The GCC hospitality industry remains firm on its growth trajectory with projects worth $23.5 billion under construction in the key markets of Saudi Arabia and the UAE, said a report ahead of a major industry event in Dubai.

The nineth edition of Hotelier Summit (UAE and Saudi Arabia) will be held on December 6 to 7 at Al Bustan Rotana, said the event organiser IDE.

The conference is aimed at helping the UAE and Saudi Arabia to boost partnerships opportunities among key decision makers and suppliers in regional hospitality sector.

The ongoing projects in region have a combined estimated value of $104.4 billion, of which 15 are either in UAE or the Saudi Arabia with a total value of $23.5 billion, stated the organisers citing an Alpen Capital report.

The market is expected to grow at a 7.6 per cent CAGR from an estimated $25.4 billion in 2015 to $36.7 billion in 2020.

"The regional governments support the tourism sector that they consider as a strong economy motor. Several measures have been taken such as building new attractions, involving private investments, and launching several international promotional campaigns," remarked Ganesh Babu, the director of India & Middle East for IDE.

“The previous edition in Qatar had such a huge impact and generated a lot of good echoes among participants and in media as well as important business deals. We could present more than 345 projects and reunite over 120 hotel owners, operators, developers, architects, interior designers, consultants and service providers.

Key decision makers from highly ranked institutions in the tourism will be present such as AE7, Pearl Jumeirah Hotel LLC - Nikki Beach Resort & Spa Dubai, Dimensions Engineering Consultant, Rixos Hotels & Megaprojeler, Studio HBA, Emaar Properties PJSC, Dar Al Tanmiyat Co. Ltd, Perkins + Will, Oberoi Hotels & Resorts, Inter-Continental Hotel Group among others.

From Saudi Arabia, major players including Omrania & Associates, Saudi Bin Laden Group, Optimum Engineering Company for Construction will be take part.

The upcoming event in Dubai will be another dynamic beehive with promising outcomes and final deals, stated Babu.

“At the light of the feed backs we got from the previous edition in Qatar, we know that such event is vividly looked-for to expose the needs and find together proper solutions. It will discuss varying topics and highlight the opportunities for making business. Each discussion is led by prominent industry figures and seniors, sharing world-class experience and knowledge," he added.-TradeArabia News Service