Tourise Summit saw its opening day in Riyadh yesterday, featuring the inauguration of the landmark Amaala destination and the announcements of over 8k new hotel keys to be delivered within the next few years. Running through November 13, the event brings together more than 120 global leaders from major players like Expedia, Google, Red Sea Global, and the Public Investment Fund.

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Tourism Minister Ahmed Al Khateeb delivered an opening speech that focused on the human element. The global tourism sector employs over 350 mn people worldwide, and is expected to add 90 mn jobs by 2034, Al Khateeb said, noting that human interaction won’t be replaced by AI agents.

ALSO- Economy Minister Faisal Alibrahim emphasized that tourism development projects are part of a long-term national transformation that aims to provide lasting benefits for residents and citizens. Expo 2030 and the 2034 World Cup stadiums are designed to be an integral part of Riyadh, serving as long-term socioeconomic hubs, not just event venues, Alibrahim said at the summit.

AND- A special appearance by soccer legend Cristiano Ronaldo saw him praise the Kingdom’s efforts to ramp up developments in the sector, hoping to be “part of that [Saudi efforts in holding the 2034 World Cup].” The 41-years-old player expects his record sixth World Cup participation next year to be his last, hinting that his retirement will be in one or two years, (watch, runtime 01:20).

THE INVESTMENTS-

#1- PIF-owned AlBalad Development kicked off a USD 3.6 bn (SAR 13.5 bn) to build and revamp hospitality assets in Historic Jeddah, adding 3.3k new keys, it said on LinkedIn yesterday. The new assets — implemented through investment funds, public-private partnerships, and build, operate, and transfer deals — will be diversified across all segments, including 422 hotel apartments, 1.2k midscale keys, 664 upscale keys, 758 upper upscale keys, and 325 luxury segment keys.

Al Balad expects to add about SAR 40 bn to the national GDP via ongoing developments, alongside creating some 11k new direct and indirect jobs, CEO Jamil Ghaznawi told Asharq (watch, runtime: 05:46). The company commenced planning and construction, with 1.3k keys slated for delivery by 2030 and full delivery set for 2038. About 15 mn visitors annually are expected by 2030, with last Ramadan alone having attracted 3 mn, Ghaznawi added.

#2- Red Sea Global (RSG) inaugurated the ultra-luxury Amaala Triple Bay, it said in a statement yesterday. Upon completion, the tourism destination is set to add 50k new jobs and SAR 11 bn to national GDP, with the capacity to host 500k visitors per year, all while being fully powered by renewable energy.

With over SAR 51 bn investments, the first phase is launching with six world-class luxury resorts, the Amaala yacht club, a marine life institute, a state-of-the-art marina, and a Marina Village, all connected via a five-km linear park dubbed Wellness Route. The initial hotel lineup features Equinox (128 keys, 21 branded accommodations), Four Seasons (202 keys, 25 residences), Nammos (110 keys, 20 apartments), Rosewood (110 keys, 26 apartments), Six Senses (100 pool suites, villas, 25 branded residences), RSG-owned Amaala Hotel (144 keys).

Once completed, the first phase will deliver a total of 1.6k hotel keys spanning nine branded and unbranded residences, with Clinique La Prairie Health Resort, Jayasom Wellness Resort, and The Ritz-Carlton Resort are yet to be opened over the coming months.

#3- Valor pushes into Saudi: US-based hotel management firm Valor Hospitality Partners signed an agreement with an undisclosed company to develop and operate over 3k keys spanning 25 hotels across the Kingdom over the next nine years, according to a press release. The new portfolio, part of its USD 1 bn global expansion plan, will be launched in phases, with the first one expected in December 2026 introducing a new, dedicated Saudi hotel brand created by the investment partner.

#4- Asfar reveals 2026 projects: PIF-owned tourism investor Asfar will open Gamra Adventure Park in Al Baha and Kaynouna Beach Club in Yanbu for operation in 2026, state news agency SPA reported yesterday. Gamra Adventure Park is developed by its subsidiary Khairah Mountain Company, while the coastal Kaynouna Beach Club is established by Baheej, its JV with Tamimi Group and Awn Enterprises. Financial details remain undisclosed.

ALSO- Asfar collaborated with the Tamimi-Awn alliance to establish Jaba, a Baheej subsidiary to manage operations and organize tourism events and activities.

#5- Travel tech firm Amadeus inaugurated its regional headquarters in Riyadh, set to drive digital transformation across the Kingdom's airlines, airports, and hospitality sectors, while also digitizing travel agencies and supporting key gigaprojects, the Saudi Gazette reported yesterday.

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