Hospitality investments in Saudi Arabia are estimated to reach 143.9 billion riyals by 2020, with 214 hotels set to open within the coming two years, according to a government tourism agency.
New developments under construction include the Al Uqair Tourism project, with a total cost of 17bn riyals, the vice president for investment at the Saudi Commission for Tourism and Antiques (SCTA), Dr. Salah al-Bakheet, told Aleqtisadiah.
The first phase of that project includes 1364 hotel rooms with an investment worth 900 million riyals, al-Bakheet said.
Al-Bakheet explained that the Saudi hospitality sector, specifically in Riyadh, is taking an unprecedented leap, reflected in the size and type of investments in the sector over the past two years.
Separately, the SCTA has proposed a total of 5bn riyals fund to promote tourism in the Kingdom, reported Arab News.