DUBAI — Under the theme of ‘Focus on the Future’, the Saudi Arabia Hotel Investment Conference (SHIC) will present industry insights into how to capitalize on the multitude of hospitality investment opportunities arising in the Kingdom.

Organized by Bench Events and MEED and hosted by DUR Hospitality at the Riyadh Marriott Hotel on Feb. 26, SHIC will bring together around 300 hotel investors, owners, developers and operators to help further the growth of the hospitality industry in the Kingdom.

The inaugural event will be headlined by Prince Sultan bin Salman, president, Saudi Commission for Tourism & National Heritage, and Princess Basmah Bint Saud, chairwoman, Global United Centre for Research and Analysis, who will deliver an address on ‘The Future of Saudi Tourism — Transitioning to Tomorrow’, sharing insights into Vision 2030 and opportunities for hospitality investment and development in line with the government’s vision.

Jonathan Worsley, chairman of Bench Events and Co-Founder of SHIC, said: “We are delighted to have the support of Prince Sultan and Princess Basmah for the inaugural edition of SHIC.”

He added: “Having organized the Arabian Hotel Investment Conference (AHIC) for the past 14 years, we have witnessed phenomenal interest from our delegates into hospitality investment opportunities in the Kingdom.

“Now, as the country’s drive for a more diversified economy highlights new tourism and hospitality infrastructure, we believe it is the ideal time to connect investors and operators at SHIC, with an event dedicated to discussing and debating the issues most impacting the hotel industry’s growth in Saudi Arabia.”

Program highlights include Gerald Lawless, chairman, World Travel & Tourism Council, presenting ‘Destination Development’ as well as Jaan Albrecht, chief executive officer, Saudia together with Abdellah Essonni, chief hospitality officer, MAAD International and Yasser Faisal Al Sharif, chief executive officer, Jabal Omar Development Company discussing ‘Transformational Development in the Holy Cities’.

Worsley said, “The SHIC program will also feature data from STR whose latest Pipeline Report reveals that Saudi Arabia currently has 40,020 rooms across 89 projects in the construction pipeline. Accordingly, Saudi Arabia has the largest number of hotel rooms under construction in the MENA region at present, making the Kingdom the region’s most active hotspot for investors and operators alike.”

The total value of hospitality investment projects in Saudi Arabia stands at $1.9bn according to a forecast by MEED Projects.

Dr Badr Al Badr, CEO of Dur Hospitality and host sponsor of SHIC, believes that the Saudi economy will witness a positive shift in the coming years when the government executes the recently announced initiatives bolstering confidence in tourism investments.

“The Public Private Partnerships drive in Saudi Arabia is presenting new opportunities to attract investment into hospitality,” said Al Badr. “Following the announcement of the KSA Vision 2030, a more attractive investment environment is opening the doors for private investors into new areas of the Saudi Arabian economy. This creates significant opportunities for hotel investors,” Al Badr added.

He said: “A large percentage of Saudi Arabia’s hotel pipeline focuses on the Holy Cities as economists are anticipating 30 million religious tourists by 2025. But hotel development will also be prompted by non-religious destinations, cultural cities and archaeological sites.”

According to the Saudi Council of Economic and Development Affairs, tourism’s contribution to the GDP will go from a current 3.5% to over 10% by 2030. Access to the Saudi Arabia Hotel Investment Conference is available in conjunction with the AHIC VIP Package which includes other high-end experiences and access to exclusive content at AHIC 2018. — SG