Marriott International Plans to Double Number of Hotels in Saudi Arabia

 A general view shows the Marriott hotel. (Reuters)
A general view shows the Marriott hotel. (Reuters)
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Marriott International Plans to Double Number of Hotels in Saudi Arabia

 A general view shows the Marriott hotel. (Reuters)
A general view shows the Marriott hotel. (Reuters)

Marriott International plans to double the number of its hotels in Saudi Arabia during the next two years, Tourism Minister Ahmed al-Khatib announced on Thursday.

The move will create over 21,500 jobs that will support the kingdom’s goal to provide one million new jobs in the tourism sector by 2030, Khatib said on his Twitter account.

The announcement was made during the minister’s meeting with CEO of Marriott International Anthony Capuano, during which they discussed the company’s plans in the Saudi tourism sector.

Marriott has been operating in the kingdom for more than four decades, with its key hotel brands spread across major cities.

In October, Khatib said the sector had begun to recover from the coronavirus repercussions, highlighting an expected rapid growth that would affect the sector’s activities.

In other news, Colliers International said in a report that hotel occupancy rates is likely to reach 60 percent and 50 percent in Riyadh and Jeddah respectively during 2021.

Hotel occupancy rate is expected to reach 56 percent in al-Khobar, 32 percent in Madinah and 24 percent in Makkah, the research firm said in its monthly report for MENA hotels in November.

Colliers also pointed out that several markets began to recover starting from Q4 2020 and through 2021, as the pandemic was brought under control and travel restrictions began to ease.



Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)

The ongoing Israeli war on Lebanon has led to significant economic losses estimated between $10 billion and $20 billion.

This range reflects the difficulty in accurately assessing the damage amid Israel’s ongoing military operations, including airstrikes and ground attacks.

The destruction of homes, infrastructure, and farmland has contributed to a state of uncertainty, along with an unprecedented wave of displacement affecting many families.

Experts agree that reliable economic data is hard to obtain while the conflict continues.

Reports from the Ministry of Health and international organizations said nearly 3,000 people have been killed and around 15,000 injured, mostly civilians.

Additionally, about 1.4 million people have been displaced from their homes, representing roughly a quarter of Lebanon’s population.

Growing economic crisis ahead

The war came at a time when Lebanon’s economy was already struggling after five years of crisis.

According to Mohammad Choucair, head of the Economic Bodies Association, the situation is worsening rapidly, threatening serious economic and social consequences.

Current estimates suggest that direct losses from the conflict could reach between $10 billion and $12 billion, impacting various sectors.

As the war continues, key sectors like tourism, agriculture, and trade are experiencing a sharp decline in business activity.

Many small and medium-sized enterprises are being forced to close or suspend operations due to direct damage from attacks, reduced consumer demand, and disruptions in trade and supply chains caused by the influx of displaced people.

International financial institutions are warning that the ongoing Israeli attacks could continue for several more months, possibly lasting until mid-2025.

The Institute of International Finance (IIF) forecasts a 7% contraction in Lebanon’s GDP by the end of this year, followed by a 10% decline next year.

This would bring the total economic decline to nearly 60% from the peak GDP of around $53 billion recorded at the end of 2018.