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CAIRO: Saudi Arabia’s Ministry of Tourism has backed Dublin-based Kerten Hospitality’s “The Collective” initiative to establish projects worth a total investment of SR1.5 billion ($399.7 million).
The initiative aims to activate unique assets across the Kingdom, including Asir, Yanbu, Jeddah, Riyadh, Hail, and Al-Jawf, to boost investor confidence and enhance cooperation in line with the National Tourism Strategy.
Kerten Hospitality also aims to promote cooperation between investors, ministries, and government authorities through its new projects.
The Kingdom’s tourism sector has caught the attention of international investors as it presents an opportunity to become a regional tourist hub.
The National Tourism Strategy aims to attract over 100 million visitors by 2030, increase tourism gross domestic product contribution to 10 percent, and create one million jobs in the sector.
The initiative represents another important step towards achieving the objectives by developing quality hospitality facilities around the Kingdom.
“We focus our efforts to support the private sector in implementing qualitative projects that enhance the quality of the available service and contribute to promoting a number of tourist destinations and boosting their attractiveness for visitors,” said Mahmoud Abdulhadi, the deputy minister of investment attraction at the Saudi Ministry of Tourism.
He added that these efforts come through developing diverse touristic experiences that reflect the Kingdom’s culture while emphasizing the importance of the sustainability of the sector.
The initiative also looks to support local and international investors by developing projects providing access to the sector.
The Kingdom’s hotel segment is projected to generate $2.51 billion in revenue this year and is expected to reach $3.02 billion by 2027, according to Statista, an online platform specialized in market and consumer data.
Moreover, the sector is witnessing ongoing growth, with industry leaders constantly visiting Saudi Arabia to keep track of its developments.
The Kingdom is hosting the Future Hospitality Summit in Riyadh from May 7-9, another important aspect of the sector’s development.
Kerten Hospitality is an international hospitality investment firm that operates in 13 countries and owns 12 brands with over 4,000 room keys under its umbrella.