The Arabian & African Hospitality Investment Conference (AHIC) has launched the fourth AHIC Hotel Investment Forecast forward of the annual occasion.
The present will this yr return to Madinat Jumeirah in Dubai stay and in particular person from September 20-22.
According to analysis into the GCC accommodations initiatives market performed by MEED Projects, a division of MEED, co-organiser of AHIC alongside Bench, there are US $27 billion value of resort investments within the pipeline.
More than US $3.5 billion value of latest resort initiatives within the GCC have been awarded for the reason that begin of 2020 alone.
These new investments are primarily positioned in Saudi Arabia, Qatar and the UAE, together with phases 5 and 6 at Jabal Omar, Makkah; the Jewel of the Creek improvement in Dubai; and Qetaifan Island North in Qatar.
Ed James, director of content material and evaluation at MEED Projects, stated: “Despite the challenges offered by Covid-19, the resort business remains to be optimistic about its medium-term outlook.
“Some US $3.5 billion worth of hotel construction contracts have been awarded across the GCC over the past 18 months during the height of the pandemic, indicating that investors expect the market to return to normality in the next two to three years when the new projects are due to open.”
James continued: “Longer-term, the business is much more bullish, with US $27 billion value of resort investments within the pipeline.
“The majority of these are comprised of the ‘gigaproject’ tourism investments in Saudi Arabia led by the Red Sea Project, NEOM, Amaala, Diriyah Gate and Al-Ula, to name but a few,” he added.
“All told, these will add more than 40,000 rooms to the Kingdom’s emerging hospitality sector, as it seeks to diversify its economy to become a leading global player in the luxury and high-end tourism market,” stated James.
The figures additionally embody a mega-project deliberate for Oman, the Yenkit Hills improvement, which is able to characteristic two five-star accommodations and different tourism and residential models.
Based on the present pipeline of resort and serviced residence challenge completions within the GCC, an estimated 75,900 rooms are forecast to be added throughout the area within the interval 2021-24.
The future outlook for resort funding within the Middle East and Africa might be mentioned in depth on the seventeenth version of AHIC, with analysts from analysis firms together with STR, HotStats, HVS, and JLL set so as to add extra perception on the area’s restoration, efficiency and pipeline.
Jonathan Worsley, chairman of Bench and founding father of AHIC, stated: “The AHIC Hotel Investment Forecast is a precious piece of analysis from our companions at MEED, which units a massively constructive tone for the conversations at AHIC 2021.
“The industry is already well on the road to recovery, and we are looking forward to providing a much-needed platform for investors and operators to meet and do business.”
Reimagined for 2021, the Arabian & African Hospitality Investment Conference (AHIC) will deliver collectively the 4 close-knit funding communities of the Arabian Hospitality Investment Conference (AHIC), Saudi Arabia Hospitality Investment Conference (SHIC), Africa Hotel Investment Forum (AHIF) and the Global Restaurant Investment Forum (GRIF).