GCC hospitality projects worth $81bn said to be on hold
BNC Network revealed that these schemes account for 55% of the 1,156 hospitality projects – worth $147bn – that are currently in the regional development pipeline
Hospitality projects worth $80.9bn are on hold in the Gulf, it has been revealed.
BNC Network said that these schemes account for 55% of the 1,156 hospitality projects that are currently part of the regional development pipeline.
210 projects, worth $26.8bn, are in the planning, concept, or design stages, while 492 developments, worth $39.4bn, are in the tender ($4.5bn) or construction ($34.9bn) stages.
The 1,156 hospitality and tourism developments that are under way in the GCC have a combined value exceeding $147.1bn, as of March 2018, BNC Network said.
Of the total number, 724 projects, worth $78bn, are hotel developments, while 140 projects, valued at $50bn, are resort hotels.
Additionally, 292 hotel apartment projects, worth $19.5bn, are also being developed in the GCC.
Avin Gidwani, chief executive officer of BNC Network, said most of these hotel developments are being constructed in the UAE, especially in Dubai.
Gidwani said hotel activity was rising in Dubai, "in order to prepare the city to welcome a record number of visitors during the World Expo 2020 mega event".
He added: "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 Expo 2020.
"Besides, [with] the opening of the Saudi Arabian economy, [...] one would expect a lot more tourism projects coming up in future, as part of the Saudi Vision 2030."
According to Dubai's Department of Tourism and Commerce Marketing (DTCM), the emirate needs 40,000 additional hotel rooms to host Expo 2020 Dubai, BNC Network said in a statement.