More than US$3.5bn worth of new hotel projects in the region awarded since the start of 2020
The GCC hotel pipeline is currently worth US$27 billion in investments, according to the latest AHIC Hotel Investment Forecast.
These new investments are mainly located in Saudi Arabia, Qatar and the UAE, including phases five and six of development at Jabal Omar, Makkah; the Jewel of the Creek development in Dubai; and Qetaifan Island North in Qatar.
Research into GCC hotel projects market was conducted by Meed Projects, a division of Meed, the co-organiser of AHIC alongside Bench. The 17th edition of AHIC returns to Madinat Jumeirah, Dubai, and will be held live and in person from 20-22 September, 2021.
Meed Projects director of content and analysis Ed James said:“Some US$3.5 billion worth of hotel construction contracts have been awarded across the GCC over the past 18 months during the height of the pandemic, indicating that investors expect the market to return to normality in the next two to three years when the new projects are due to open.
“The majority of these comprise ‘giga-project’ tourism investments in Saudi Arabia led by the Red Sea Project, NEOM (pictured), Amaala, Diriyah Gate and Al-Ula, to name but a few. These will add more than 40,000 rooms to the Kingdom’s emerging hospitality sector, as it seeks to diversify its economy to become a leading global player in the luxury and high-end tourism market.”
The figures also include a mega-project planned for Oman, the Yenkit Hills development, which will feature two five-star hotels and other tourism and residential units.
Commenting on the findings, Bench chairman and AHIC founder Jonathan Worsley said: “The AHIC Hotel Investment Forecast is a valuable piece of research from our partners at Meed, which sets a hugely positive tone for the conversations at AHIC 2021. The industry is already well on the road to recovery and we are looking forward to providing a much-needed platform for investors and operators to meet and do business.
“We have long championed Saudi Arabia’s diverse and inspiring tourism landscape through the Saudi Arabia Hospitality Investment Conference (SHIC), which will be part of this year’s new-look AHIC, so we are incredibly excited to see the market come to the forefront as the industry recovers from the impact of Covid-19.”
This year’s event will bring together four close-knit investment communities: the Arabian Hospitality Investment Conference (AHIC), Saudi Arabia Hospitality Investment Conference (SHIC), Africa Hotel Investment Forum (AHIF) and the Global Restaurant Investment Forum (GRIF).
Held under the theme ‘Rise Together’, hotel and restaurant owners, developers, investors and operators will debate and discuss issues impacting the industry as it seeks to emerge from the pandemic.
Visit www.ahic.com for more information.