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Fri 5 Jun 2015 08:59 AM

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Saudi's Dur Hospitality confirms $400m investment plan

Senior executive outlines expansion plan which will target emerging cities such as Jubail, Yunbu and Tabuk

Saudi's Dur Hospitality confirms $400m investment plan

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).

Dr Bad Al Badr, Dur Hospitality's CEO, said: "The market is promising as reputable sources expect 25 million visitors to Makkah and Madinah by 2025, and the Domestic Tourism expenditure growth is forecasted to increase by 11 percent annually and inbound tourism by 13 percent annually especially after the completion of the two Holy mosques and the mega infrastructure projects."

He said that the Saudi economy was stable and had not been affected by the geo-political environment.

Dur owns, develops and manages a broad range of tourism and residential properties across the kingdom.

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