The Kingdom of Saudi Arabia will witness up 54.0% growth rate in the hospitality sector with an addition of 25,398 rooms, as per the Al Taameer Real Estate Investment report. The Kingdom is also paving the way for several hotel chains to announce upcoming projects.
The 4th Annual Kingdom Hotel Expansion Summit on May 26th – 27th, 2012 will witness discussion and new announcements.
Trevor Horwell, chief executive officer of Nobu Hospitality indicated that Riyadh will soon witness the launch of Nobu’s hotel – which will also be the first five-star boutique hotel in the country. The hotel is expected to open in June 2012.
The InterContinental Hotels Group has also unveiled plans to develop its presence in the Middle East with two new hotels in the Kingdom. The locations of the new Hotel Indigo Riyadh KAFD and InterContinental Riyadh KAFD will cater to business and leisure travelers alike.
A knock-on effect of the potential for new hotels in the region is that global contractors are stimulating the construction sector. Saudi company Jabal Omar Development Co has been awarded contracts by two local companies. The deal with Baytur Construction Co and Azmeel Contracting & Construction Corp includes four hotel towers and is rumoured to be worth US$ 397 million.
“This growth will give rise to more job opportunities in the Kingdom. Today, there are more requests for employment than there are positions available,” said Christophe Landais, managing director of Accor Middle East.
The regional hospitality giant plans to hire 4,000 workers for its new hotels in the Middle East.