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FINANCIAL NEWS
Hotel rooms in Riyadh to surge 103%
15 Mar 2013
(MENAFN) STR Global stated that the number of hotel rooms in the Saudi city of Riyadh is expected to soar by 103 percent, once all projects in its active pipeline are finished, reported Arabian Business.
It added that in February, the Saudi capital’s total active pipeline comprised 7,990 hotel rooms.
In 2012, the Kingdom’s tourism market was one of the fastest growing in the world, in spite of the decline in the number of visitors to the Middle East region.
STR Global said that the hotel market in Jeddah is also expected to surge by 63.6 percent with 3,798 rooms in the pipeline, whereas other GCC cities, including Muscat is set to see a growth of 42 percent with 1,992 rooms to be added.
It is worth noting that in 2012, the number of visitors to the Middle East fell by 5 percent, however, the rate was better than the drop of 7 percent that was reported in 2011.
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