About the Gulf Hospitality Market
The Gulf hospitality market is in rude health and Dubai’s hospitality industry is set to add 35,000 new rooms between 2015 and 2020.
The world is slowly getting smaller and hospitality industry has seen substantial growth worldwide. More and more people have made it essential to take R&R breaks if not every few months than at least once every year. A lot of people travel daily for business and families are way too much into spending some good times with the loved ones. Since the globalization has taken its course, families look for new destinations every time they want to break the monotony. Parents are busier than ever and holidays are the only times, they can create lifetime memories, all of which is helping the Gulf hospitality market.
The Middle East and Africa region have become one of the biggest tourist/ business destination, higher demand of travelers have convinced the bigger key players to invest more into these countries and meet the expectation of their world class hospitality.
Dubai and Riyadh top being the busiest cities in MENA region. World’s largest hotel with 10,000 rooms is coming up in Makkah, a highlight of the Gulf hospitality market.
Dubai's buoyant hospitality sector, which is gearing up to host more than 20 million visitors at World Expo 2020, is way ahead of seven other key global cities in average spend per overnight visitor as well as in the number of hotel keys per resident.
According to data from Dubai Corporation of Tourism & Commerce Marketing (Dubai Tourism), the emirate is home to 104 five star-hotels. Overall, Dubai hotel room supply is set to reach 132,000 by the end of 2019, Dubai Tourism said as it forecast that the hospitality sector to experience strong, sustained growth over the coming years, with occupied room nights set to reach 35.5 million annually in 2019, representing a 10.2 per cent compound annual growth rate over the next 24 months.
In November, STR released a report which noted that the supply of hotel rooms in Dubai will significant increase, as the emirate currently has 29,226 hotel rooms in 95 projects in various stages of planning - the largest construction pipeline in the Middle East.
Gulf hospitality market is set for a busy time ahead as hotel operators are expected to open more than 35,000 new rooms between 2015 and 2020. Dubai currently has 65,000 hotel rooms and it is going to reach 100,000 Hotel Rooms for World Expo 2020 which is expected to bring more than 25 million people to Dubai.