Image Credit: Bloomberg
Cairo: The current school holiday in Saudi Arabia has significantly boosted occupancy rates at Riyadh hotels, driving prices to unprecedented levels, according to booking observers.
Millions of students are currently enjoying a vacation at the end of the first semester, which runs through November 17. The holiday, which began on Thursday, has given a significant boost to the hotel business in Riyadh, where an annual entertainment and tourist festival is underway.
Room costs have reached SR7,000 per night, especially at five-star hotels in central Riyadh, according to the Saudi news portal Sabq, citing booking websites.
Occupancy rates at some central Riyadh hotels and those near the airport have reached 100%, while overall citywide occupancy is at 76%.
Prices for apartments and suites, which are not classified on hotel booking sites, have reached between SR8,000 and SR12,000 per day. This boom coincides with the fifth edition of the annual Riyadh Season.
The Saudi tourism sector has set a record after opening 12,000 hotel rooms, the highest in the world.
The kingdom’s tourism industry is thriving due to government initiatives to attract more visitors.
The number of tourists in the kingdom surged to over 100 million last year.
Saudi Tourism Minister Ahmed Al Khateeb stated earlier this year that the kingdom’s tourism sector in 2023 achieved its target of 100 million tourists, including 77 million domestic visitors and 27 million international arrivals.
He cited a strategy outlined by Saudi Crown Prince Mohammed bin Salman, which envisions attracting 150 million tourists annually by 2030, including 80 million domestic tourists and 70 million international arrivals.
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