Hajj and Umrah seasons, which are essential drivers of the market, were canceled, meaning that the industry has lost millions of domestic and international pilgrims over the past year.
In recent years, Saudi Arabia had been focusing on improving investment opportunities in the hospitality sector through the introduction of several projects, such as Qiddiya, the Red Sea Project, Amaala, NEOM, AlUla and the Wadi Al-Disah Development.
According to Manikis, Saudi consumers travel in big families, stay longer, and like to have certain amenities and facilities when they travel.
Earlier this month, a report found that Saudi Arabia has the world’s biggest hotel pipeline, anticipating a 67.1 percent increase in room supply over the next three years, the highest among the 50 most populated countries.
“The results in the first quarter of 2021 highlight the strong performance and resilience of our business model during what continues to be a challenging time for our region and the world,” DI chief executive Khalid Bin Kalban said.
“The strong demand from global credit markets and investors from around the world is a strong vote of confidence in TAQA’s strengthened financial profile as well as the company’s strategy to become a low carbon power and water champion in the UAE and beyond,” said Jasim Husain Thabet, TAQA’s group CEO.
“It will also be digitally enabled and with highly flexible subscriptions that start with a minimum commitment of one month, and at a reasonable price, to make clubs and gyms more accessible to support the achievement of the Saudi’s vision 2030 targets,” Leejam said in a statement.
“We launched the first phase of Food Tech Valley, a new modern & vibrant city that will serve as a global destination for start-ups and industry experts in the food ecosystem,” he said on Twitter.
Fahad Al-Baddah, the authority’s general supervisor of operations and digital transformation, said the authority is keen to strengthen its partnership with the private sector to achieve one of the Kingdom’s strategic goals of becoming a regional and international logistics hub.
Al-Baddah said these efforts aim to boost the quality of services and sustainability of the Kingdom’s private transport sector.