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RIYADH: Saudi Arabia’s capital city is set to witness a surge in hotels due to an increase in big-ticket sporting and entertainment events to be hosted in the metropolis, including the flagship Riyadh Expo 2030, said a hospitality industry expert.
Speaking at the Future Hospitality Summit in Riyadh, Turab Saleem, Knight Frank’s head of hospitality, said that the increasing number of events will expand the hotel supply and create new opportunities for the hospitality sector.
For instance, Riyadh Season 2022, the state-sponsored annual entertainment and sports festival, hosted 10 million visitors in less than three months of its launch on Oct. 21, 2022.
The city has also been a sought-after destination for major events such as formula car racing and WWE wrestling matches, besides hosting the seven-side FIFA Club World Cup in December 2023 and the Asian Games in 2034.
Riyadh Expo 2030 is scheduled to begin on Oct. 1, 2030, and continue until April 1, 2031.
“All these events have major demand for hotel supply in Riyadh,” said Saleem, adding that Makkah has the highest number of keys, followed by Madinah due to Hajj and Umrah pilgrims.
The Kingdom also has ambitions to double the size and population of the city with investments of $800 billion under its Vision 2030 plan to modernize the country and diversify the economy to wean it off oil export revenues.
The Future Hospitality Summit is also one such event that’s drawn global investment decision-makers and leaders to Riyadh to exchange knowledge and explore new partnerships.
The summit is taking place at Al Faisaliah Hotel in the Saudi capital with the theme, “Invest in Change.” It aims to emphasize the importance of the positive change that can be brought about by investing in time, intellect and experience to better influence the hospitality industry’s future.
The three-day conference will highlight how to promote the development of Saudi Arabia’s hospitality industry as a vital contributor to the Kingdom’s economic diversification, and encourage investment in the tourism and hospitality industry by showcasing its potential and prospects.