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Mohamed Awadalla, CEO, TIME Hotels, outlined the importance of mid-market hotels to Saudi Arabia’s tourism industry during the inaugural Saudi Arabia Hotel Investment Conference (SHIC), which took place on February 26.

During the seminar Capitalising on Experiential Travel: China & India Mega Source Markets at Arabian Travel Market, Colliers International revealed that Chinese and Indian outbound tourism market is currently increasing 6.7 percent and seven percent, respectively year-on-year.

According to Colliers International, Saudi Arabia and Oman will lead the GCC’s investments in cultural tourism, a segment which is set to feature heavily at Arabian Travel Market (ATM) on April 24 – 27.

According to Colliers International’s latest report, Middle Eastern hotels located in close proximity to retail venues can expect to generate 25 percent higher average daily rate than properties that are not co-located with major retail developments.