Regal Hotels’ $5 Billion Venture with Saudi Arabia
Skift Take
- Malaysia led Southeast Asia in foreign tourist arrivals in 2023 with 26 million visitors, followed by Thailand with 24.6 million. Vietnam attracted 12.6 million foreign tourists, reaching only 70% of pre-pandemic levels, while Cambodia's recovery rate was at 92.48%.
- Vietnam's National Authority of Tourism set ambitious goals for 2024, aiming to match pre-pandemic tourism levels despite past challenges. The Philippines exceeded its 2023 tourism target, welcoming over five million international tourists and surpassing pre-pandemic international tourism revenue.
- Dusit Hotels and Resorts opened Dusit Princess Phatthalung in Thailand, its first in the far south of the country. Regal Hotels International announced a partnership with Saudi Arabia's Ministry of Investment to build about 100 hotels globally, with a significant focus on the Middle East.
While Southeast Asia’s tourism sector had a strong year in 2023, Malaysia led the region with the highest number of foreign tourist arrivals, with 26 million reported for the first 11 months of the year. Thailand was close behind at 24.6 million. Vietnam, with 12.6 million foreign tourists, was still only at 70% of pre-pandemic levels. In terms of full recovery from 2019, Cambodia was at 92.48%. The easiest way to explain the results for 2023 in Southeast Asia is to just point at China. Those countries heavily dependent on Chinese visitation had an up and down year with a slow first half and a better second half. The anticipation of Chinese tourists returning to the region is high with airlines preparing to restore and increase flight connections in 2024.
Vietnam’s National Authority of Tourism outlined ambitious goals for 2024, aiming to match the pre-pandemic levels of tourism. Vietnam’s track record with meeting expectations, in terms of tourism, resorts and casi
