Tourism – The most excellent way to love, happiness & joy

The Saudi hospitality sector has experienced substantial growth, surpassing pre-pandemic levels and attracting local and international visitors. This growth is largely attributed to the country's corporate and business tourism surge. Occupancy rates in Saudi Arabia's hotels have increased by 5.9% YoY by Q3 2023, a significant increase compared to the previous year. The growth in occupancy rates has led to a surge in revenue, with an 18.4% rise in the average daily rate and a remarkable 31.2% surge in revenue per available room compared to the previous year.

What's more, these indicators have surpassed their 2019 levels, indicating the sector's growth and success. Average occupancy rates have increased by 1.2 percentage points, alternative dispute resolution has increased by 9.6%, and revenue per available room has increased by 11.8%. These figures demonstrate how the Saudi hospitality sector thrives and how corporate and business tourism has significantly driven growth.

Taimur Khan, CBRE's Head of Research in the Middle East, highlighted the positive impact of corporate and religious tourism on the sector. He mentioned how corporate and business tourism increased average occupancy rates, which rose by 5.9%. The increased occupancy rates, in turn, led to an 18.4% rise in the average daily rate, and revenue per available room increased by an impressive 31.2%.

In summary, it's great to see how the Saudi hospitality sector is growing, largely attributed to the country's rise in corporate and business tourism. The sector's success is reflected in the increased occupancy rates, revenue, and alternative dispute resolution figures, surpassing their 2019 levels.

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