(MENAFNEditorial)
In general terms BMI remains optimistic about the medium-term outlook for Saudi Arabian tourism as we approach the end of 2014 targeting 37.4% growth in tourist arrivals (to 25.8mn) and a 40.6% increase in tourism receipts (to USD14.2bn) over the forecast period to 2018. The Saudi Arabian authorities have stated that they want to diversify away from an economic overdependence on oil with the tourism industry set to become increasingly important to the overall economy. Government expenditure has focused on developing the religious tourism and business travel sectors in particular and we expect this support to continue over the forecast period to 2018.
Indicative of Saudi Arabia's push to increase the number of foreign tourists visiting the kingdom in August 2014 the Saudi Gazette reported that the country will be exhibiting at the World Travel Market in London for the first time in November 2014. According to the report the Saudi delegation will include representatives from The Saudi Commission for Tourism & Antiquities (SCTA) as well as Saudia and domestic budget airline rival flynas. This move to boost Saudi Arabia's attractiveness as a potential tourism destination comes as authorities are looking to invest heavily in developing tourism as both a source of income for the country and a source of jobs for its young population.
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However it is also worth paying attention to some of the more intangible risks to our current upbeat forecasts. Over the past quarter the regional threat posed by Islamic State (IS) has grown substantially. BMI's Country Risk team believes that b oth Jordan and Saudi Arabia face increased security threats following the rapid deterioration of Iraq's political situation in recent months. Although we do not expect a direct military conflict between radical jihadist group IS and Iraq's neighbours the ongoing regional turmoil raises the likelihood of border instability and domestic terrorist attacks.
Riyadh remains acutely...
The Saudi Arabia Tourism Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for tourist expenditure; government expenditure on tourism; passenger arrivals and departures by mode of transport reason for travel origin and destination; and the accommodation market.
BMI's Saudi Arabia Tourism Report provides industry professionals and strategists corporate analysts associations government departments and regulatory bodies with independent forecasts and competitive intelligence on the Saudi tourism industry.
Key Benefits
* Benchmark BMI's independent tourism industry forecasts for Saudi Arabia to test other views - a key input for successful budgetary and planning in the Saudi tourism market.
* Target business opportunities and risks in the Saudi tourism sector through our reviews of latest industry trends regulatory changes and major deals projects and investments in Saudi Arabia.
* Assess the activities strategy and market position of your competitors partners and clients via our Company Profiles (inc. KPIs and latest activity).
Coverage
BMI Industry View
This contains a synopsis of our forecasts and any changes together with an overview of key trends and developments in the tourism industry and an assessment of the impact of various economic and national factors which might affect the sector. It also covers new transport projects new hotel developments and acquisitions.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the tourism sector and within the broader political economic and business environment.
BMI Industry Forecast Scenario
Forecasts to end-2018 for all key indicators (see list below) supported by explicit assumptions plus analysis of key downside risks to the main forecasts:
Inbound tourism: Arrivals (‘000) arrivals growth (% y-o-y) arrivals by region growth (% y-o-y) arrivals by country growth (% y-o-y) top 10 countries based on arrivals growth (% y-o-y).
Outbound tourism: Departures (‘000) growth (% y-o-y) departures by regional destination (‘000 and growth % y-o-y).
Travel: Methods of travel for arrivals (Air Ship Rail) (‘000) and (% growth y-o-y) international Tourism receipts for transport (US$bn) (growth % y-o-y) international Tourism receipts for travel items (US$bn) (growth % y-o-y).
Hotels: Hotel industry value (US$bn) (growth % y-o-y) (%GDP) (per capita) (per employee) number of hotels and like establishments (‘000) (growth % y-o-y) total overnight stays (‘000) (growth % y-o-y) length of stay occupancy rate (%) number of hotel rooms (‘000) (growth % y-o-y).
Industry Risk Reward Rankings
BMI’s Tourism Industry Risk Reward Rankings provide a country-comparative Risk Reward Rankings index aimed at investors (tour operators tourism infrastructure investors financial institutions) in the regional tourism market.
The rankings methodology makes sophisticated use of over 40 industry economic and demographic data points.
We also have Security Risk Reward Rankings which provide a detailed assessment of possible threats to the country (and by extenuation to the tourism industry) ranging from economic and political upheaval to terrorist attacks and organised crime levels.
Market Overview
This contains a comprehensive overview of the tourism industry in the country its overall value the value of its hotels industry trends in the hotels industry and any new developments. It also contains an evaluation of the top 10 global hotel groups’ presence in the country which brands are present in which cities the number of hotels and any planned developments and strategies. The Market Overview also considers the tourism infrastructure developments in the country in particular transport infrastructure projects such as ports and airports. Tables are also included from our regularly updated Key Projects Database which contain details of projects their value the time frame their current status the companies involved and their estimated completion dates.
Company Profiles
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