Dur Hospitality, previously known as Saudi Hotels & Resorts, has confirmed plans to invest $400 million on a planned portfolio of 20 hotels and six residential complexes in Saudi Arabia over the next seven years, reports Arabian Business.
The hospitality company also revealed its expansionary plan will target emerging cities in the Gulf kingdom, such as Jubail, Yunbu and Tabuk.
Its first property will be the first Holiday Inn in Tabuk.
Dr Bad Al Badr, Dur Hospitality's CEO, said: "The market is promising as reputable sources expect 25 million visitors to Makkah and Madinah by 2025, and the Domestic Tourism expenditure growth is forecasted to increase by 11 percent annually and inbound tourism by 13 percent annually especially after the completion of the two Holy mosques and the mega infrastructure projects."
He said that the Saudi economy was stable and had not been affected by the geo-political environment.
Dur owns, develops and manages a broad range of tourism and residential properties across the kingdom.