Resource Business

The hospitality and tourism industry got hit the hardest by COIVD-19 and it’s still in the path of recovery. Experts expect that it won’t recover completely until 2024. In Saudi Arabia, since the lockdown measures were loosened and the number of people vaccinated increased, life came back to restaurants, events, and sports venues. Hence the country is back on track to achieve its 2030 vision. Saudi's Vision 2030 looks to diversify Saudi Arabia's economy away from oil and focusing more on other sectors including increasing direct foreign investment, tourism, and the number of locals in the workforce.

In a culture where sharing food is one of the ways to build a social and emotional connection, opening a new restaurant seems like an appealing business idea with guaranteed return on investment. Full of optimism, many entrepreneurs ended up overstating their chances of success, disregarding the fact that 90% of new restaurants fail in their first year. Nevertheless, you should not be discouraged or give up on your dreams. This list of the ten things you should consider before you open a restaurant will pivot the way for you, and make this bumpy road easier to navigate.

Coffee is the most consumed beverage world-wide, with over 2 billion cups consumed per day; the coffee industry is only expected to rise (source). In the Middle East, Saudi Arabia is considered the fastest growing coffee market; with a 9.6% annual growth rate (source). Experts project that the compound annual growth rate of the coffee market in Saudi Arabia would reach 6.2% during 2021-2027 (source). This expected growth is largely linked to the change in consumer preferences, fast-paced lifestyle, and the growth of the working-class population (source). Many new trends emerged in the past few years, like specialty coffee and boho style cafes. A Lot of these trends have emerged from the west before finding its place in the local market. This article examines future trends that would become prominent in the coming years, for visioners to seize these opportunities.