UAE leads regional hospitality industry with 66 hotel realty projects
The hospitality sector in the GCC and Egypt is booming with investment in excess of $30 billion in more than 120 new multiple hotel real estate projects across the region. The Hotel Show, leading hotel exhibition, to be held in Dubai from June 8-10 2008 will offer an in-depth analysis of the region's flourishing hospitality and leisure industry.
The hotels in the region are in various stages of construction. It is worthy to note that the UAE leads the hospitality industry of the region with 66 hotel projects, followed by Saudi Arabia (17), Oman (13), Qatar (10), Egypt (7) and Bahrain (7). According to Proleads, leading exert in providing information and analysis on construction and real estate project, there are total of 185 real estate projects planned or under construction across the Arabian Gulf including hotels, resorts, sports facilities, mixed-use malls, marinas, theme parks and other related facilities worth $90 billion.
UAE hospitality sector is taking a dramatic leap ahead with the number of hotels and hotel apartments in Dubai expected to increase to 488 by 2010, i.e., up from 452 last year. The number of hotel rooms in Abu Dhabi is forecast to grow to 75,000 in 22 years by 2030 from 10,000 now.
The top 10 multiple hotel real estate projects in the GCC and Egypt in the planning, design and construction phases alone represent total investment of more than $18 billion.
Project
| Budget
$ Million
| Status
| Country
|
Hurghada Tourism City
| 5,000
| Planned
| Egypt
|
Qatar Entertainment City
| 3,000
| Design
| Qatar
|
MGM Grand Abu Dhabi
| 3,000
| Planned
| UAE
|
Asia-Asia Hotel
| 1,625
| Design
| UAE
|
Dilmunia Island
| 1,531
| Construction
| Bahrain
|
Capital Centre Abu Dhabi
| 1,000
| Design
| UAE
|
Hard Rock Hotel Dubai
| 1,000
| Design
| UAE
|
Nile Corniche Cairo
| 1,000
| Construction
| Egypt
|
InterContinental Expansion Muscat
| 800
| Design
| Oman
|
Family Resort Musandam
| 780
| Design
| Oman
|
The growth in the hotel industry will help in creation of nearly 4 million new jobs in Middle East travel and tourism between 2008 and 2020. According to a research study by Fast Future, the region could generate a total of $4.27 trillion in revenues over the period.
The report highlights that the 3 highest revenue earners over the period to 2020 are expected to be Turkey at $1.16 trillion, the UAE at $879 billion and Saudi Arabia with $732 billion in total revenues. The 3 lowest earners are expected to be Bahrain with $22 billion, Yemen at $44 billion and Oman with $68 billion.
