Accor launches three ambitious hotel projects in Saudi Arabia
Accor announces a significant expansion in Saudi Arabia, with three hotel projects as part of the national Saudi Vision 2030 plan. The number of Accor-managed establishments in the country is expected to double within five years.
By Eva Morletto17 mai 2023
The hotel giant Accor has just announced significant expansion projects in Saudi Arabia. Three agreements have been reached to develop major real estate and hotel projects across the country. Among these projects is the Rua Al Madinah in Medina. A similar project is planned for Riyadh. Additionally, a partnership with Amsa Hospitality will result in the development of a third project, the construction of hotels in urban areas. This agreement involves several cities in the kingdom, including Jubail, Taif, Al-Ula, Tabuk, and Jazan.
The Rua Al Madinah project in Medina will involve the participation of several hotel brands such as Fairmont, Swissotel, and Novotel. These hotels will be inaugurated progressively over a period of ten years. The plan includes a 142-room Fairmont hotel, a 466-room Swissotel, and a 328-room Novotel. For Riyadh, a high-end complex is planned, including a Sofitel residence, 60 villas from the McGallery collection, and a 230-room Raffles hotel.
Currently, the Accor group manages 42 hotels in Saudi Arabia, a number that is expected to double in the next five years through these new projects. The contracts signed with Accor are part of the national Saudi Vision 2030 plan, designed by the kingdom's leaders to develop the tourism industry and enhance the country's capacity to host foreign visitors. Sébastien Bazin, CEO of the hotel group, stated to the press: 'The future of Saudi Arabia is extremely promising, and Accor is accelerating its development projects there in response to the growing demand from guests, locals, buyers, and investment partners for contemporary and multifaceted hospitality experiences.'
Launched in 2016 by Mohammed bin Salman (MBS), the Vision 2030 plan aims to reduce the country's dependence on oil, which constitutes 90% of its economic model. Faced with a budget deficit that reached $100 billion in 2015, financial leaders decided to develop a strategic plan to diversify the country's economy. The government's goal is to generate budget revenues equivalent to those of oil by 2030 (approximately $250 billion).
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