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FINANCIAL NEWS
Saudi’s investments in travel, tourism hit USD39.98b in 2014
16 Oct 2014
(MENAFN) Saudi’s investments in the travel and tourism is expected to reach USD39.98 billion in 2014, USD13.32 billion of which would come from domestic tourism while USD26.65 billion from inbound tourism, Arab News reported.
Saudi domestic tourism has increased in a significant way in the last four years, with revenue from it increasing from USD15.72 billion in 2010 to reach USD27.45 billion in 2014, resulting in investments in the hotel and hotel apartment sectors to be expected reach more than USD25.32 billion over the next ten years.
Investments in Tourism also include the plans to expand Jaddah’s airport to accommodate 80 million people by 2035, as well as plans to extend the northwestern and northeastern parts of the holy mosque to help it accommodate over 2.5 million people.
While other projects include the construction of 100 hotel towers close to the holy mosque in Makkah, with an expected worth of around USD4.79 billion, and will result in the addition of 24,480 hotel rooms in Makkah alone.
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