Gulf Hotels Group Sets Ambitious Footprint in Saudi Arabia's Thriving Tourism Sector with Opening of Riyadh Office
- Nov. 21, 2023
- FMCG HORECA BUSINESS
Bahrain's Gulf Hotels Group is strategically venturing into the burgeoning tourism market of Saudi Arabia by inaugurating a representative office in Riyadh, marking the Kingdom as a "priority market." With recent approval from the Ministry of Commerce for its subsidiary in Saudi Arabia, the hotel group is positioning itself to capitalize on the country's growing tourism industry, aligned with the ambitious goals outlined in Saudi Arabia's Vision 2030. The move signifies a pivotal step for Gulf Hotels Group, recognizing substantial potential in the flourishing Saudi Arabian hospitality market and contributing to the Kingdom's vision of becoming a global tourism destination.
The Chairman of Gulf Hotels Group, Farouk Al-Moayyed, underscores the strategic nature of this expansion, emphasizing its harmonization with the long-term growth plan. The establishment of a regional representative office in Riyadh is envisioned as a central hub, delivering exemplary hospitality services and fostering enduring partnerships. Ahmed Janahi, Group CEO of Gulf Hotels Group, expresses excitement about establishing a significant presence in the dynamic Saudi Arabian market, contributing to its growth trajectory.
As Saudi Arabia actively promotes tourism as a key sector in its economic diversification strategy away from oil, the move aligns with the broader goals of the National Tourism Strategy. This strategy aims to attract over 100 million visitors by the end of the decade, coupled with an ambitious plan to increase the tourism sector's contribution to the GDP to more than 10 percent. The expansion of Gulf Hotels Group into Saudi Arabia mirrors the industry trend, with major players recognizing and strategically positioning themselves in the Kingdom's evolving and vibrant tourism landscape.
In parallel developments, IHG Hotels & Resorts has underscored Saudi Arabia's significance by opening its headquarters in Riyadh, reinforcing a strategic focus on expansion in the country. IHG currently manages 40 hotels in Saudi Arabia, with an additional 32 hotels under construction, underscoring the industry's collective recognition of the Kingdom's pivotal role in the global tourism landscape.