Published on : Tuesday, February 2, 2021
Saudi Arabia will be kick-starting the tracking of the contribution of its burgeoning tourism behind the financial output of the country.
The data of the Tourism Establishment Survey on the industry includes the workforce size, pay and revenue and expenditure, read a statement on Saturday, cited by Bloomberg.
This analytical fall will help in calculating tourism’s share of GDP and provide a deeper idea on the growth rates for activities within tourism, explained the General Authority for Statistics.
These calculations will help establishments make their operations more efficient within the Kingdom, aiding the wider Saudi Vision 2030.
At present, tourism comprises three percent of the GDP of the Saudi Arabia. It is expected to rise to 10 percent by 2030, drawing over 100 locals as well as international visits.
While writing, the majority of information into the tourism and hospitality sector of the Kingdom has come from outside agencies like STR and Knight Frank Middle East.
For instance, Knight Frank released its Saudi Arabia Real Estate Market Review on Jan. It offered a look into the hospitality performance of the Kingdom amid the pandemic.
To quote Taimur Khan, associate partner at Knight Frank Middle East,”Whilst Saudi Arabia’s real estate market will face challenges in parts, particularly its hospitality and retail sectors, the fundamentals underpinning its real estate market remain steadfast for the long-term.”
In Riyadh, average daily rates softened by 8.9 percent in the year to December 2020, as the occupancy dropped by 11.1 percentages. As ban on travel began to ease all over the country in mid-September, Riyadh recorded marginal improvements to both ADR and occupancy rates.
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