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More Than $1 Trillion Invested in Saudi Vision To Dominate Tourism and Sport

There appears to be no stopping Saudi Arabian ambition to dominate tourism, investment and sporting tournaments between now and its well-publicized Vision2030 national overhaul. More than $1 trillion of investment is estimated to have been spent on tourism and hospitality offerings and associated infrastructure. Soft power through sports is another Saudi route of investment as it seeks to move a little farther away from a dependence on oil.

Global hotel firms have not been slow to respond to the Saudi Arabian desire for the presence of the best-known and - celebrated brands.

Some of these firms have been present in Saudi Arabia for decades, such as IHG Hotels & Resorts, which opened the InterContinental Riyadh in 1975, while other established brands are with the giga-projects making their first foray into the kingdom.  Some new brands have been created domestically for the giga-projects and other major developments.

With Saudi Arabia's Vision2030 tourism goals top of mind throughout the country, hotel development has increased significantly, and developers are receiving unparalleled support from the Saudi government.

Read the full story at CoStar

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