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Saudi Arabia Celebration and Wedding Hall Market Outlook to 2021 - Rising Number of Marriages and Enhancing Corporate Events to Foster Growth

Saudi Arabia Celebration and Wedding Hall Market Outlook to 2021 - Rising Number of Marriages and Enhancing Corporate Events to Foster Growth

  • June 2017
  • 65 pages
  • ID: 5155323

Summary

Table of Contents

Executive Summary
The report titled “Saudi Arabia Celebration and Wedding Hall Market Outlook to 2021 - Rising Number of Marriages and Enhancing Corporate Events to Foster Growth” provides a comprehensive analysis of the wedding hall market in Saudi Arabia. The report covers aspects such as the market size of the wedding/ celebration halls and market segmentation on the basis of region. The report also covers the competitive landscape, snapshots of major provinces in Saudi Arabian and demand gap analysis. In addition to this, the report also covers case studies of major hotel’s ballroom and private wedding venues in Riyadh. This report will help industry consultants, owners of wedding/celebration halls, potential entrants and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

Saudi Arabia Wedding/Celebration Halls Market
Wedding/celebration halls industry in Saudi Arabia has witnessed significant growth over the past five years. As of 2016, there are ~ hotel ballrooms and ~ private wedding halls in Saudi Arabia. Number of marriages in Saudi Arabia has inclined from ~ in 2015 to ~ in 2016. Furthermore, approx. number of licensed corporate events held in the Kingdom inclined to ~ from ~ in 2015. The number visitors of such licensed corporate events exceeded ~ million in 2016. Supported by these factors, the market size for wedding/celebration halls in Saudi Arabia has enhanced from SAR ~ billion to SAR ~ billion in 2016, registering a CAGR of ~ during the period.

Other Popular Functions in Saudi Arabia Wedding/Celebration Halls Industry

Weddings and various corporate events such as conferences and exhibitions generally remain popular throughout the year. However, from one month before Ramadan till Id-ul-Fitr the numbers of weddings fall as this period is considered as ‘Low-season’ for weddings in the industry. During this season, Iftar and Sohour parties (corporate + private) are significantly popular and are considered as lucrative revenue streams by hotels and wedding halls in the country. The fourth quarter, especially the month of May is the peak season for different types of business events and exhibitions.

Unique Offerings in the Industry
Unique offerings and services in the industry may vary from hall to hall. Hotels in the country provide complimentary suite to the newlywed couple for overnight stay. Some hotels also provide the bride with a special bridal suite and 2 girls who help them get ready for the marriage. On the other hand, a few hotels including Al-Faisaliah also provide personalized wedding planning service. Private wedding halls also provide a separate room for the bride and the bridesmaid to get ready for the function.

Geographic Market Performance of the Industry, 2016
Riyadh is considered as the largest market for wedding/celebration halls in Saudi Arabia. It has accounted for the highest share of ~% in the market generating revenues of ~ million during 2016. As of 2016, Riyadh comprises of highest number of ballrooms and private wedding halls in Saudi Arabia. Jeddah has accounted for the second highest revenue share of ~% in the market for wedding/celebration halls during 2016. Wedding/celebration halls in Jeddah have registered the revenues of SAR ~ million in 2016. In 2016, ~ marriages and ~ corporate events (licensed activities, including exhibitions, forums, conferences, workshops and meetings) were organized in Jeddah.

Riyadh Wedding/Celebration Halls Market
Riyadh is the largest market for wedding/celebration halls in Saudi Arabia and presents wedding/celebration/event hall owners with ample opportunities throughout the year. Riyadh wedding/celebration hall market has amplified from SAR ~ billion in 2011 to SAR ~ billion registering a CAGR of ~% during the year. ~ Marriage contracts were signed in Riyadh during 2016. Riyadh is also considered as the corporate centre of Saudi Arabia. The capital city hosted almost half (~ %) of the corporate events in Saudi Arabia during 2016. Around ~ licensed activities, including exhibitions, forums, conferences, workshops and meetings were organized in Riyadh during 2016 generating considerable revenue for hotels and event halls in the area. As of 2016, there are around ~ hotel ballrooms and ~ private wedding halls in Riyadh. Ritz Carlton, Four Seasons and Al Faisaliah have been some of the leading hotel ballrooms in Riyadh during 2016. Holiday Inn Olaya, Burj Rafal Hotel Kempinski, InterContinental and Riyadh Marriott Hotel have also been considered as major hotels in the region during the year.

Competition Scenario/ Case Studies
As of 2016, Riyadh comprises of ~ ballrooms and ~ private wedding halls. The Ritz-Carlton, Al-Faisaliah Hotel and Four seasons have been the top players in the space in 2016. These 3 hotels have some unique characteristics that made them industry leaders during the year. These hotels are widely recognized for hosting lavish weddings and arranging huge corporate events and exhibitions. Ritz Carlton specializes in hosing weddings in traditional style that has attracted huge number of clients over the years. The Hotel also offers a large bridal suite especially for the bride and her bridal party so they can prepare well for the special day. Al-Faisaliah hotel offers very reasonable per person charge for weddings especially compared to other 5-star hotels in the capital. Moreover, it is one of the most prestigious wedding venues in Saudi Arabia with a unique combination of ancient Middle Eastern tradition and multinational sophistication. It comprises of 1 huge ballroom (Prince Sultan Ballroom) that can fit upto ~ people

Four Seasons on the other hand is located at Kingdom Centre Tower in Riyadh which is one of the most iconic buildings in Saudi Arabia. The hotel is very well known for hosting corporate events and exhibitions especially automotive events and car launches.

Key Topics Covered in the Report:
• Saudi Arabia Wedding/Celebration Hall Market Size
• Geographic Market Performance of the Industry
• Riyadh Wedding/Celebration Hall Market Size
• Competition Scenario
• Case Studies of Major Wedding/Celebration Halls in Riyadh
• Future Outlook and Projections of Wedding/Celebration Halls in Riyadh

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