Saudi Arabia's Tourism Boosts Post-Covid Recovery of Real Estate Sector

The post-Covid recovery of the real estate sector in Saudi Arabia is led by increasing tourist demand and government spending on infrastructure projects such as the investment in King Salman International Airport, Deloitte noted in its latest real estate report. In 2022, both average daily rate (ADR) and occupancy improved from 2021 as market-wide recovery was supported by the ease of travel and faster visa processing for tourists, according to the report. The first three months of the year were the strongest for occupancy performance in Riyadh, reaching 76 percent in March. Meanwhile, Jeddah hotels recorded the highest occupancy performance in May at 59 percent. The facilitation of a tourist visa for Gulf residents and the visa on arrival extension to UK, U.S. and European Union residents aims to support the country’s ambition to welcome 100 million visitors a year by 2030, the global consultancy firm noted in its report.

The United Arab Emirates has issued new rules for all events in hotels that want to serve alcohol. From Wednesday onwards, hotels hosting corporate or private events will require a mandatory Criminal Investigations Department (CID) alcohol permit, according to Arabian Business. The permit will be applied for by the hotel on behalf of the event organizer. The fee for the permit would be $340 per event, per day. Organizers must apply for the permit at least 14 days in advance, according to the circular quoted by the report. The documents that would be needed to apply for the permit are a valid Emirates ID, DET permit (as per event/entertainment type provided by hotel). “The hotel’s obligation to secure CID Alcohol Permit to serve alcohol for the event is conditional upon the UAE CID and Department of Economy and Tourism regulatory requirements and laws then prevailing, submission of required documentation and payment of CID Permit,” the circular read.

Qatar recently announced the extension of Hayya Card validity till January 24, 2024. This entitles Hayya Card holders for the recently-concluded FI