The hotel market in Saudi Arabia is set to reach US $4.29 billion in 2017, according to a new report.
The new figures are revealed as part of a hotel market value report prepared by Euromonitor International ahead of The Hotel Show Saudi Arabia and Stone & Surface Saudi Arabia – two major trade shows opening today (4th April 2017) at the Jeddah Centre for Forums and Events.
The 5th edition of the annual Hotel Show is co-located with Stone & Surface Saudi Arabia for the first time this year, reflecting the growing market for hospitality construction in the Kingdom, with 1000s of local and international visitors anticipated to descend on Jeddah to source the latest hospitality products and stone materials available on the international market.
“Over the last five years Saudi Arabia’s hotel market value has grown steadily by 4.2% to 6.4%,” commented Nikola Kosutic, Research Manager at Euromonitor International. “We are expecting to see similar growth rates over next five years, with CAGR estimated at 4.5%.”
One of the key factors in driving this growth is the Government’s Saudi Vision 2030 – the Kingdom’s ambition to become the leading Arab Nation – which has sparked a construction boom across the country.
A BNC report commissioned by Stone & Surface Saudi Arabia found there are currently a massive 4,025 builds underway throughout the Kingdom, worth a combined US$725.8bn.
Almost US$350bn of that value can be found in urban construction, where over half (2,804) of those projects are taking place. Saudi’s oil and gas industries are experiencing a US$88.4bn injection, while ongoing transport, utilities and industrial developments have been valued at more than US$290bn total.
Taking place for the first time this year, Stone & Surface Saudi Arabia will facilitate the procurement of the stone, marble and contract flooring provided by both domestic and international suppliers to the Saudi-based designers, architects and project managers responsible for its major on-going construction projects.
The Hotel Show Saudi Arabia and Stone & Surface Saudi Arabia will take place across three days – 04th to 06th April 2017 – at the Jeddah Centre for Forums and Events.