UAE and KSA’s ongoing hotel projects worth $24bn
The GCC’s hospitality industry is expected to grow at a 7.6% CAGR from an estimated $25.4bn in 2015 to $36.7bn in 2020
The UAE and Saudi Arabia have the largest number of ongoing hospitality projects in the region, with projects worth $23.5bn currently under construction.
According to organisers of a hospitality event, the hotel sector in the GCC remains firm on its growth trajectory.
Organisers of the ninth edition of Hotelier Summit (UAE and Saudi Arabia), stated that the ongoing projects in the region have a combined estimated value of $104.4bn, of which 15 are either in the UAE or Saudi Arabia with a total value of $23.5bn.
The Hotelier Summit UAE & KSA, to be held from 6 and 7 December in Dubai, is aimed at helping the UAE and Saudi Arabia boost partnership opportunities among decision makers and suppliers in the regional hospitality sector, cited IDE, the event organiser, according to the state news agency, WAM.
The market is expected to grow at a 7.6% CAGR (compound annual growth rate) from an estimated $25.4bn in 2015 to $36.7bn in 2020, IDE said.
Ganesh Babu, the director of India & Middle East for IDE said: "The regional governments support the tourism sector as they consider it to be a strong economy motor.
“Several measures have been taken such as building new attractions, involving private investments, and launching several international promotional campaigns.”