A new industry report has predicted that the GCC hospitality market is projected to reach $32.5 billion by 2022, thanks to Expo 2020 and other global events that will be hosted in the region over the next few years.

The predictions from the Alpen Capital's GCC Hospitality Report come ahead of the Hotel Show, which will celebrate its 20th edition this September at the Dubai World Trade Centre.

The landmark event, which will run from September 17–19, has evolved in tandem with the GCC’s leisure and hospitality sector and will be a confluence of key discussions and important decisions pertaining to the industry.

Other studies, such as the Hotels Market Report by Ventures Onsite, expects 25 million visitors to come to the UAE for Expo 2020 in preparation for which "Dubai’s hotel room supply is expected to reach 132,000 in 2019, with the Emirate aiming to complete 160,000 hotel rooms by October 2020".

The report anticipates that the UAE will continue to lead the GCC’s luxury hospitality segment till 2022 with “73 per cent of existing luxury hotel stock and 61 per cent of the region’s pipeline located in the country”. During this time period, the report also anticipates that ‘Saudi Arabia will witness the most significant increase in luxury hotel supply’.

Besides the kingdom’s push towards growing into a leisure and entertainment hub in the region, “the cornerstone of Saudi Arabia’s inbound tourism is the annual pilgrimages of Hajj and Umrah, which is forecast to increase to 30 million visitors collectively”, reveals Ventures Onsite.

The GCC tourism industry has also seen a rise in millennial travellers in the last few years and this trend is expected to continue. According to Expedia, ‘nearly 70 per cent of millennial travellers are likely to extend their business’. The hospitality sector in the Middle East has to be prepared to cater to this segment of travellers.

Nathan Waugh, portfolio director – dmg events Hospitality Division, said: “The GCC’s hospitality sector is focussed on putting the best foot forward when tourists from around the World visit the UAE for the Expo event as well as other international attractions scheduled to take place in the GCC. The Hotel Show, true to its legacy, will be a confluence point for the GCC’s hospitality sector to align on best practices and the way forward for the industry that is at the threshold of a fresh boom. And the best part of the show this year is that it is co-located with six other events catering to sectors that complement the hotel industry”.

Companies participating at the Hotel Show Dubai are OS&E International, Procurio, Everstyle, MG Hotel Supplies, Emirates Dimlaj, A to Z Hospitality, Modern Event, Dutch Lab, Table and Beyond, Lion’s Wood Banquet Furniture, Intros Hotel Supplies, ASSA ABLOY Group, and many others.

During the Middle East Design and Hospitality Week 2019, The Hotel Show Dubai will be co-located with Index, Workspace, The Leisure Show, Surface Design Middle East, FIM, and Index Home. - TradeArabia News Service