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.



Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
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Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo

Long-haul carrier Etihad Airways announced Wednesday it made a record $476 million profit in 2024, part of a financial rebound for the Abu Dhabi-based airline.

The airline had revenues of nearly $6.9 billion in 2024, compared to $5.5 billion in 2023. Its profit in 2023 was just $143 million.

Etihad attributed its higher profit to increased passenger numbers, a recovery in its cargo operations and cutting its costs. It flew 18.5 million passengers in 2024, up 32%. Its cargo revenues for the year were $1.1 billion, up 24%, The AP reported.

“These results are testament to the dedication of our people who have worked together for a purpose: delivering our strategy," CEO Antonoaldo Neves said in a statement. “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholders' mandate and contributing to the long-term prosperity and success of the UAE.”

Etihad’s network now flies to 80 locations with a fleet of 97 aircraft.