Riyadh, April 24 -- The Kingdom of Saudi Arabia (KSA) is gearing up to expand its hospitality sector by developing 320,000 new hotel rooms by 2030, according to global property consultancy Knight Frank.

The move aims to address the anticipated increase in tourism, with 150 million domestic and international tourists expected by 2030.

Of the new hotel room supply, 66 percent of existing hotel supply in the Kingdom falls into the Luxury, Upper Upscale and Upscale category.

By 2030, this market segment is expected to reach 72 percent, encompassing 251,500 hotel rooms.

"With a target of welcoming 150 million visitors by 2030 - a 50 percent increase from its previous goal - the government is actively exploring various strategies to attract...