Al Saud: 150,000 Hotel Rooms to Enter Service in 2 years

Sanaa Hasan March 14, 2024

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Al Saud: 150,000 Hotel Rooms Enter Service in 2 years — Saudi Arabia's Deputy Minister of Tourism, Princess Haifa Al Saud, announced plans to introduce 150,000 hotel rooms in the next two years,

Saudi Arabia’s Deputy Minister of Tourism, Princess Haifa Al Saud, announced plans to introduce 150,000 hotel rooms in the next two years, marking a significant expansion in the country’s hospitality sector.

Table of Contents

Investment Surge

The Kingdom is experiencing a vibrant era in tourism, attracting around $13 billion in private sector investments. This influx of capital underscores the growing confidence in Saudi Arabia’s tourism potential and its attractiveness as an investment destination.

Future Outlook

Princess Haifa revealed the ambitions to boost tourism revenue to $85 billion this year, up from $66 billion in 2023. Moreover, such a substantial increase reflects the government’s commitment to enhancing the tourism infrastructure.

Vision 2030

Saudi Arabia aims to welcome 150 million visitors annually by 2030 as part of Crown Prince Mohammed bin Salman’s economic vision. Furthermore, this ambitious goal is aligned with the broader objectives of Vision 2030 which seeks to diversify the economy and reduce dependency on oil revenues.

Diversification Efforts

This vision aims to diversify revenue sources away from oil, focusing on industries like sports and technology. Moreover, by investing in tourism infrastructure and promoting cultural and leisure attractions, Saudi Arabia aims to create a more resilient and dynamic economy.

Visitor Statistics

Finally, in 2023, Saudi Arabia recorded 100 million visits, with the majority from domestic tourists and around 27 million international visitors. Many international visitors were pilgrims or business travelers. These statistics underscore the growing popularity of Saudi Arabia as a tourist destination and the potential for further growth in the coming years.

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