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BMI View: Saudi Arabia's tourism sector continues to expand. The market will continue to be largelydriven by the huge volumes of foreign visitors - mostly from neighbouring countries - embarking on annual religious pilgrimages to the kingdom. However, the country is keen to attract more leisure tourism visitorsand the government has recently indicated that it sees tourism as playing a key role in its economicdiversification plans, which bodes well for investment opportunities in the sector. That said, we do notexpect these plans to be implemented at the pace set out by the government, while political risks could also undermine this agenda. Other barriers to growth include extensive visa restrictions and regional securityconcerns, which may deter potential visitors.

Key Updates And Forecasts
-Saudi Arabia is keen to expand the tourism industry and the Saudi Commission for Tourism andAntiquities is targeting some 45.3 million tourism visitors by 2020. We view these projections as overlyoptimistic and expect arrivals in 2020 to reach just under 20mn.
-The government is reportedly considering easing visa restrictions to encourage more internationaltourism arrivals. Further, the outlook for sector has arguably brightened following the launch in April2016 of the government's economic diversification strategy, dubbed Vision 2030.
-A number of domestic, regional and global hotel groups are expanding their presence. Rotana Hotels has announced plans to open five new h
BMI Industry View ....... 5
Table: Key Forecasts (Saudi Arabia 2013-2020) . . 5
SWOT .... 7
Tourism ... 7
Industry Forecast 9
Table: Inbound Tourism (Saudi Arabia 2013-2020) . . . 14
Table: Tourism Receipts (Saudi Arabia 2013-2020) . . . 16
Table: Hotel Accommodation (Saudi Arabia 2013-2020). . . . 19
Table: Tourist Departures and Consumption (Saudi Arabia 2013-2020) 20
Industry Risk/Reward Index ..... 21
Table: Middle East And North Africa Tourism Risk/Reward Index 21
Rewards ....... 21
Risks .... 22
Market Overview ....... 24
Competitive Landscape .... 28
Domestic Hotel Groups ... 28
Table: Domestic Hotel Groups . 28
International Hotel Groups ...... 29
Table: International Hotel Groups . . . 29
Methodology ...... 31
Industry Forecast Methodology 31
Risk/Reward Index Methodology ....... 32
Table: Weighting Of Indicators . 34
Saudi Arabia Infrastructure Report
BMI View: We significantly downgraded our short-term outlook for the Saudi Arabian construction sector on the back of liquidity in the market severely drying up, following a reduction in government spending. Beyond 2016 the goals of Vision 2030 will be key to opening up the infrastructure market with the potential of private investment
Saudi Arabia Insurance Report
Saudi Arabia Insurance Report
Saudi Arabia: Operators Will Focus on Mobile Network Enhancements and Enterprises to Drive Growth
The telecommunications market in Saudi Arabia generated US$18.8bn in service revenue in 2016, an increase over 2015. Mobile data will emerge as the largest revenue-contributing segment by 2020. Over the next five years, operators can benefit from the opportunities existing in offering enterprise services, VoIP and mobile data. Operators are investi
Saudi Arabia Pharmaceuticals and Healthcare Report
BMI View: The combined value of Saudi Arabia's pharmaceutical and healthcare markets is the largest in the Middle East and Africa region. The Kingdom's National Transformation Program, a key part of Vision 2030, reinstates the government's commitment to improving healthcare provision in the country. Nonetheless, the rising burden of non
Saudi Arabia Petrochemicals Report
The Saudi government is targeting national petrochemicals output of 115mn tonnes in 2016, which represents a 46% increase since 2013. There are 26 petrochemicals projects under construction at a cost of USD15bn while another 42 are planned over the next five years at an estimated cost of USD46bn. However, there is the ongoing threat fro

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