Arab News, Wed, Nov 22, 2023 | Jumada Al-Uola 8, 1445
Bahrain’s Gulf Hotels Group announces expansion into Saudi Arabia
Bahrain’s Gulf Hotels Group is set to expand into Saudi Arabia by opening a
representative office in Riyadh, aiming to capitalize on the Kingdom’s growing
In a press statement, the Bahrain Stock
Exchange-listed firm emphasized Saudi Arabia as a “priority market,” having
recently established a subsidiary company in the Kingdom following approval from
the Ministry of Commerce.
The hotel group, which opened Bahrain’s first
five-star property, further noted that its expansion into the Kingdom aligns
with Saudi Arabia’s Vision 2030, which aims to transform the country into a
global tourism destination.
Farouk Al-Moayyed, chairman of Gulf Hotels Group,
said: “Our expansion into Saudi Arabia is a strategic move that goes in line
with our long-term growth plan.”
He added: “We see great potential in the Saudi
Arabian hospitality market, and our regional representative office in Riyadh
will serve as a hub for offering our best hospitality services and forming long
Tourism is one of the key sectors that Saudi
Arabia is actively promoting, as the Kingdom strategically diversifies its
economy away from oil.
Saudi Arabia’s National Tourism Strategy aims to
attract over 100 million visitors by the end of this decade, along with
increasing the contribution of the tourism sector to the gross domestic product
in the Kingdom to more than 10 percent.
“Expanding our footprint into Saudi Arabia is a
significant milestone for Gulf Hotels Group. We are excited to establish our
presence in this dynamic market and contribute to its growth,” said Ahmed
Janahi, group CEO of Gulf Hotels Group.
In October, IHG Hotels & Resorts opened its
headquarters in Riyadh. The company also announced its strategic focus on
expansion in the country, with 50 percent of the group’s ongoing development
pipeline in the Middle East region dedicated to Saudi Arabia.
Since the establishment of InterContinental Riyadh
in 1975, IHG has experienced rapid growth in its presence within the Kingdom.
Currently managing 40 hotels in Saudi Arabia with a total of 18,000 rooms, the
group has an additional 32 hotels under construction in the country.