In a tightly regulated market like Saudi Arabia, whatever the govt. decides happens. It is ramping up modernization efforts for pilgrims and tourists, and hence this spate of hotel investment,
Muslim tourists to the Kingdom are expected to grow annually between 6% and 8% over the next two to three years, reaching more than16 million tourists.
Hotel developers are working furiously to keep pace. Christie + Co. counts some 13,000 branded rooms among 30 new properties scheduled to open by 2015.
Headlining hotel development is the Jabal Omar Development Company’s 26-hotel, multiphase project being built on 24 million square feet of land.