RIYADH: Saudi Arabia’s push to become a global tourism destination is reshaping its hospitality sector, drawing international hotel operators and developers into a market backed by more than $120 billion in tourism investment.
With over 50 global hospitality brands expanding their presence and a pipeline expected to add more than 200,000 hotel keys by 2030, the sector is positioning itself for a new wave of demand as the country targets 150 million annual visitors by the end of the decade.
Key factors driving investment in Saudi Arabia
The Kingdom is particularly attractive as its market grows and expectations rise, creating opportunities while placing greater responsibility on developers to understand demand, choose the right product and maintain high standards in delivery and operations.
Real estate development and investment firm Blacksand is working with global hospitality firm Marriott as its operating partner across 10 hotels and more than 1,300 rooms in Saudi Arabia.
The partnership was announced in June, when a SR5 billion ($1.33 billion) agreement was signed at the Future Hospitality Summit in Riyadh.
The deal will see the creation of almost 11,000 jobs covering the construction and operation of the facilities, which will provide 1,300 rooms in the next four years.
The companies aim to generate over 6,000 full-time roles, with 60 percent of those dedicated to Saudi nationals
