U$24 bln hotel projects under construction in Saudi, UAE: report

Hospitality industry in Gulf region remains firm on its growth trajectory with projects worth U$23.5 billion under construction in the key markets of Saudi Arabia and the UAE, organisers of a key industry event in Dubai reported on Thursday.

The ongoing projects in region have a combined estimated value of $104.4 billion, of which 15 are either in UAE or the Saudi Arabia with a total value of $23.5 billion, stated the organisers of nineth edition of Hotelier Summit (UAE and Saudi Arabia), citing a recent report by Alpen Capital.

The Hotelier Summit UAE & KSA, to be held from 6th to 7th December in Dubai, is aimed at helping the UAE and Saudi Arabia to boost partnerships opportunities among key decision makers and suppliers in regional hospitality sector, said IDE, the event organiser.

The market is expected to grow at a 7.6 per cent CAGR (compound annual growth rate) from an estimated $25.4 billion in 2015 to $36.7 billion in 2020, IDE said.

"The regional governments support the tourism sector that they consider as a strong economy motor. Several measures have been taken such as building new attractions, involving private investments, and launching several international promotional campaigns," remarked Ganesh Babu, the director of India & Middle East for IDE.

Key decision makers from highly ranked institutions in the tourism will be present at the summit, which, IDE expects to be "another dynamic beehive" with promising outcomes and final deals.