RIYADH: Saudi Arabia is gearing up to expand its hospitality sector by developing 320,000 new hotel rooms by 2030, according to an analysis by global property giant Knight Frank.

The consultancy’s study disclosed that as much as 67 percent of the planned hotel room supply in the Kingdom would fall in the “upscale” or “luxury” categories, referring to 4-star and 5-star accommodations, respectively. 

This move aims to cater to the projected surge in tourism, with 150 million domestic and international tourists expected by 2030.

“With a target of welcoming 150 million visitors by 2030—a 50 percent increase from its previous goal—the government is actively exploring various strategies to attract to international travelers,” Partner and Head of Hospitality at Tourism and Leisure Advisory in Middle East and Africa Turab Saleem said.

Saleem noted that this includes the development of cultural and entertainment offerings nationwide, which complement existing attractions like the Jeddah F1 Grand Prix and numerous entertainment seasons.

“Noteworthy additions include theme parks such as Boulevard World in Riyadh, alongside the licensing of 24 additional theme parks by the Saudi General Entertainment Authority over the past year,” he added.

ISLAMABAD: Pakistan’s benchmark share index breached the key level of 72,000 to trade at a record high of 72,414 points during intraday trade earlier on Wednesday, according to data from the Pakistan Stock Exchange website.

The Pakistani bourse has recently been trading at record highs amid positive sentiment prevailing among investors due to hopes of the country’s successful talks with the International Monetary Fund (IMF) for a new loan program.

The country’s finance minister, Muhammad Aurangzeb, recently visited Washington to hold talks with IMF officials for a long-term bailout facility as Pakistan’s current $3 billion program is due to expire this month.

The finance minister expressed hopes the outline of the new program would soon become visible, adding that the loan would help Pakistan continue with structural economic reforms.

“After a record current account surplus, investors are now expecting a big fall in April inflation data that may result in a cut in interest rates in the coming months,” Sohail Mohammed, CEO of Karachi-based brokerage company Topline Securities, told Reuters.

Pakistan’s benchmark KSE100 index has surged 75.5 percent over the past year and is up 11.5 percent year-to-date.

The equity market is expected to surge further as an IMF delegation arrives in Pakistan next month to determine the contours of the new loan facility.

“We are still hoping that we can get into a staff-level agreement [with the IMF] by the time June is done or early July so that we can move on,” the finance minister said on Tuesday while addressing a news conference in Islamabad.

With input from Reuters