Active GCC hotel development pipeline now 40% of existing room supply

Active GCC hotel development pipeline now 40% of existing room supply

The submit Active GCC hotel development pipeline now 40% of existing room supply appeared first on TD (Travel Daily Media) Travel Daily.

According to new analysis commissioned by Arabian Travel Market (ATM), and carried out on the finish of September 2022 by hotel market intelligence and international benchmarking firm STR, the GCC area now has over 170,000 hotel rooms beneath lively development (planning, closing planning & beneath building).

This is equal to 40% of the GCC’s existing hotel room stock, a determine virtually 4 occasions larger than the remaining of the world which at the moment lags behind at a median of 11% beneath lively development in contrast with existing supply. Danielle Curtis, exhibition director, Arabian Travel Market, stated: “Between EXPO 2020, the 2022 FIFA World Cup, and Saudi Arabia’s bold Vision2030 technique, the GCC’s hospitality sector development pipeline stays sturdy in distinction to international hotel development, which is slowing, attributable to weak financial development forecasts.

“While the hospitality sector’s development does spotlight the area’s rising recognition on the worldwide stage, additionally it is indicative of regional authorities technique, to diversify GDP development away from hydrocarbons into tourism, that can assist to drive demand nonetheless additional, over the approaching years.

The STR report estimates 135,560 existing rooms in Saudi Arabia with an lively pipeline of 82,639 rooms, with complete room stock projected for 2030, at over 218,000 rooms. Similarly for the UAE, STR at the moment tracks greater than 202,000 existing rooms with an lively pipeline of 48,910 rooms, a mixed complete of virtually 251,000 rooms by 2030.

“Interestingly, Ras Al Khaimah, is second only to Dubai, with 5.076 rooms in its pipeline, almost the same amount as Sharjah, Abu Dhabi and Fujairah combined,” stated Curtis.The UAE’s historic occupancy efficiency gives a blueprint of what the area can anticipate as new rooms enter the market. Rooms supply elevated by greater than 70,000 rooms between 2010 and 2019, a staggering 68% improve in supply or about 6% common annual development.

“With such levels of investment and development, we are expecting a marked increase in the number of GCC participants at ATM 2023, including inbound tour operators and travel agents from across the globe, as the region continues to attract growing numbers of tourists, for whom environmentally friendly and sustainable development will be critical,” added Curtis.

ATM which is the main Middle East journey and tourism occasion for worldwide inbound and outbound tourism professionals, takes place on the Dubai World Trade Centre on 1-4 May, beneath the official theme of ‘Working Towards Net Zero’.

RX (Reed Exhibitions), the organiser of ATM, will have fun its thirtieth annual occasion by unveiling a devoted sustainability pledge, not solely to make the ATM 2023 occasion extra sustainable however to announce 30 long-term targets as ATM works in the direction of web zero consistent with the RX Global pledge.

ATM 2023, which goals to draw over 26,000 guests and 34,000 individuals, will provide international journey commerce professionals a imaginative and prescient of how the journey and tourism trade will look within the coming years by sharing new and insightful commentary from specialists from world wide, creating important enterprise alternatives over the course of the four-day occasion.

Each 12 months, ATM highlights particular points of journey that might be pivotal in figuring out the course the trade will take shifting ahead. The present will discover how revolutionary sustainable journey developments will evolve and establish methods for development inside particular key vertical sectors.

The ATM 2023 convention programme is being particularly developed to deal with sustainability points throughout the journey and tourism trade, with commentary from management figures representing a range of sectors corresponding to Destinations, Travel Technology, Airlines, Cruise, Hospitality, Car Rental and Hotels.

The strategic companions for ATM 2023 embrace Dubai Tourism because the Destination Partner, Emirates because the official Airline Partner, IHG Hotels & Resorts because the official Hotel Partner and Al Rais Travel because the official DMC Partner. ATM 2022 attracted over 24,000 guests and hosted over 31,000 individuals, together with 1,600 exhibitors and attendees from 151 nations, throughout ten halls on the Dubai World Trade Centre, DMC Partner

 

 

The submit Active GCC hotel development pipeline now 40% of existing room supply appeared first on Travel Daily.


Source link

Leave a Reply

Your email address will not be published.

Translate »