Saudi Arabia's big spending on transport infrastructure will undoubtedly support tourism sector, whose GDP contribution is set to reach $14.9 billion this year. The direct contribution of travel and tourism to Saudi Arabia's GDP is expected to reach $14.9 billion, or 2.9 percent in 2012, up from $10.4 billion in 2009, or 2.7 percent, at the peak of the financial crisis, according to the World Travel & Tourism Council. "Specifically hotel revenues in Saudi Arabia are growing steadily despite the looming recession in Europe. There is ample liquidity and business in Saudi Arabia so we see Saudi Arabia as a key hotel investment destination," said Amro Nahas, Executive Director - Head of Real Estate, Shuaa Capital Saudi Arabia. The Kingdom is focusing its efforts on providing the necessary travel infrastructure to boost religious, business and domestic tourism and is spending more than $500 million on expanding its existing airports and is planning a new $7 billion airport in Jeddah. A separate report by Al-Mazaya Holding Co. said Saudi Arabia plans to spend more than SR300 billion on facilities related to tourism such as hotels and airports. Tourism involving conferences and fairs is a promising sector, however, it has not been exploited sufficiently in the Middle East in general, and Saudi Arabia in particular do to the non-existence of such facilities in these regions, the report said. Against this backdrop, top industry executives and officials will head to the annual Arabian Hotel Investment Conference 2012 (AHIC) on April 28-30 at Madinat Jumeirah, Dubai to discuss investment opportunities in a region where governments are ploughing billions of dollars into tourism infrastructure. Saudi Arabia, the United Arab Emirates and Qatar have all embarked on aggressive hotel and transport development programs as they seek to diversify their economies away from oil and boost revenues from the tourism sector. Speakers at this year's event focusing on Saudi Arabia include Moustafa Said, Senior Associate, Clyde & Co; Bani Haddad, Vice President, Middle East & Africa, Wyndham Hotel Group; Samir Baidas, Senior Vice President - International Lodging Development, Marriott International and Mohammed Arkobi, VP and Managing Director, Saudi Arabia, Fairmont Raffles Hotels International.
