DUBLIN--(BUSINESS WIRE)--Feb 24, 2025--
The "Saudi Arabia Hotel Market Forecast Report by Hotel Type, Ordering Platform, Region, Countries and Company Analysis 2025-2033" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Hotel market is forecast to witness substantial growth, expected to soar from US$ 15.40 billion in 2024 to US$ 27.26 billion by 2033. With a compounded annual growth rate (CAGR) of 6.55% from 2025 to 2033, the market is bolstered by an expanding range of upscale accommodations and an accommodating regulatory environment that facilitates visa applications for visitors.
As part of the broader strategy under Vision 2030, Saudi Arabia is undergoing rapid transformation within the hospitality sector, spearheaded by government initiatives seeking to elevate the nation's tourism profile. The implementation of reforms, such as relaxed travel restrictions and the introduction of e-visas and visas-on-arrival for 49 countries, has been instrumental in the flourishing hotel business.
Regional Market Dynamics
The growth of Saudi Arabia's hotel market is not uniform, with regional nuances defining its landscape. Makkah and Medina are at the forefront of religious tourism, while Riyadh and Jeddah carve their niche in urban accommodation. Upcoming projects like the highly anticipated NEOM and the allure of the Red Sea coast promise diversified growth and new hotel developments across the Kingdom.
In Makkah, the market is thriving as the city prepares for a new era in hospitality. Investments in the hotel industry, like the SAR2.5 billion initiative by Umm Al-Qura and GAA, are pivotal in addressing the surging demand for enhanced accommodations in anticipation of increasing pilgrim influx.
Riyadh, the capital, is shaping up as a hub for business and leisure tourism. A variety of hotels cater to a dynamic clientele, driven by government investment in infrastructure that propels the Vision 2030 agenda. The city continues to see growth in hotel room demand, driven by business travel and an expanding roster of cultural and commercial events.
Hotel Company Highlights
The Saudi Arabia Hotel market features prominent players such as Dur Group, IHG Group, and Marriott International, amongst others. Recent developments in the industry have seen strategic movements like Marriott International's launch of City Express by Marriott and the acquisition of Dur Hospitality Company by Taiba Investments Company.
Outlook and Segmentation
The hotel market in Saudi Arabia is segmented into high-end, mid-scale, and budget hotels, catering to a diverse range of preferences and financial plans. Both online and offline platforms remain pivotal in the market's ordering systems. The regional analysis underlines the significance of Makkah, Riyadh, Madinah, Jeddah, Al Khobar, and Dammam as core areas for market growth.
Company performances are closely analyzed, providing overviews, key person insights, recent developments, and revenue analyses to highlight their respective positions and strategies within the expanding market.
This forecast underlines the Kingdom's transformative initiatives and indicates a vibrant future for the Saudi Arabian hospitality industry, with robust growth indicators and significant global interest.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value (USD) in 2024 | $15.4 Billion |
| Forecasted Market Value (USD) by 2033 | $27.26 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Saudi Arabia |
Companies Featured
- Dur Group
- IHG Group
- Marriot International
- Accor
- Hilton Hotels
- Al Hokair Group
- Altyaar Group
For more information about this report visit https://www.researchandmarkets.com/r/s9hv4
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KEYWORD: MIDDLE EAST SAUDI ARABIA
