A record 401 hotel projects are currently in development, adding 109,320 rooms when completed. The pipeline has grown by 15% compared to the same time last year, and Saudi Arabia now accounts for 52 % of all Middle East hotel projects while holding 58 % of the region's total rooms under development.

Riyadh leads with 114 hotel projects in progress. A Houthi missile attack killed 13 people at Riyadh's main airport a month before this report was published. The attacks have closed airports, cancelled events and driven up insurance costs for conflict-risk coverage.

Investors are still signing deals but are betting on domestic and religious travel to sustain the market rather than the international visitors that Vision 2030 aims to attract.