The number of hotel rooms is expected to rise significantly due to new licenses and upcoming projects, Majid Alhokair, Chairman of Abdulmohsen Alhokair Group for Tourism and Development, told Argaam.
On sidelines of the first "Tourism, Entertainment and Cultural Investment" Forum, Alhokair said the group is working to develop existing projects in addition to quality projects in the tourism, entertainment, and, other complementary businesses.
The group’s strategy focuses on international projects and partnerships in the hospitality and entertainment industry, he added.
The Chairman said that the group is working to enhance investment in the tourism sector, as it has many potentials, which makes it a promising market.
He pointed out that the group's market share varies according to region, but the entertainment segment represents less than 50% of its market share.
The occupancy rates are projected to reach 100% in Makkah, Madinah, and, Jeddah during the Hajj season, while they are expected to touch 50% in Riyadh by season-end.
He indicated that the occupancy rates during the first quarter differ per region, but, over the last two years, the sector witnessed remarkable occupancy rates, achieving approximately 70% in Riyadh for all categories and seasons.
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