Kingdom of Saudi Arabia Hospitality Market Dynamics, Q2 2024
Summary and analysis of the Kingdom of Saudi Arabia's current hospitality real estate market conditions.
- Saud Alsulaimani
The Kingdom's hospitality sector has emerged as one of the strongest performers, fueled by initiatives such as the introduction of tourist visas, an increased number and variety of entertainment facilities, and the promotion of sports and new experiences.
The total number of tourists reached 109.3 million in 2023, with religious tourism accounting for the highest share, followed closely by leisure tourism, and the share of non-religious purposes increasing significantly.
A positive outlook for the sector is expected, supported by planned investments of USD 800 billion over the next decade, the introduction of a new star rating system to improve quality, and a pipeline of major events like the Asian Cup 2027 and FIFA World Cup 2034.
