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FINANCIAL NEWS
Cristal Hotels eyes Saudi market for expansion
07 Apr 2010
(MENAFN) Abu Dhabi-based Cristal Hotels and Resorts said in a statement that it is planning to expand to Saudi Arabia, in order to capitalize on the tourism growth in Saudi Arabia, Khaleej Times reported.
Cristal plans to expand its foothold in Riyadh, Jeddah, Khobar and Mecca, it said in the statement. Apart from this, the company’s expansion plans into Qatar have already been revealed. Cristal is looking for additional strategic locations within Qatar.
Tourism in Saudi is poised to grow at five per cent year-on-year in 2010 and with an average of 6.5 per cent year-on-year through 2014, according to BMI, a business intelligence firm, which predicts that around 12.91 million tourists are set to visit Saudi Arabia in 2010.
The increase in the number of tourists would be due to the growing popularity among religious and business travelers, BMI said further in a statement.
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