Saudi Arabia’s Riyadh hotels report higher occupancy level

Uncategorized Faizah Kamal 23-Dec-2019

Latest hospitality data shows that Saudi Arabia’s Vision 2030 plan, which aims to wean its economy from oil dependence, is gradually reaping dividends for the Kingdom’s tourism industry – one of the economic program’s pillars.

“Saudi Arabia has seen a positive shift in hotel performance due to Saudi Vision 2030, a plan focused on diversifying the economy from being highly oil-reliant and focusing on public sectors, such as tourism growth,” global hospitality analyst STR said in its research note.

STR’s comment was hinged in particular on the 82.8 percent occupancy level in Riyadh hotels in November 2019 – the highest level for a November month since 2007, boosted by a 55.0 percent increase in demand.