Sunday 22 October 2017
 
»
 
»
ANALYSIS

Vucinic

Dubai, Riyadh, Jeddah among top 'cities to watch'

DUBAI, July 31, 2017

Leading real estate investment firm JLL today released the results of a study on the hospitality landscape across 106 global cities, with Dubai, Riyadh and Jeddah placed on its list of 'cities to watch'.

“There has been a significant shift in the hospitality industry globally as the markets are continuously evolving with the industrial revolution 4.0 now in its implementation phase. At JLL, we have been able to witness this change in the Middle East, particularly in Dubai, as the hospitality markets here are now poised to adapt technological advancements,” said Marko Vucinic, senior vice president, acting head of hotels & hospitality group, Mena.

Hotel markets were scored on the basis of both their ‘Magnitude’ – their scale in terms of room numbers and investment – and ‘Momentum’ – the speed of change in a market based on construction, socio-economic growth and changes in performance.

“The global hotel industry is being reshaped by technological disruption, changing consumer behaviour and new market players,” said Lauro Ferroni, Global head of Hotels & Hospitality Research at JLL. “This structural shift has encouraged us to rethink how we assess market opportunity and risk, which was one of the driving forces behind this report.”

JLL segregated countries into five categories: Global giants, which included elite markets like New York and London; rising giants like Beijing and Dubai, which are dynamic cities that have matured quickly; second tier mature markets such as Berlin and Osaka; mid-sized cities like Seattle and Dublin and emerging hotspots, which included Riyadh and Jeddah.

Dubai has established a position as a global hub for tourism and business. Its supply pipeline continues to be among the largest in the world, representing 50 per cent of an already substantial market.

Emerging hotspots like Riyadh and Jeddah are likely to see a 30 per cent increase in supply in the coming few years. - TradeArabia News Service




Tags: Dubai | Jeddah | Watch | Riyadh | Report | JLL | Cities |

calendarCalendar of Events

Ads