Riyadh-Mubasher: Saudi Arabia-based Dur Hospitality has expanded its portfolio through investing SAR 1.5 billion in developing 14 hotels and 4 residential complexes, which are expected to reflect on its financials, as revenues may triple by 2023.

Accordingly, the company's hotels and residential complexes will reach 20 and 6, respectively by 2023.

CEO Badr Al-Badr highlighted the growth seen by the hospitality and tourism sectors in the Middle East and Saudi Arabia, Alriyadh newspaper reported.

He added that the visitors of Makkah and Madinah are forecasted to reach 25 million by 2025, and the Saudi government spending on tourism is likely to rise by 11% year-on-year, especially after completing the holy mosque expansion project.