The inaugural summit, scheduled to take place on April 30, on the Global Stage, will see various panels of experts discuss the latest hotel infrastructure developments, investment opportunities and digital innovations which are shaping the region’s ever-changing industry.
The UAE’s hospitality market is expected to be worth UD7,6 billion annually by 2022, growing at a five-year Compound Annual Growth Rate (CAGR) of 8,5 percent between 2017 and 2022, driven by Dubai’s Expo 2020, Saudi Arabia’s Vision 2030 and various other government initiatives to boost travel and tourism across the region.
Over the same period, hotel supply is forecast to grow at a CAGR of six percent to 183,718 keys, according to research published in a report by Alpen Capital.
In addition to this, STR data shows that the GCC is expecting an additional 58,761 hotel rooms to enter the market during this year. The leading contributors are the UAE with 31,517 rooms (53 percent) in the pipeline; Saudi Arabia with 24,170 (41 percent); and Oman with 2,984 (five percent).
Danielle Curtis, exhibition director ME, ATM, said, “It is important to highlight that the GCC is one of the fastest growing regional hospitality markets on a global scale, with the UAE leading the way as it gears up for Expo 2020 which is now less than two years away. Dubai’s hotel supply alone is expected to reach 132,000 this year, with the emirate aiming to complete 160,000 hotel rooms by October 2020 – in time to welcome 25 million visitors for Expo 2020.”