{"id":85526,"date":"2024-04-25T00:00:00","date_gmt":"2024-04-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/25\/hospitality-industry-to-add-320k-new-hotel-rooms-by-2030\/"},"modified":"2024-04-25T00:00:00","modified_gmt":"2024-04-25T00:00:00","slug":"hospitality-industry-to-add-320k-new-hotel-rooms-by-2030","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/25\/hospitality-industry-to-add-320k-new-hotel-rooms-by-2030\/","title":{"rendered":"Hospitality industry to add 320k new hotel rooms by 2030"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a big issue for you this morning with two share sales now in the market \u2014 one in healthcare and the other in infrastructure \u2014 as the first half of the 2024 IPO season gains steam. <\/p>\n

AND- <\/strong>There is no sign that things will quiet down much over the weekend, as Riyadh prepares for the arrival of hundreds of big names in town for a special two-day meeting of the World Economic Forum, which runs Sunday and Monday. US Secretary of State Antony Blinken is among those expected to attend. <\/p>\n

<\/a> MEANWHILE- <\/strong>King <\/strong>Salman<\/strong> left<\/strong> Jeddah\u2019s King Faisal Specialist<\/strong> Hospital <\/strong>yesterday after a <\/strong>\u201croutine checkup\u201d <\/strong>earlier in the day, state news agency SPA<\/a> reported yesterday. The King attended Tuesday\u2019s weekly cabinet meeting, its first since the Eid Al-Fitr holiday. <\/p>\n

DATA POINTS-<\/p>\n

<\/a> #1- The hospitality sector will add some<\/strong> 320k new hotel rooms by 2030<\/strong>, global property consultant Knight Frank said in a press release<\/a>. A little more than two thirds of the new rooms be upscale or luxury (four- and five-star hotels), bringing the total market share of luxury hotel rooms in Saudi up six percentage points to 72%. <\/p>\n

By the numbers:<\/strong> Knight Frank\u2019s forecasts for new rooms by 2030 is more bullish than the Tourism Ministry\u2019s plan<\/a> to add 250k keys to cater to the influx of tourists. The higher figure comes as the market adapts to the government\u2019s updated target<\/a> of 150 mn tourist trips per year (by domestic travelers and foreign tourists) by 2030. <\/p>\n

<\/a> Speaking of travel: <\/strong>Travelers filed 924 complaints with the General Authority of <\/strong>Civil Aviation (GACA) in<\/strong> March<\/strong>, GACA data<\/a> showed. Saudia Airlines received the lowest number of complaints last month \u2014 10 per 10k passengers \u2014 followed by Flynas and Flyadeal. For airports, Prince Muhammad bin Abdulaziz International Airport in Medina was the subject of the fewest complaints among international airports during the month, coming in at fewer than 1 complaint per 1 mn passengers.<\/p>\n

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<\/a> #3- The ICT sector\u2019s market value hit SAR 166 bn in 2023<\/strong>, after growing at a compound annual rate of 8% from 2018-2023, according to Communications, Space and<\/a>Technology Commission (CST)<\/a> data. Average mobile internet speed in the Kingdom reached 215 MB last year, with a 99% internet penetration rate. Some 31 local and global cloud services providers are now registered with CST.<\/p>\n

WATCH THIS SPACE-<\/p>\n

The IMF is coming to town: <\/strong>The International Monetary Fund (IMF) has opened a regional office in Riyadh to help upgrade partnership \u201cwith the region and beyond,\u201d the Washington-based lender said in a statement<\/a>. The regional office opened during a two-day conference organized by the Finance Ministry and the IMF yesterday. It will be led by Senegal\u2019s Abdoul Aziz Wane, the IMF said. Wane most recently served as director of the IMF\u2019s Africa Training Institute.<\/p>\n

Scope of work:<\/strong>The office, which will \u201cscale up capacity building, regional surveillance, and outreach,\u201d will cover the Middle East and North Africa, Afghanistan and Pakistan, Assistant Finance Minister for Macro Fiscal Policies and International Relations Abdulmohsen Alkhalaf told Aleqtisadiah<\/a>.<\/p>\n

Background: <\/strong>The Cabinet approved in March<\/a> an agreement to set up a regional office for the IMF in the capital.<\/p>\n

FROM THE CONFERENCE-<\/strong> Economy and Planning Minister Faisal Alibrahim stressed the necessity of early exposure to regional and global competition to ensure domestic industry is able to level up, according to Aleqtisadiah. \u201cWe will challenge ourselves to ensure economic growth is sustainable. [Existing] investment strategies will bolster the strong a economy and develop competition [at home,]\u201d he said.<\/p>\n

PSA- <\/p>\n

WEATHER- <\/strong>Expect some dust with a high today of 34\u00b0C and an overnight low of 21\u00b0C in Riyadh<\/strong>, according to our favorite weather app. Conditions in Makkah<\/strong> and Dammam <\/strong>will be just about identical.<\/p>\n

SPORTS-<\/p>\n

The Saudi Table Tennis Paralympic Team brought home 10 medals from the Jordan <\/strong>International Para Championship<\/strong>, securing two golds, seven slivers and a bronze, according state news agency SPA<\/a>. <\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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***
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Were you forwarded this email? <\/strong>Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday before 7am Riyadh time \u2014 without charge, thanks to our friends at Cenomi.
***<\/strong><\/p>\n

THE BIG STORY ABROAD- <\/p>\n

Yesterday, it was Tesla. Today, it\u2019s Meta\u2019s earnings getting ink everywhere in the Western <\/strong>business press<\/strong> (Reuters<\/a> | Bloomberg<\/a> | FT<\/a> | CNBC<\/a>). The company\u2019s shares fell as much as 19% in after hours trading \u2014 wiping out nearly USD 200 bn of its market value after raising capital expenditure guidance (it\u2019s looking to ramp up spending on AI) and providing a cautious sales growth forecast. CEO Mark Zuckerberg defended his plans in a call with analysts, saying it will need to \u201cgrow our investment envelope meaningfully before we make much revenue from some of these new products.\u201d <\/p>\n

The company otherwise posted solid revenues for 1Q 2024<\/strong>, rising 27% y-o-y to USD 36.5 bn, while net income more than doubled to USD 12.37 bn, according to its earnings release<\/a>.<\/p>\n

ALSO- Binance founder Changpeng Zhao could face up to three years in prison<\/strong> for anti-money laundering and sanctions violations. Friends and acquaintances of Zhao sent in 350 pages worth of letters to bail him out, Bloomberg<\/a> reports.<\/p>\n

IN OTHER TRIAL-RELATED NEWS- An Arizona grand jury has indicted 18 people \u2014 most <\/strong>of whom are former US President Donald Trump\u2019s Republican allies \u2014 <\/strong>on charges of fraud, forgery, and conspiracy, for falsely declaring the Trump president in 2020. Trump himself was named an unindicted co-conspirator. (Reuters | New York Times | Axios<\/a>) <\/p>\n

AND- McKinsey is under investigation in the United States<\/strong>, where the Justice Department is looking into its advisory work for the manufacturers of opioids, the Wall Street Journal<\/a> writes in an exclusive. <\/p>\n

ALSO GETTING PLAY- A mega mining transaction around the corner? <\/strong>Australian minerBHP has reportedly made a play for British multinational miner Anglo American in what could be the industry\u2019s largest acquisition in years. The takeover would come as BHP looks to expand its portfolio of copper mines amid the energy transition, the Financial Times<\/a> cites sources as saying.<\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

Riyadh will host the <\/strong>2024 IsDB Group annual meeting<\/a><\/strong> from Saturday, 27 April until Wednesday, 30 April.<\/p>\n

Riyadh will host the <\/strong>RiseUp Summit<\/a><\/strong> from Saturday, 27 April until Tuesday, 30 April at the King Abdulaziz City for Science and Technology (KACST). <\/p>\n

Riyadh will host a special meeting of the World Economic Forum<\/strong> on 28-29 April.<\/p>\n

Automechanika Riyadh will open on Tuesday, 30 April till Thursday, 2 May<\/strong> at the Riyadh International Convention and Exhibition Center. The annual trade fair will showcase the automotive industry\u2019s latest advances and innovations.<\/p>\n

Saudi Smash<\/a><\/strong> will open on Saturday, 4 May until Saturday, 11 May<\/strong> at the King Abdullah Sports City in Jeddah. The smash event is Saudi\u2019s first World Table Tennis (WTT) Grand Smash.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: The Saudi ICT market was worth SAR 166 bn in 2023,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[10,94,790,7,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85526","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-hospitality","tag-international-monetary-fund","tag-tourism","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"ff49f97c-222c-4b7b-84f5-ca9eb7c0aa96","order":"2","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Saudi hospitality industry will add 320k new hotel rooms by 2030, more than originally forecast","related_issue":[85524],"teaser":"Plus: The Saudi ICT market was worth SAR 166 bn in 2023,","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.a981b76b-bce3-4b06-ade5-f66884faa378.mp3"},"yoast_head":"\nHospitality industry to add 320k new hotel rooms by 2030 - 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