A report issued by the Arab Hotel Investment Conference expected that the value of building contracts for hotels in the UAE market will reach more than 7.6 billion dollars (about 27.9 billion dirhams) over a period of four years until the end of 2023, compared to about 23 billion dollars in the eastern region East as a whole.
The report, of which Emirates Today obtained a copy, stated that besides the UAE market, the hotel sector will be the most active in Saudi Arabia, Egypt and the Sultanate of Oman within the region.
According to the report, the UAE is expected to acquire about 33% of the total value of contracts for the development of hotel establishments in the Middle East, indicating that Saudi Arabia is the leading future market, where projects worth less than $ 9 billion are planned to be awarded over the course of The next four years, compared to about two billion dollars in the Sultanate of Oman, and 1.9 billion dollars in the Egyptian market.
He pointed out that more than 700 new hotel establishments have been built in the region, valued at more than $ 53 billion, over the past seven years, pointing to the growth potential of the tourism sector in the Middle East, in light of the growing economies, improved infrastructure and the opening of the sector as catalysts for development.
The report pointed out that the large volume of these investments indicates a prosperous market in the coming years.
It is noteworthy that the 16th session of the Arab Hotel Investment Conference will be held in Dubai from 14 to 16 April 2020, where the conference activities will include multiple panel discussions and many sessions centered on the reality of the sector in the Middle East region.
The large volume of investments indicates a prosperous market.