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

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

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The publish 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 performed 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 underneath energetic development (planning, ultimate planning & underneath development).

This is equal to 40% of the GCC’s existing hotel room stock, a determine nearly 4 instances better than the remaining of the world which at present lags behind at a mean of 11% underneath energetic development in contrast with existing supply. Danielle Curtis, exhibition director, Arabian Travel Market, mentioned: “Between EXPO 2020, the 2022 FIFA World Cup, and Saudi Arabia’s formidable Vision2030 technique, the GCC’s hospitality sector development pipeline stays sturdy in distinction to international hotel development, which is slowing, as a result of weak financial progress forecasts.

“While the hospitality sector’s progress does spotlight the area’s rising recognition on the worldwide stage, additionally it is indicative of regional authorities technique, to diversify GDP progress 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 energetic pipeline of 82,639 rooms, with complete room stock projected for 2030, at over 218,000 rooms. Similarly for the UAE, STR at present tracks greater than 202,000 existing rooms with an energetic pipeline of 48,910 rooms, a mixed complete of nearly 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,” mentioned Curtis.The UAE’s historic occupancy efficiency offers 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% enhance in supply or about 6% common annual progress.

“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, underneath the official theme of ‘Working Towards Net Zero’.

RX (Reed Exhibitions), the organiser of ATM, will rejoice 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 objectives 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 members, will supply international journey commerce professionals a imaginative and prescient of how the journey and tourism business will look within the coming years by sharing new and insightful commentary from specialists from world wide, creating vital enterprise alternatives over the course of the four-day occasion.

Each 12 months, ATM highlights particular elements of journey that might be pivotal in figuring out the path the business will take shifting ahead. The present will discover how modern sustainable journey tendencies will evolve and establish methods for progress inside particular key vertical sectors.

The ATM 2023 convention programme is being particularly developed to handle sustainability points throughout the journey and tourism business, with commentary from management figures representing a range of sectors akin 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 members, together with 1,600 exhibitors and attendees from 151 nations, throughout ten halls on the Dubai World Trade Centre, DMC Partner

 

 

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

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