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

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

The put up 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 carried out 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 below energetic development (planning, remaining planning & below building).

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

“While the hospitality sector’s development does spotlight the area’s growing recognition on the worldwide stage, it is usually indicative of regional authorities technique, to diversify GDP development away from hydrocarbons into tourism, that may 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 whole 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 whole 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,” stated 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 development.

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

RX (Reed Exhibitions), the organiser of ATM, will have a good time 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 targets as ATM works in direction of web zero in step with the RX Global pledge.

ATM 2023, which goals to draw over 26,000 guests and 34,000 individuals, will provide international journey commerce professionals a imaginative and prescient of how the journey and tourism trade will look within the coming years by sharing new and insightful commentary from specialists from around the globe, creating vital enterprise alternatives over the course of the four-day occasion.

Each yr, ATM highlights particular features of journey that will likely be pivotal in figuring out the path the trade will take transferring ahead. The present will discover how modern sustainable journey traits will evolve and determine methods for development inside particular key vertical sectors.

The ATM 2023 convention programme is being particularly developed to deal with sustainability points throughout the journey and tourism trade, with commentary from management figures representing a range of sectors resembling Destinations, Travel Technology, Airlines, Cruise, Hospitality, Car Rental and Hotels.

The strategic companions for ATM 2023 embody 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 individuals, together with 1,600 exhibitors and attendees from 151 nations, throughout ten halls on the Dubai World Trade Centre, DMC Partner

 

 

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


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