Hospitality Investment Outlook Reveals 600,000 Hotel Rooms Planned and Under Development in the Middle East

Dubai, United Arab Emirates – Global independent real estate consultants, Knight Frank, and premium data benchmarking, analytics and market information provider for the hospitality industry, STR, have shared key information on hospitality investments ahead of the Future Hospitality Summit (FHS) which will take place at Madinat Jumeirah in Dubai from September 19 to 21, 2022.

Poised to reach, and potentially exceed, pre-pandemic levels of more than 100 million tourist arrivals and more than $270 billion in revenue contribution in 2022, according to data from Knight Frank, the travel and tourism sector of The Middle East has all the positive indicators to reach the goal of 160 million tourists in 2030, driven by the giant projects in the region that will open even more amazing tourist destinations and further boost travel and tourism.

“The region is undergoing an exciting transformation in the hotel sector, with more than 600,000 hotel rooms in the planning and development stage. This amount of development, which has not been seen before in the Middle East or even globally, will reshape the region’s tourism industry for years to come and help further raise the region’s profile as one of the Most important in the world. key players in hospitality,” said Turab Saleem, Partner and Head of Hospitality, Tourism and Leisure – MENA at Knight Frank.

Successful management of mega events has proven to be a key factor in the growth of tourism and hospitality, with the UAE welcoming almost 24 million visitors to Expo 2020 Dubai, amid the global pandemic, increasing the confidence of international travellers, as stated by Knight Frank. With 65,000 hotel rooms under development in Dubai, tourism’s contribution is expected to reach 15% of GDP by 2030: the highest in the region and one of the highest in the world, with an international average of 9%.

The Middle East has been at the forefront of hotel performance recovery during the pandemic according to STR data, and that momentum continues into 2022 and beyond.

Speaking about the host city of the Future Hospitality Summit, Dubai, Philip Wooller, Senior Director for the Middle East and Africa at STR, said: “Dubai is having a tremendous year with hotel RevPAR so far this year through July, a 23% more than in 2019. With most destinations in the region recovering and in many cases exceeding pre-pandemic performance levels, investor interest remains high, and the proof is in the portfolio of Hotels. The success of Expo 2020 in Dubai and strong interest in Saudi Arabia and the transformative Vision 2030 have fueled investment and boosted the hotel portfolio in the region. With the first mega-projects nearing their early stages of completion and new ones being announced, the Kingdom is now firmly among the fastest growing countries globally for hotel development.”

See also  Western Michigan Fairs and Festivals in November

Qatar’s hotel market is expected to reach $54 billion by 2030, according to Knight Frank. “Hosting the FIFA World Cup is a great opportunity for Qatar to develop its tourism sector to new heights. The country has allocated funds worth USD 45 billion for tourism and travel growth by 2030. Currently, there are more than 56,000 hotel rooms in development with an estimated value of USD 7 billion with brands. international companies that represent 62% of the project inventory”. Salem said.

With $110 billion worth of hotel projects scheduled to be completed by 2030 and a total of 310,000 hotel rooms under development, the Kingdom of Saudi Arabia has one of the most ambitious tourism goals in the region with a target of 100 million tourists by 2030.

To be sure, the pandemic has thrown uncertainty on the hospitality landscape and hotel investment has taken a hit in recent years, but market sentiment has improved significantly and given the GCC’s aggressive growth plans in tourism and hospitality that have Backed by its domestic airlines, the outlook for the sector is bright.

“Hotel performance for the Middle East region is approaching a full pre-pandemic recovery in 2022, which would be an outstanding result,” Wooller added. “Hotel rates are the main driver of RevPAR so far and occupancy is also approaching 2019 levels. Meanwhile, anticipation is high for the upcoming World Cup in Qatar and the effect it will have on hotel performance. national and regional”.

The region’s hotel investment outlook, hotel performance and tourism plans will be discussed in detail at FHS in Dubai next month, with more than 120 high-level speakers and more than 40 sessions in a variety of different formats including presentations main courses, workshops and discussion panels.

Hosted by Jumeirah Hotels & Resorts and co-hosted by The Bench and MEED, FHS unites the investment communities of the Arabian Hotel Investment Conference (AHIC), the Global Restaurant Investment Forum (GRIF) and the African Hospitality Investment Forum (AHIF) under one same roof. the topic Lead the Change.

For more information on FHS in Dubai, please visit https://www.futurehospitalitysummit.com and to view the full FHS agenda schedule, click here.

about the bank

The Bench has established a legacy by offering world-leading investment forums and conferences in Europe, Africa, the Middle East and Latin America. The key principle behind these platforms remains to “trade”. By transforming the way businesses connect, Bench has developed a reputation for creating innovative, high-impact meeting spaces for industry.

See also  Pound's slide boosts UK's appeal to international tourists - Xinhua English.news.cn

For more than two decades, government leaders, tourism ministries, global travel and tourism associations, the world’s most influential hotel brands, hotel owners and investors, renowned restaurant groups, airlines and authorities aviation companies, destination developers, asset managers, financial groups and consultants have been participating in The Bench events for their respective purposes. These include AHIC, AHIF, GRIF, FHS, AHF, IDEEA, AviaDev and RENEW, where industry players showcase their brands, position themselves as thought leaders or innovators, and connect with the right opportunities and knowledge.

Learn more about elbanco.com

About MEED

Launched on International Women’s Day 1957, the Middle East Economic Digest, MEED, is a well-known and trusted brand name used by governments and businesses operating in the region.

Encompassing a business intelligence service, digital media, publications and events, MEED provides exclusive daily news, data and analysis. We are responsible for keeping our audiences of subscribers, registered users, and event attendees informed, helping to facilitate decision-making and connections.

Our marketing solutions team gives clients access to our audiences. We partner with local and international companies that need to reach our high-value communities. In consultation with our clients, we use proven methods to identify and engage decision makers to advertise and explain, lead and grow, and engage and convert business leaders into customers.

MEED is wholly owned by data and intelligence company GlobalData Plc, which means our marketing solutions clients can also access a network of over 13 million digital users per month across 18 different industries.

Learn more about meed.com

Future Hospitality Summit (FHS)

Date: September 19-21, 2022

Location: Madinat Jumeirah, Dubai, United Arab Emirates

Sponsors: Host Sponsor: Jumeirah Hotels & Resorts

Platinum Sponsors: Accor, Dur Hospitality, Hilton, Marjan, Millennium Hotels & Resorts and Radisson Hotel Group

Emerald Sponsors: Emaar Hospitality Group, IHG Hotels & Resorts, Marriott International, NEOM, Rotana, Royal Commission for AlUla, SMIT Morocco and Taiba Investments.

Gold Sponsors: Aleph Hospitality, CBRE, Colliers, Compass Project Consulting, Dentons, ELAF Group, ENVI Lodges, GG&Grace International, Hospitality Management Holding, HVS, The Indian Hotels Company, Insignia, Interior360, Ishraq Hospitality, IT Hospitality Group, Knight Frank , Louvre Hotels Group, LXA, Mapal Group, Minor Hotels, OBMI, PwC Middle East, QUO, SSH, STR, Valor Hospitality Partners and Voltere by egis.

Silver Sponsors: Deutsche Hospitality and Katch.

Sponsors: The Emirates Academy of Hospitality Management, Hospitality Asset Managers Association (HAMA), Sustainable Hospitality Challenge and Women in Hospitality (WiH).

Anne Bleeker
In2 Consulting
+971 56 603 0886
The bank

Leave a Comment