RIYADH: With Saudi Arabia’s travel and tourism sector buzzing with activities offering immense investment opportunities, a top official of the Radisson Hotel Group has revealed that the company is planning to expand its presence in the Kingdom with a total of 100 properties in the next five years.
Talking to Arab News on the sidelines of the Future Hospitality Summit in Riyadh on Monday, Elie Younes, executive vice president, and global chief development officer at Radisson Hotel Group, said the planned expansion will help create more job opportunities in Saudi Arabia.
“Currently we have around 50 hotels almost actually in Saudi Arabia; 25 hotels open and 25 hotels under construction as we speak. Our plan for the next five years is to double that. And that means to have almost 100 hotels across Saudi Arabia,” Younes said.
The top executive said if every hotel has 200 rooms, each property “will employ 150 people, more or less. And if you are opening another 50 hotels, you can imagine the multiplying effect this will have on the economy and on job creation.”
Younes said the hotel group wishes to become part of the Kingdom’s hospitality sector’s expansion story.
“We have big plans in Saudi (Arabia), and the reason being Saudi (Arabia) has big plans for itself. Saudi (Arabia) is going through a transformation, for its economy, for its people, and for the whole country. And given the transformation that Saudi Arabia will go through, we will transform ourselves with and in Saudi (Arabia),” he said.
The official said the group would not only focus on key cities in Saudi Arabia to open its hotels but will also concentrate on the upcoming “secondary and economic cities” in the Kingdom.
Talking about the group’s global plans, Younes said it currently has 1,500 hotels globally, and the plan is to expand the number of properties to 3,000 within the next five to seven years.
“If you look at the region (Middle East), we currently have around 75 (hotels). And the plan is to double that in the next five years to become hopefully 150 hotels. So, today, we have about 1,500 hotels globally, and the idea is to double that in the next five years and make it around 3,000 hotels,” said Younes.
Lauding the Saudi government’s regulatory reforms in the private sector, Younes said these reforms should evolve daily.
“This is an evolving evolution. Let us put it that way, where both the private and public sectors continue putting efforts in order to achieve the goals. So, policy and investment in infrastructure, and providing subsidies to investors and enabling operations are all integral elements for the future of Saudi Arabia,” added Younes.
According to the official, Radisson Hotel Group is not planning to open an additional 50 exclusively luxury hotels in Saudi Arabia over the next five years. Instead, the company will explore investment opportunities in 50 midscale lifestyle hotels in the Kingdom.
“Will we do 50 luxury hotels in Saudi Arabia over the next five years? I don’t think we will do that. But will there be investment opportunities for midscale lifestyle (hotels) across the Kingdom in the next five years for 50 hotels? I certainly would bet on that,” he said.
Radisson Hotel Group plans 100 hotels in Saudi Arabia, says top official
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Radisson Hotel Group plans 100 hotels in Saudi Arabia, says top official
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
