Middle East To Strengthen Global Hospitality Space With USD 1.9 Trillion Worth of Projects
Global Hospitality Space worth $1.9 trillion are fuelling the Middle East's revolution. Saudi Arabia, the United Arab Emirates, and Egypt are in the vanguard of this transformation, accounting for 90 percent of total investment, or $1.7 trillion.
These findings were shared in anticipation of the Future Hospitality Summit, scheduled to be held in Abu Dhabi from Sept. 25 to 27. The Kingdom leads the regional investment chart with projects worth $1.2 trillion. The UAE and Egypt followed suit, with $300 billion and $200 billion earmarked, respectively. These ventures underline the Arab world’s goal of attracting 160 million tourists annually by 2030, as per Arabnews.
“The Middle East’s travel and tourism sector witnessed tremendous growth with a 46.9 percent increase in its contribution to the gross domestic product in 2023, which is the highest of any region in the world,” Turab Saleem, partner and head of hospitality, tourism and leisure for the Middle East and North Africa at Knight Frank, said.
He added: “This growth is being driven by a 14.5 percent increase in the number of jobs supported by the sector and a more than $107 billion increase in its overall contribution to the gross domestic product. Moreover, the sector has also created 0.9 million new jobs.”
Experts in global commercial real estate Colliers also offers insights into the current landscape, highlighting a slew of advanced-stage hospitality-related agreements. Several high-profile homes are expected to be purchased in the coming months.