Participants in the Saudi Arabia Hospitality Investment Conference (SHIC) 2020 affirmed that the Kingdom has made quantum leaps in reviving the hospitality industry.
They said it has become near to top the list of the most important hotel destinations in the world, with its introduction of the new tourist visa and openness to entertainment.
Activities of the third session of the two-day SHIC kicked off on Tuesday, in the capital, Riyadh.
More than 350 of the most prominent officials in the tourism and hospitality sector in the region have participated, as well as a number of senior developers, investors, owners, and hotel operators, to discuss the future of growing hospitality and booming hotel services in the Kingdom.
The conference addresses more than 90 speakers, including prominent officials of leading bodies and companies that contribute to advancing the pace of investment in the hospitality and hotel services industry.
These include the Saudi Commission for Tourism and National Heritage (SCTH), the Saudi Arabian General Investment Authority (SAGIA), Al-Hokair Group, Amaala Company, The Red Sea Development Company (TRSDC), and Diriyah Gate Development Authority.
Activities of the SHIC tackle various subjects that contribute to the continued growth and prosperity of the hospitality and hotel industry, from asset management and concessions to sustainable luxury and modern technologies, such as artificial intelligence.
It also displays studies on megaprojects, as well as many private sessions and short interventions through which major hotel brands will provide their latest services related to accommodation and loyalty programs.
According to the latest statistics by the SCTH, more than 150,000 new hotel rooms will be added throughout Saudi Arabia during the next three years, 30 percent of which will be government funded, while the private sector will finance 70 percent.
This step is due to the interest expressed by many international companies specialized in managing and operating hotels and their commitment to the tourism and hospitality sector in Saudi Arabia.
Meanwhile, the SCTH aims to increase the contribution by the tourism sector to 10 percent of Saudi Arabia's gross domestic product (GDP) by 2030 through attracting 100 million annual visits and providing up to one million new job opportunities.