GCC hospitality projects value tops $147bn in March
ABU DHABI, April 21, 2018
The total value of the hospitality and tourism projects in the GCC region, numbering around 1,156, is more than $147 billion in March, said a report released ahead of the Arabian Travel Market (ATM) 2018.
The largest travel and tourism show in the Middle East, ATM kicks off tomorrow (April 22) and will run until April 26.
As many as 492 hospitality projects worth $39.4 billion are currently in progress – including tendering stage and under construction, stated BNC Network, a leading project intelligence provider in the Middle East and North Africa (Mena) region.
BNC tracks more than 28,000 live construction projects with a value exceeding $7.7 trillion.
Among the 1,156 hospitality projects, 724 projects worth $78 billion are hotel projects while 140 hospitality projects worth $50 billion are resort hotels and 292 hospitality projects worth $19.5 billion are hotel apartments.
As many as 492 hospitality projects worth $39.4 billion are currently on progress - including tender and under-construction stage.
As many as 210 hospitality projects worth $26.8 billion are in the pipeline – in planning, concept and design stage. However, in terms of value, $80.9 billion worth of projects – or 55 per cent of the projects – are currently on hold.
“Most of the hotel projects are being constructed in the UAE, especially in Dubai in order to prepare the city to welcome a record number of visitors during the World Expo 2020 mega event,” remarked Avin Gidwani, the chief executive of BNC Network.
"Dubai is racing against time to deliver a large number of hotel rooms and service apartments to be able to handle 20 million hotel guests per year and 25 million visitors during the Expo 2020," stated Gidwani.
“Besides, with the opening of the Saudi economy, under the country’s current leadership, one would expect a lot more tourism projects coming up in future, as part of the Saudi Vision 2030,” he added.
The Department of Tourism and Commerce Marketing (DTCM) the emirate’s tourism regulator, said the city of Dubai needs 40,000 additional hotel rooms in order to host such a mega event.
Dubai’s nearly 600 hotels and serviced apartments collective has an inventory of more than 100,000 hotel rooms.-TradeArabia News Service
