Saudi Arabia, UAE and Egypt account for 90% of investment, according to Knight Frank
Hospitality and residential projects worth US$1.9 trillion are under development in the Middle East, with Saudi Arabia, UAE and Egypt accounting for 90% (US$1.7 trillion) of investment, according to key data released ahead of the Future Hospitality Summit, taking place in Abu Dhabi from 25 to 27 September 2023.
The data released by Knight Frank revealed that Saudi tops the region’s project investment table, with US$1.2 trillion worth of developments in the pipeline, followed by the UAE (US$300 billion) and Egypt (US$200 billion), highlighting the Middle East’s continued commitment to reaching 160 million annual tourists by 2030.
Knight Frank, partner and head of Hospitality, Tourism and Leisure – MENA Turab Saleem said: “The Middle East's travel and tourism sector witnessed tremendous growth with a 47% increase in its contribution to GDP in 2023, which is the highest of any region in the world.
"This growth is being driven by a 15% increase in the number of jobs supported by the sector, and a more than US$107 billion increase in its overall contribution to the GDP. Moreover, the sector has also created 0.9 million new jobs."
Commenting on the growth of the hospitality sector in the Middle East, HVS Middle East president, Middle East, Africa and South Asia, Hala Matar Choufany, said: “We have experienced exponential growth over the last 15 years supported by a massive increase in hotel supply across different categories.
"The number of quality hotel rooms in the region grew fivefold from circa 100,000 in 2010 to 540,000 in 2022, with occupied room nights growing from 27 million to 135 million.
"An additional 180,000 keys are expected to enter the region over the next five years, which is forecast to increase occupied room nights to 184 million by 2028.”
The region’s tourism sector will be under the spotlight at FHS in Abu Dhabi with more than 100 speakers addressing key factors shaping the future of the industry, under the theme of 'Focus on Investment'.
FHS is organised by The Bench and supported by host sponsors Abu Dhabi Convention & Exhibition Bureau, Miral and Hilton Abu Dhabi Yas Island.
For more information, visit www.futurehospitalitysummit.com/ae