The market is anticipated to have a CAGR of 3.4%, according to a recent market research report titled “Saudi Arabia Hospitality Market – (2023-2028)”.
The monarchy has started a variety of projects with the goal of expanding investment prospects. With the goal of achieving the Vision 2030 goal, the Public Investment Fund of Saudi Arabia launched several significant projects in 2018, including Qiddiya, The Red Sea Development, Amaala, NEOM, Al Ula, and Wadi Al Disah Development.
An increasing number of new hotels are being opened in important cities as a result of increased religious and leisure travel to the Kingdom, which has opened up investment prospects in the hospitality sector. Saudi Arabia remained one of the hospitality industry’s most competitive markets despite the vibrant yet difficult market conditions.