More than US$23 billion worth of hotel construction contracts are to be awarded throughout MENA by 2023.
In a hotel investment forum from the Arabian Hotel Investment Conference (AHIC) 2020, it revealed the majority of hotel development will take place in Oman, Egypt, the UAE and Saudi Arabia.
Leading in the region is Saudi Arabia, with projects planned close to a value of $9 billion. Currently the Kingdom has at least 21,500 rooms, 36 hotels, resorts and gigaprojects in the pipeline.
In second place is the UAE with hotel construction contracts adding up to $7.6 billion. Oman follows with $2 billion and Egypt with $1.9 billion by 2023.
Bench Events Chairman and AHIC founder Jonathan Worsley said: “The AHIC Hotel Investment Forecast is an incredibly valuable piece of research that clearly demonstrates that the Middle East still has so much to offer when it comes to future hotel expansion and investment. We’re especially excited to see markets such as Oman and Egypt, which offer incredibly rich and diverse tourism landscapes, return to the forefront of development in the region”.
Taking place at Madinat Jumeriah in Dubai from April 14 to 16, AHIC will bring together 800 hotel industry leaders and a further 100 speakers.