Saudi Arabia to add 17,000 hotel keys by 2023
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Saudi Arabia to add 17,000 hotel keys by 2023

Saudi Arabia’s hospitality market is expected to add 17,000 hotel keys by 2023, at a constant annual growth rate of 8%, according Colliers’ Mena Hotels Quarterly Report.

The holy cities account for 51% of the expected growth in supply. Pent up demand in the domestic and international segments is expected to be key in the recovery for the Saudi market in 2021 and beyond.

The supply of internationally branded hotels in the Saudi market grew by 4,500 keys, with 80% of the new supply opening in city of Makkah, which is expected to grow by a further 10% per year until 2023, said the report.

The commitment to the development of domestic tourism from the government is expected to help in the recovery of the sector following the Covid-19…

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