Boston, MA -- (SBWire) -- 06/15/2013 --This quarter BMI has revised and restructured its tourism reports, incorporating a greater range of data and focusing on the hotel industry, the value of the tourism industry itself, and the impact of macroeconomic factors.
The Saudi Arabia Tourism Report examines the significant long-term potential offered by the tourism industry, but highlights the potential downward pressure that regional uncertainty could have on arrival numbers as the political landscape changes. Furthermore, the country's strict entrance visa regulations also act as a constraint on the sector's long-term growth potential.
Saudi Arabia's tourist industry performed strongly in 2012. According to figures from the UN World Tourism Organisation (UNWTO) Saudi tourism receipts reportedly rose by some 14% year on year last year. Looking forward, BMI is forecasting a 7% increase in arrivals over 2013, plus a further 38.6% increase over the 2013-17 period, implying total arrivals of almost 24mn by the end of our forecast period in 2017.
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One of the main drivers for the tourism industry is religious visits. Saudi Arabia is home to two of Islam's holiest cities, Mecca and Medina, and every year millions of Muslims go to Mecca for the Hajj, the largest annual pilgrimage in the world. Business travel is another growth area, given Saudi Arabia's status as the world's largest oil exporter and its other large industries, such as defence.
The hospitality sector looks set to grow in tandem with tourist arrivals. BMI forecasts that there will be about 178,870 hotel rooms in Saudi Arabia by 2017, with occupancy rates increasing to 63%. In recent years, a number of international chains have opened their first hotels in the market, including Hyatt and Best Western.
Saudi Arabia will remain reliant on Middle Eastern and Asian nations for the bulk of its inbound tourism flows for the remainder of the forecast period. This is largely due to the Kingdom's strict entrance visa regulations, which can deter some non-Muslim travellers.
However, this is no bad thing for the sector's development, with these regions currently experiencing strong economic growth and rising disposable incomes, especially when compared to the stagnation seen in other regions, notably Europe.
Overall, BMI remains optimistic about the outlook for the Saudi tourism industry. The country is planning significant increases in the national room supply, while airport capacity is also set to increase rapidly.
- BMI believes that the number of hotels and other accommodation establishments in Saudi Arabia will increase across our forecast period to 2017. The country is currently offering extremely attractive investment opportunities for hotel groups and other tourist-related industries, largely due to rising domestic tourism and regional tourism, supported by an increase in higher disposable incomes.
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