Browsing: Saudi Arabia

Etihad ESCO partners with Vision Invest to establish themselves in the KSA

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Etihad ESCO and Vision Invest has announced a new Joint Venture Company that has been established to provide fully integrated energy efficiency solutions for both the private and public sectors in the Kingdom of Saudi Arabia (KSA). The move is in support of KSA Vision 2030, wherein sustainability, conservation and efficiency are key themes in building a sustainable and efficient economy. 

JLL: Major project launches to stimulate real estate market in Saudi Arabia

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Increased government spending and progress on giga-project developments provide a catalyst for future investment opportunities in Saudi Arabia, outlines JLL’s 2018 Year in Review report.

With stronger oil revenues and progress on new social reforms, GDP growth levels are expected to register 2.4% in 2018 according to Oxford Economics, up from -0.9% in 2017. 2019 is expected to witness ongoing activity on the back of the Kingdom’s largest ever expansionary budget (SAR 1 trillion in spending), and commitment to driving economic growth in line with Vision 2030’s objectives.

Savills predicts Saudi hotel sector to receive 22.1mn international visitors by 2025

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According to the latest Savills report, recent tourism growth in Saudi Arabia has been driven by three key demand pools – leisure, pilgrim and corporate visitors. Indeed, according to the most recent annual statistics, travel and tourism accounts for 9.4% of KSA’s total GDP, with traveller expenditure growing by 10.5% annually ($14.8bn). As the country diversifies its economy, in line with the Vision 2030 plans, international arrivals are due to increase on average by 4% per annum according to the World Travel and Tourism Council (WTTC), reaching figures of 22.1m by 2025.