Industry

USD 810B WORTH OF PROJECTS TO HELP SAUDI LEISURE TOURISM SECTOR GROW TO NEW HEIGHTS IN THE NEXT 10 YEARS

Massive investment in mega tourism projects to the tune of USD 810 billion is expected to transform Saudi Arabia into one of the largest leisure tourism industries in the world between now and 2030, according to research conducted by the Middle East and North Africa Leisure Attractions Council (MENALAC), the leisure and entertainment industry council representing the Middle East’s dynamic leisure attractions sector.

“Mega tourism projects being developed by the Public Investment Fund will be spread over an area of more than 64,634 square kilometers, with a value exceeding $810 billion,” said the Saudi Commission for Tourism and National Heritage (SCTH), the country’s tourism regulator.

Among these, the USD 500 billion Neom leads the list of the mega projects – which once completed, will deliver a futuristic mega sustainable city, followed by the USD 10 billion Qiddiyah Project, spread across 334 square kilometers in Riyadh.

The third project is Amaala, or the Saudi Riviera, located in the northern region with an area of 3,800 square kilometres, and developing islands in the Red Sea with a total area of 34,000 square kilometers.

According to Saudi Arabia’s General Investment Authority (SAGIA), the country wants to increase investment in recreational facilities to 6 percent from the current 2.9 percent per annum – more than double the current level, as part of Saudi Vision 2030.

Despite the current situation with regards to Covid-19, Saudi Arabia is pushing ahead with the construction of some of these massive projects. A number of construction contracts have recently been awarded following the partial re-opening of the economy after the lockdown.

Red Sea Development Company has recently awarded construction contracts worth USD 1 billion while Neom has awarded Bechtel and AECOM programme management contracts.

Tourism and entertainment are an essential part of the Saudi Vision 2030 which is aimed at diversifying the Saudi economy. The Kingdom intends to develop versatile tourism destinations, which include several coastal sites, attractive islands and distinguished heritage areas, all of which will require a high level of expertise, support and the most innovative attractions, technology and experiences to ensure it becomes one of the top tourist and entertainment destinations in the Middle East within the next few years. menalac.org

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Majid Al Futtaim’s Mall of Oman set to open in September 2021 Majid Al Futtaim announced a new opening date for its flagship Mall of Oman. The mall is now scheduled to open its doors to customers in September 2021.

Mall of Oman is primed to become Majid Al Futtaim’s fifth and largest shopping and entertainment destination in the Sultanate. It will have 145,000 square meters of retail space, comprising dining outlets and a range of lifestyle experiences. In addition to 350 retail outlets, the mall will also house Oman’s largest VOX Cinemas, a Magic Planet family entertainment centre, a 12,100 m2 Carrefour Hypermarket and the largest indoor snow park in the Sultanate.

Additionally, the mall will boost the local economy by creating 3,500 jobs once opened. majidalfuttaim.com/en

The majority of GCC residents to travel internationally post COVID-19 The Travel Sentiment Survey conducted by AllDetails, a Dubai-based travel and tourism, hospitality, lifestyle and communications agency, in conjunction with ONEST, revealed that most GCC residents intend to travel again soon, preferring international destinations. alldetails.net

Dubai ranks first in Arab region on latest Global Medical Tourism Index Dubai has maintained its top position as the leading Arab destination for medical travelers for the second year in a row, based on the Global Medical Tourism Index, which was recently released by the International Healthcare Research Center (IHRC). healthcareresearchcenter.org

HotStats and HAMA MEA in a strategic collaboration partnership HotStats, the leading global provider of monthly profit and loss benchmarking data, and the Middle East and Africa affiliate of the Hospitality Asset Managers Association (HAMA), an NGO with more than 750 professionals in asset management, representing an estimated 1.5 million hotel rooms worldwide, have signed a memorandum of understanding. Under the MoU, they will consult, collaborate, cooperate and exchange information with each other in areas of mutual interest that will further their respective strategic interests and objectives.

This is the second collaboration announced between HotStats and a HAMA affiliate, following an earlier agreement with HAMA EU, HAMA’s European affiliate chapter. hotstats.com

hamamea.org

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