Jay Rosen, head of finance and investments for the Red Sea Development Company, tells Breaking Travel News about the huge hospitality opportunities currently on offer in Saudi Arabia. With as many as 50 hotels planned for the site in the coming decade, he tells us the giga-project represents a once-in-a-lifetime prospect for hotel investors.
Breaking Travel News chats with Rima Tariq Al-Mukhtar, destination marketing manager of Jabal Omar, to discover more about the luxury development currently under construction in Mecca, Saudi Arabia.
The Public Investment Fund of Saudi Arabia has announced the launch of Amaala, a project designed to become an uber-luxury destination on the north-western coast of the country.
Saudia Cargo has signed agreements with three major companies to construct a new cargo handling facility at King Abdulaziz International Airport.
Recent reforms in Saudi Arabia, not to mention widespread investment in the kingdom’s burgeoning tourism industry, will drive growth in the hospitality market of 13.5 per cent compound annual growth rate, according to a new report. That is higher than the established markets in the UAE (10.1 per cent) and Oman (11.8 per cent).
Prince Mohammad bin Salman Al-Saud, crown prince, deputy prime minister, chairman of the Council of Economic & Development Affairs and chairman of the Public Investment Fund, took the stage at the Future Investment Initiative today to launch a ground-breaking new initiative that will establish a new urban ecosystem stretching 21,500 sq. km along the north west Red Sea coast of the Kingdom.
The Future Investment Initiative will be open in Saudi Arabia, Riyadh later. The event will officially be hosted by the Saudi Public Investment Fund, with its chairman, prince Mohammad bin Salman Al-Saud, formally opening the event.
Four Seasons Hotels & Resorts and Jabal Omar Development Company, a leading developer in the Middle East, have announced plans for a new hotel in the holy city of Mecca. The property will form part of the Jabal Omar integrated real estate development.