Regional market insights have been announced ahead of this month’s Future Hospitality Summit
Independent real estate consultants Knight Frank and marketplace insights provider STR have shared key hospitality investment insights ahead of the Future Hospitality Summit (FHS) taking place at Madinat Jumeirah in Dubai from 19 to 21 September 2022.
The Middle East has been at the forefront of hotel performance recovery throughout the pandemic according to data from STR, and that momentum continues in 2022 and beyond.
According to Knight Frank, the successful management of mega events has proven to be a key driver in the growth in tourism and hospitality, with the UAE welcoming almost 24 million visitors to Expo 2020 Dubai.
With 65,000 hotel rooms under development in Dubai alone, tourism contribution is set to reach 15% of GDP by 2030: the highest in the region and among the highest in the world, with an international average of 9%.
Commenting on the data, Knight Frank partner and head of Hospitality, Tourism & Leisure – MENA, Turab Saleem said: “The region is going through a fascinating transformation in the hospitality sector, with over 600,000 hotel rooms in the planning and development stage.
"This quantum of development, which has not been seen before in the Middle East or even globally, is set to change the shape of the region’s tourism industry in the years to come and will help to further raise the region’s profile as one of the world’s key hospitality players.”
For more information, visit www.futurehospitalitysummit.com