Hyatt plans to double number of hotels in Saudi Arabia

Hyatt currently has five hotels operational in Saudi Arabia. (Supplied)
Updated 28 April 2019
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Hyatt plans to double number of hotels in Saudi Arabia

  • New York-listed group says five new properties to open by 2023
  • Openings include first Grand Hyatt branded hotel in Kingdom

LONDON: The New York-listed Hyatt said on Sunday it plans to double the number of hotels it operates in Saudi Arabia, with five new properties set to open by 2023.
Hyatt Hotels said the new properties would add approximately 1,300 rooms, and include the first Grand Hyatt branded hotel in Saudi Arabia, which is set to open late this year in Alkhobar.
Other planned openings include the Jabal Omar Hyatt Centric Makkah Hotel and Residences, Hyatt Regency Jeddah Serafi Mall, and a dual-branded Hyatt Place and Hyatt House Riyadh.
“The Kingdom of Saudi Arabia is one of the fastest growing religious tourism markets in the world and one of Hyatt’s primary focus areas within the Middle East,” said Ludwig Bouldoukian, regional vice president of development at Hyatt.
“Saudi Arabia continues to make significant strides in boosting tourism and infrastructure in a bid to diversify the economy. The ambitious expansion of Hyatt brands cement Hyatt’s brand presence, both amongst Gulf residents and the increasing number of international travelers visiting Saudi Arabia.”
Existing Hyatt hotels in Saudi Arabia include the Park Hyatt Jeddah and Hyatt Regency Riyadh Olaya.


Urgency needed to boost Palestinian economy: IMF chief

Updated 48 min 24 sec ago
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Urgency needed to boost Palestinian economy: IMF chief

  • The MF has been warning of severe deterioration in the Palestinian economy
  • ‘If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained’

MANAMA: IMF chief Christine Lagarde said Wednesday that major economic growth was possible in the Palestinian territories if all sides showed urgency, as she took part in a US-led conference boycotted by the Palestinian leadership.
The International Monetary Fund has been warning of severe deterioration in the Palestinian economy, with tax revenue blocked in a dispute with Israel which has also imposed a crippling blockade on the Gaza Strip for more than a decade.
“If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained,” said Lagarde.
The IMF chief is attending a conference in Bahrain to discuss the economic aspects of a United States plan for Israeli-Palestinian peace, which has already been rejected by the Palestinians as it fails to address key political issues.
Lagarde said for the US plan to work “it will require all the goodwill in the world on the part of all parties — private sector, public sector, international organizations and the parties on the ground and their neighbors.”
Citing examples of post-conflict countries, Lagarde said that private investors needed progress in several sectors including strengthening the central bank, better managing public finance and mobilizing domestic revenue.
“If anti-corruption is really one of the imperatives of the authorities — as it was in Rwanda, for instance — then things can really take off,” she said.
The plan presented by White House adviser Jared Kushner calls for $50 billion of investment in the Palestinian territories and its neighbors within a decade.
The proposals for infrastructure, tourism, education and more aim to create one million Palestinian jobs.
Gross domestic product in the Gaza Strip declined by eight percent last year, while there was only minor growth in the West Bank.
Kushner, opening the conference on Tuesday, called the plan the “Opportunity of the Century” — and said the Palestinians needed to accept it before a deal can be reached on political solutions.
The Palestinian Authority has rejected the conference, saying that the US and Israel are trying to dangle money to impose their ideas on a political settlement.
Washington says it will unveil the political aspects of its peace deal at a later date, most likely after Israel’s September election.