Saudi Arabia is projected to have 320,000 new hotel rooms by 2030 across the country to accommodate an influx of 150 million domestic and international tourists annually, according to a new report.
This expansion, according to the figures by global property consultancy Knight Frank, will boost the nation’s travel and tourism industry which already accounts for nearly six percent of Saudi Arabia’s GDP today and is central to achieving the government’s goal of tourism contributing 10 percent to the economy by 2030.
Knight Frank’s analysis of the Kingdom’s hospitality sector comes on the heels of Saudi Arabia welcoming a record number of visitors in 2022.
Tourism spending reached $23.2 billion (SAR 87 billion) in the first half of 2023, a 132 percent increase over the same period in 2022.
