Middle East Tourism Push Faces Challenges But Major Players Remain Determined

Middle East tourism sector remains resilient despite rising construction costs, funding delays, and higher interest rates. Saudi Arabia and UAE determined to meet tourism targets.
Saudi Arabia focused on upscale hotels to increase tourism's economic contribution. Around 200,000 hotel rooms under development in Gulf region.
Delays more significantly impact hotel supply/demand dynamics in major Saudi cities like Riyadh. Smaller hotels less impacted than large luxury properties.
Converting existing buildings into hotels an option to address funding challenges. Can customize to owner's needs.
Strategic planning, stakeholder collaboration, and innovative construction techniques key to meeting targets amid rising costs.

arabnews.com

Relevant topic timeline:

8/26/2023

Saudi Arabia’s economic diversification thrives amid global

Saudi Arabia's robust diversification efforts, driven by Vision 2030 strategies, have resulted in a surge of business activities and economic growth, despite worldwide economic uncertainty and concerns over inflation and geopolitical tensions. The country's economic diversification journey has led to the opening of new sectors and advancements in fields such as tourism, media, finance, and clean energy, making it a regional economic and technology hub. Saudi Arabia's continued focus on sectors like mining, metals, hospitality, tourism, and clean energy, along with fiscal consolidation efforts and revenue-enhancing measures, are key to sustaining its economic diversification model.

8/26/2023

Saudi edtech startup YaSchools poised to transform Jordan’s education

Main Topic: Saudi Arabia's robust economic diversification efforts driven by Vision 2030 strategies. Key Points: 1. Saudi Arabia's economic diversification efforts have led to a surge in business activities despite global economic uncertainty. 2. The country has made significant improvements in its Economic Diversification Index scores and has opened new sectors in tourism, media, hospitality, finance, and the digital sphere. 3. Investment in digital transformation and the clean energy sector are expected to contribute to sustained economic growth and make Saudi Arabia a regional economic and technology hub.

9/24/2023

Saudi Arabia, UAE and Egypt Lead $1.7 Trillion Tourism Investment in Middle East

The Middle East is undergoing a significant transformation with $1.9 trillion worth of hospitality and residential projects, led by Saudi Arabia, the UAE, and Egypt, aiming to attract 160 million tourists annually by 2030.

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Posted 9/25/2023, 12:21:45 PM

Middle East Tourism Push Faces Challenges But Major Players Remain Determined

Middle East tourism sector remains resilient despite rising construction costs, funding delays, and higher interest rates. Saudi Arabia and UAE determined to meet tourism targets.
Saudi Arabia focused on upscale hotels to increase tourism's economic contribution. Around 200,000 hotel rooms under development in Gulf region.
Delays more significantly impact hotel supply/demand dynamics in major Saudi cities like Riyadh. Smaller hotels less impacted than large luxury properties.
Converting existing buildings into hotels an option to address funding challenges. Can customize to owner's needs.
Strategic planning, stakeholder collaboration, and innovative construction techniques key to meeting targets amid rising costs.

arabnews.com

Relevant topic timeline:

8/26/2023

Saudi Arabia’s economic diversification thrives amid global

8/26/2023

Saudi edtech startup YaSchools poised to transform Jordan’s education

9/24/2023

Saudi Arabia, UAE and Egypt Lead $1.7 Trillion Tourism Investment in Middle East