will underscore the strength of the industry as the country looks to build on domestic and religious tourism projecs totaling an estimated US$ 45.3 billion at this year’s Arabian Travel Market (ATM) 2015.
Saudi Arabia’s presence at this year’s show will be spread across more than 1,400 square metres of exhibition floorspace with 15 participating companies already confirmed including Unique Choice, Al Khozama Management Co., Rosewood Hotels and Resorts, E Travel Gate, Saudi Commission for Tourism and Antiquities, Flynas, Al Hokair Group and Yrbooking.com.
“If we look just at the Kingdom’s list of top 10 tourism and hospitality projects, almost US$11.6 billion is being invested into supporting the country’s economic diversification plans, and our partners on the ground are eager to discuss how this year’s ATM can showcase sector growth to more than 33,000 expected participants,” says-Nadege Noblet, Exhibition Manager of Arabian Travel Market, WTM Portfolio, Reed Travel Exhibi-tions.
According to new 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 billion, cover a wide range of tourism-related activities from US$4400 million investment by Saudi Aramco into 11 stadiums to the next three phases of the Jabal Omar mega development in Makkah, which, upon completion in 2017, will have 40 hotel towers.
Other high profile projects include the US$533 million MKEC Visitor complex, the US$450 million Hilton Riyadh Hotel & Resort and US$500 million Millennium Jeddah.
Following the announcement late last year by the Saudi Commission for Tourism and Antiquities of approval of provisions to issue tourism visas and introduce new regulations to the system, this greatly enhances prospects for future sector development if the proposal achieves final approval.
