Dr. Badr Al Badr: "The Saudi Economy is Stable and Our target is Emerging Cities"
A planned portfolio of 20 hotels and 6 residential complexes in Saudi Arabia over the next seven years with SR 1.5 billion investments will definitely enhance Dur hospitality' leadership position in Saudi Arabia and will sure reflect positively on the revenues, which are expected to increase 3 times by 2023.
The Hospitality industry in the Middle East in general and the Kingdom in particular especially the Holy Cities of Makkah and Madinah, has been discussed during the Regional Leaders' Panel at the Arabian Hotel Investment Conference (AHIC) 2015. Dr. Bad Al Badr, Dur Hospitality', Chief Executive Officer, elaborated "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% annually and Inbound Tourism by 13% Annually especially after the completion of the two Holy mosques and the mega infrastructure projects."
Dur Hospitality also revealed its expansionary plan targeting the emerging cities in Saudi Arabia such as Jubail, Yunbu and Tabuk, thus attracting business visitors, by announcing the first Holiday Inn in Tabuk, the first hotel to be developed under the master development agreement (MDA) inked between IHG and DUR Hospitality Company last year.
Dr. Badr Al Badr added, "Hotels are one of the investors' most favorite investment assets but it requires professional expertise and operational capabilities, and Dur developed its operational strategy to cope with the investors who are looking for the perfect hospitality partner. The operational strategy focuses on 3 different models, The Dur-owned hotels operated by international brands that rely on management agreements with international operators, under which falls our Partnership with Marriott since 1979 and will soon announce 2 new projects in Riyadh. Another category are hotels operated by Dur Hospitality under its 10-year-old operational brand, Makarem that has recently relaunched its new brand identity and announced operating 10 new hotels in the coming 5 years. And finally Franchise agreements, represented by our partnership with IHG"
Dr. Badr Al Badr concluded his speech by affirming the stability of the Saudi Economy, which was not affected by the geo- political environment and the oil prices; on the contrary, the government expenditure did not change and with the fresh young leadership, things will become better.
Dr. Badr Al Badr pointed out the Saudization is one of the major challenges that face the hospitality industry and we should work to on attracting Saudi Calibers to work in the hospitality industry which needs their contribution for healthy & sustainable development.
