As Saudi Arabia (KSA) plans to expand its tourism industry, including the recent announcement to transform a 200km stretch of coastline on the Red Sea, the world’s number one provider of serviced residences, The Ascott Limited, is looking to support and contribute to the country’s new agenda.
Since 2014, The Ascott Limited has rapidly expanded in the Middle East, growing from three operating properties to 10 properties with 1,487 keys today. Five of those serviced residences are in KSA, accounting for 608 keys.
With a strong statement of intent from the KSA government to build up its tourism industry and regional initiatives that support those goals, The Ascott Limited sees Saudi Arabia as a key area of growth in the region, with the target to have 20 properties operating and in the pipeline by 2020.
Vincent Miccolis, Area General Manager for the Middle East & Turkey, believes the prospects for The Ascott Limited in KSA are very bright: “We welcome Saudi Arabia’s strong plans to enhance its tourism industry, particularly noting the desire to expand the serviced residence sector. The country’s goals fit perfectly with our own vision for expansion. We are ahead of the curve as we already have an established presence of five serviced residences, with another seven in the pipeline. With the recent news that a long section of the Red Sea coastline is going to be developed, there will be even more opportunities for hospitality providers, like The Ascott Limited, to grow in KSA.”
The Ascott Limited aims to have 20 properties (operating/pipeline) in KSA by 2020, focusing on primary cities such as Riyadh, Jeddah and Dammam, with plans to expand further into secondary cities within the next five years, in line with the KSA government’s plan of decentralisation.