Gazeta Riad | Granting hotel contracts in the Gulf countries worth $ 4.5 billion in 2022

The “Tourism Investment Summit” sheds light on the financing of projects after Korona

Granting hotel contracts in the Gulf countries worth $ 4.5 billion in 2022

More than 169,000 hotel rooms are currently under construction in the Middle East

Industry experts will meet during the Tourism Investment Summit at the Arabian Travel Market 2022, which will be held at the World Trade Center in Dubai from Monday 9 May to Thursday 12 May, to shed light on the Middle East as a financial hub for future global tourism. investment.

This year’s Tourism Investment Summit, hosted by the Arab Travel Market and the International Conference on Tourism and Investment, will be held on Tuesday 10 May 2022, to shed light on project financing in the post-pandemic era.

According to the latest research by the BNC, $ 4.5 billion in hotel contracts are expected to be awarded to the GCC during 2022, representing a 16% year-on-year increase.

The UAE reached the highest value of contracts related to the hospitality sector in the Gulf Cooperation Council countries last year, followed by Saudi Arabia and according to the same research, the total value of projects of the UAE and in the Kingdom accounted for more than 90% of all hospitality contracts awarded in the region during 2021.

Regionally, STR data show that more than 169,000 hotel rooms are currently under construction across the Middle East, with the three most active cities being Dubai and Mecca and Doha respectively.

Thus, this year’s Tourism Investment Summit in the Arab Travel Market presents an ideal opportunity for travel and tourism professionals to explore regional investment opportunities, discover new funding routes, and connect with colleagues from around the world.

On this occasion, Danielle Curtis, Director of the Arab Travel Market Exhibition in the Middle East, commented: “The development of hotels in the Middle East is progressing at a rapid pace, with the region experiencing significant levels of tourism-related investment. thanks to the support of the ambitious. national initiatives like Expo 2020 Dubai and the FIFA World Cup. “Qatar 2022 football and Saudi Vision 2030, and this trend does not show any sign of a return soon.”

“The ATM 2022 Tourism Investment Summit is the ideal forum to discuss trends, identify opportunities and explore financing models for projects that are being used in our region,” she added.

Analysts at Colliers International consulting point out that although the GCC transaction market has historically been less active than its counterparts, recent sales such as the Address Hotels portfolio ($ 500 million in 2019) and the acquisition of Aldar Properties The Rixos Bab Al Bahr Hotel . worth $ 205 million in 2022, is a clear indicator of future growth and their research predicts that the GCC transaction market will continue to grow and flourish in relation to regional tourism markets reaching a steady phase development.

Curtis added, “We have seen a significant increase in the hospitality sector throughout the Kingdom of Saudi Arabia, with 33,560 hotel rooms under construction for Mecca and 19,500 hotel rooms spread across other cities and coastal areas, in addition to some major projects for example. the NEOM project, the Red Sea Development and the Rua project. On the other hand, the city is competing with investors and hotel operators for opportunities and market share. ”

For his part, Ibrahim Ayoub, CEO of the International Conference on Tourism and Investment, said: “Summit participants, whether joining us in person or virtually, will benefit from the knowledge that will be presented by elite experts on the latest technologies that are being hired to transform tourism projects in the Middle East into reality, in addition to practical ideas from thought leaders.

The Middle East Tourism Investment Summit in the Arab Travel Market will include the presentation of future visions by a group of experts such as: Gerald Lawless, Director of the International Conference on Tourism and Investment and Ambassador of the World Travel and Tourism Council, Edmund Bartlett, Minister of Tourism of Jamaica and Dr. Taleb Al-Rifai, President of the International Investment Tourism Conference and former Secretary-General of the United Nations World Tourism Organization.

Curtis concluded, “Our expert speakers will share their knowledge on the hotel development landscape in the Middle East during the TIC, and this topic will undoubtedly be a major focus in other sessions during the show, and we look forward to a panel discussion. dedicated to the Hospitality Investment in the Middle East GCC countries along with delegates, exhibitors and visitors from all over the world during the 2022 Arab Travel Market.

In its twenty-ninth year, the live version of the exhibition will be held in collaboration with the World Trade Center in Dubai and the Tourism and Trade Marketing Department in Dubai from Monday 9 May to Thursday 12 May 2022 at the premises of Dubai World Shopping Center and a virtual version of the event will be held again in Similar to the 2021 edition of the exhibition next week of its attendance version on Tuesday 17th and Wednesday 18th May 2022.

Highlights of the 2022 edition will include Destination Summits that will highlight the major resource markets of Saudi Arabia, China and India, and the Arival Dubai Forum, which brings together the most prominent professionals in the travel, tourism sector. and hospitality from around the world to explore the next generation of trends and innovations for tourism activities within a single destination. ATM also hosts the Travel Tech event formerly known as Travel Forward, the refurbished and renamed Travel Tech has expanded nearly 400% year-on-year, in addition to showcasing the latest travel technology products and services.

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