- The Saudi Arabian hospitality sector has received an additional $399.7m in international investments.
- ‘The Collective’ initiative seeks to utilise the Kingdom’s unique assets to boost investor confidence in the region.
- The Kingdom is set to become a hub for tourists after catching the attention of international investors.
Saudi Arabia’s Ministry of Tourism has started to support Kerten Hospitality's ‘The Collective’ endeavor, a Dublin-based initiative with investments totalling SR1.5bn ($399.7m).
This initiative aims to capitalise on the potential of various Saudi Arabian regions, such as Asir, Yanbu, Jeddah, Riyadh, Hail and Al-Jawf. Saudi Arabia’s Ministry of Tourism hopes to increase investor trust and improve collaboration following its National Tourism Strategy.
Kerten Hospitality, a global hospitality investment company, strives to foster collaboration between investors, government agencies and ministries through its new initiatives. It operates in 13 nations, with 12 brands, and boasts over 4,000 guest rooms in its portfolio.
The initiative is a significant move towards accomplishing the goals of providing quality hospitality services throughout the Kingdom.
The Kingdom’s National Tourism Strategy strives to bring in over 100 million visitors by 2030, boost tourism's gross domestic product contribution to 10% and create 1 million positions in the hospitality sector.
With an additional SR1.5bn in international funding, employment opportunities, infrastructure and investment are all set to improve.
The Kingdom of Saudi Arabia hosted the Future Hospitality Summit in Riyadh on May 7-9, and this new investment could increase the availability of affordable accommodation for tourists and business travellers.
Overseas investors have noted the potential of the Kingdom’s tourism industry. Additional foreign investment into the Saudi market, enabled by international money transfers, has increased.
High-net-worth individuals (HNWIs) looking to travel to, or invest in, Saudi Arabia’s growing tourism industry will need to utilise a fast and secure online money transfer system to do so.
Mahmoud Abdulhadi, the deputy minister of investment attraction at Saudi Arabia’s Ministry of Tourism, highlighted the importance of assisting the private sector.
Abdulhadi aims to execute several projects to improve the quality of services and promote tourist destinations in the Kingdom, thus making them more attractive to international visitors.
He indicated that the Ministry of Tourism is striving to create various tourist experiences reflective of Saudi Arabian culture, while emphasising the need to sustain the industry by attracting both domestic and foreign investors into the sector.
Statista, an online platform specialising in market and consumer data, estimates the Kingdom's hotel sector will bring in $2.51bn this year alone, and $3.02bn by 2027.
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