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By 2022, tourist arrivals in the Middle East will surpass pre-pandemic levels of 100 million, with revenue contributions exceeding $270 billion, and on track to reach a target of 160 million tourists by 2030, a report said.
The regional hotel industry has been at the forefront of a recovery in hotel performance and is witnessing unprecedented growth, according to market insights released by property consultant Knight Frank and hospitality analytics and market insights provider STR.
Key hotel investment insights released ahead of the Future Hotel Summit (FHS) taking place at Al Jumeirah, Dubai, 19-21 September 2022.
“The region’s hospitality industry is undergoing a fascinating transformation, with over 600,000 hotel rooms in the planning and development stages. This unprecedented amount of growth in the Middle East and globally will change the landscape of tourism in the region over the next few years and will bring Helps to further enhance the region’s profile as one of the world’s tourist destinations. A major hospitality player,” said Turab Saleem, Partner and Head of Hospitality, Tourism and Leisure at Knight Frank.
The successful management of large-scale events has proven to be a key driver of tourism and hospitality growth, as Knight Frank said, the UAE welcomed nearly 24 million visitors to Expo 2020 Dubai during the global pandemic, boosting international traveler expectations. confidence.
With 65,000 hotel rooms under development in Dubai, tourism will contribute 15% of GDP by 2030: the highest in the region and the highest in the world, with an international average of 9%.
According to STR, the Middle East has been at the forefront of a recovery in hotel performance throughout the pandemic, and that momentum continues into 2022 and beyond.
Philip Wooller, Senior Director, Middle East and Africa, STR, said: “Dubai’s hotel RevPAR has performed exceptionally well through July this year, 23% higher than in 2019. Most destinations in the region are rebounding and in many cases outperformed Investor interest remains high at pre-pandemic performance levels, proof of which is in the pipeline for hotels.
“The success of Expo 2020 Dubai and strong interest in Saudi Arabia and transformative Vision 2030 have boosted investment and boosted the region’s hotel pipeline. As the first mega-project nears completion of its first phase and new With the announcement of the project, the Kingdom of Saudi Arabia is now firmly among the fastest growing countries in hotel development in the world.”
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 take tourism to new heights. The country has allocated funds worth US$45 billion for tourism and tourism growth by 2030. Currently, there are more than 56,000 hotel rooms is under development and is estimated to be worth $7 billion, with international brands accounting for 62 percent of the inventory,” Saleem said.
Saudi Arabia plans to complete $110 billion worth of hotel projects by 2030, with a total of 310,000 hotels under development, and it is one of the most ambitious tourism goals in the region, aiming to reach 100 million tourists by 2030.
The pandemic has undoubtedly brought uncertainty to the hospitality industry, which has affected hotel investment over the past few years, but market sentiment has improved significantly, given the aggressive growth plans of the GCC in tourism and hospitality, which are strongly supported by its national airline. , the future for the sector is bright.
“It will be an excellent result for hotel performance in the Middle East to approach a full pre-pandemic recovery in 2022,” added Wooller. “Hotel prices have been the main driver of RevPAR so far, with occupancy rates close to 2019 levels. At the same time, there are high hopes for the upcoming World Cup in Qatar and the impact it will have on national and regional hotel performance. “
The region’s hotel investment outlook, hotel performance and tourism plans will be discussed in detail at FHS in Dubai next month, with over 120 top speakers and over 40 different formats including keynotes, seminars and panels discuss.
Organised by Jumeirah Hotels & Resorts and co-organised by The Bench and Meed, FHS brings together the investment communities of the Arabian Hospitality Investment Conference (AHIC), Global Restaurant Investment Forum (GRIF) and African Hospitality Investment Forum (AHIF) under one roof thematically led change. – arab trade news agency
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