Saudi support boosts hospitality industry growth

A general view of Riyadh Marriott Hotel.
Updated 02 January 2018
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Saudi support boosts hospitality industry growth

The Saudi government’s increased investment in infrastructure development and its support to the entertainment and sports sectors will spur growth for the hospitality and tourism industry in the Kingdom, said Muin Serhan, general manager of Riyadh Marriott Hotel, on Tuesday.
Serhan said the Finance Ministry has approved a loan of SR851 million for 12 health, education and hospitality projects.
“The hospitality sector is a significant beneficiary of the Saudi government’s measures aimed at bolstering business networks through its focus on sports and entertainment,” he said, referring to the recently announced budgetary allocations.
He said: “The move will also boost inbound and domestic tourism substantially, driving significant growth opportunities for the hospitality industry.”
He said: “The Riyadh Marriott Hotel welcomes guests with 5-star sophistication at a prime location in the city's business hub. Here you will feel as if you have come to a truly special place. Here we have 418 elegant rooms and suites, which are sumptuously furnished with all amenities, including high-speed Internet access, marble bathrooms and deluxe featherbed mattresses.”
He said The Marriott Hotel will be opened by mid-2018 in the Diplomatic Quarters in the Saudi capital.
Referring to the consistent growth of business within the framework of the Saudi Vision 2030, Serhan said Saudi Arabia is also set to launch an SR10 billion ($2.67 billion) entertainment company as it aims to create 22,000 jobs in the underserved sector.
The Public Investment Fund (PIF) said it is in the process of forming a company that will channel investments into developing the industry and enhancing the Kingdom’s appeal as a tourism destination.
The Islamic Sports Federation (ISF) has also announced the provision of financial support in addition to the allocation of a special building in this regard.
The federation’s plans to host sports activities will further boost business for hospitality sector. The Kingdom has gone the extra mile in supporting the sports and entertainment sectors.
“The chess championship added an exciting new dimension to sports in Saudi Arabia,” Serhan added.


King Abdullah Port sponsors logistics forum

Updated 18 September 2018
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King Abdullah Port sponsors logistics forum

King Abdullah Port has signed an agreement to sponsor the Supply Chain and Logistics Conference organized by the Transport Ministry. The conference, which will take place on Oct. 15-16 in Riyadh, will be held under the patronage of Transport Minister Dr. Nabil M. Al-Amoudi. Decision-makers, experts and officials from major local and international companies involved in the supply chain and logistics sector are expected to attend.

Highlighting the importance of participating in the event, Rayan Qutub, CEO of King Abdullah Port, said: “Our sponsorship of the conference comes within our commitment to cooperate and exchange expertise with the active players of the logistics sector, which recently has been witnessing major developments in terms of business volume, innovation and solutions that complement Vision 2030 and transform Saudi Arabia into a global logistics hub by promoting its position on the Logistics Performance Index issued by the World Bank.”

“Saudi Arabia has a number of components and facilities that enable it to play a key role in this sector at the regional and global levels, and we will play our part in showcasing the best King Abdullah Port has to offer in the logistics sector, such as solutions and facilitation for investors based on the port’s strategic location on the Red Sea. The port is on the main shipping line between the East and West, which significantly enhances the Kingdom’s competitiveness and positions it among the key countries in global trade,” he added.

Qutub will participate in a session for CEOs, where participants will discuss strategic decisions to reshape and keep pace with the global system of supply chains and logistics.

King Abdullah Port previously announced an increase in container handling reaching 1,236,075 TEU during the first half of 2018, marking a new record of 50.5 percent increase compared to the same period last year. Earlier, the port announced a 21 percent increase in its annual throughput by the end of 2017, making it the second largest port in the Kingdom in terms of container handling. 

Run by the Ports Development Company, King Abdullah Port is the region’s first port to be fully owned, developed and operated by the private sector. It has been listed as the fastest growing container port in the world and one of the world’s top 100 ports after less than four years of operation. Eight of the largest shipping lines work at the port, which offers integrated services to exporters and importers.