For the first time also, Frasers will expand into Saudi Arabia with properties in Jeddah, Khobar and Riyadh. This is in tune with the development of Jeddah Economic City and the government’s plan to expand the Jeddah King Abdulaziz International Airport. Because of this, inbound tourism is set to increase 6.1 percent per annum by 2020.
Meanwhile, new properties in Congo and Nigeria will mark Frasers Hospitality Group’s initial expansion into the African market. The growth potential of some areas in Africa is promising, thus an essential aid to the group’s growth strategy.
“The Middle East and Africa are significant growth markets in our global expansion plans. As the regions continue to emerge as business hubs, our properties in key cities will be well positioned to cater to the needs of travelers,” said Choe Peng Sum, Chief Executive Officer of Frasers Hospitality Group, in a statement to Travelers Today.
Meanwhile, business spending in Africa is expected to grow from $2.6 trillion in 2015 to $3.5 trillion by 2025, which is likely to see an increase in business travel to the region. “We are targeting key business centers such as Nigeria’s capital Abuja and Africa’s largest city, and we look forward to expanding our footprint in the region in the coming years.”