Sat Nov 18 2017, 18:39:07 +03

Saudi's Dur Hospitality confirmed plans to invest $400m over next seven years

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(Riyadh-AlummahWorld, Sha`ban 19, 1436, June 06, 2015) Tourism and Hotel industry in the GCC countries is growing at a faster pace resulting more investments and jobs opportunities in the whole region particularly UAE and Saudi Arabia.

Dur Hospitality, previously known as Saudi Hotels & Resorts, has confirmed plans to invest SR1.5 billion ($400 million) on a planned portfolio of 20 hotels and six residential complexes in Saudi Arabia over the next seven years.

The hospitality company also revealed its expansionary plan will target emerging cities in the Gulf kingdom such as Jubail, Yunbu and Tabuk. Its first property will be the first Holiday Inn in Tabuk, a statement said, adding that the hotel will be developed under an agreement signed last year with InterContinental Hotels Group (IHG).

The British Hotel operator Inter Continental Hotels Group (IHG) is expanding in Saudi Arabia in a comprehensive way. Dur Hospitality has signed a franchise agreement with IHG to bring more Holiday Inn and Suites to the kingdom.

IHG plans to open nine hotels over the next three to five years, including InterContinental Riyadh and Hotel Indigo Riyadh, which will be the Middle East’s first Indigo property. Both hotels will be situated in the King Abdullah Financial District.

The country has the largest pipeline for Nasdaq-listed IHG in the Middle East, said Pascal Gauvin, the chief operating officer at IHG for India, the Middle East and Africa. The operator has 24 hotels in its portfolio in Saudi Arabia.

After the UAE, Saudi Arabia has the largest number of rooms in the pipeline at 37,362, according to STR Global, which benchmarks hotel data worldwide.
IHG is building a 1,238-room Holiday Inn in Mecca – its biggest, which is expected to be ready in 2016.