GCC hospitality projects value exceeds US$147 billion, BNC report shows
Source: Pan Asian Media for BNC Network , Author: Posted by BI-ME staff
Posted: Sun April 22, 2018 7:43 pm

UAE. The total value of the 1,156 hospitality and tourism projects in the GCC region has exceeded US$147 billion (Dh539 billion) in March 2018, according to BNC Network, the largest project intelligence provider in the MENA region.

Among the 1,156 hospitality projects, 724 projects worth US$78 billion (Dh286 billion) are hotel projects while 140 hospitality projects worth US$50 billion (Dh183 billion) are resort hotels and 292 hospitality projects worth US$19.5 billion (Dh71.5 billion) are hotel apartments.

As many as 492 hospitality projects worth US$39.4 billion are currently on progress – including tender and under-construction stage.

As many as 210 hospitality projects worth US$26.8 billion (Dh98.35 billion) are in the pipeline – in planning, concept and design stage. However, in terms of value, US$80.9 billion (Dh296.9 billion) worth of projects – or 55 percent of the projects – are currently on hold.

“Most of the hotel projects are being constructed in the UAE, especially in Dubai in order to prepare the city to welcome a record number of visitors during the World Expo 2020 mega event,” Avin Gidwani, Chief Executive Officer of BNC Network, says. “Dubai is racing against time to deliver a large number of hotel rooms and service apartments to be able to handle 20 million hotel guests per year and 25 million visitors during the Expo 2020.
 
“Besides, the opening of the Saudi economy, under the country’s current leadership, one would expect a lot more tourism projects coming up in future, as part of the Saudi Vision 2030.”
 
According to the Department of Tourism and Commerce Marketing (DTCM) the emirate’s tourism regulator, the city of Dubai needs 40,000 additional hotel rooms in order to host such a mega event. Dubai’s nearly 600 hotels and serviced apartments collective has an inventory of more than 100,000 hotel rooms.

Top 10 Hotel Projects

Project Name

Project Status

Country

City

Project Value

Project Type

Makkah Residence - Phase 3

Concept

KSA

Makkah

2 bn

Hotel

Makkah Residence - Phase 2

Design

KSA

Makkah

1.7 bn

Hotel

Royal Atlantis Resort and Residences

Construction

UAE

Dubai

1.4 bn

Resort

Hospitality District - Mall of the World

Concept

UAE

Dubai

1 bn

Hotel Apartments

Red Sea Touristic Development (Phase 1)

Concept

KSA

Tabouk

1 bn

Resort

Oyster Resort

Design

UAE

Dubai

1 bn

Resort

Address Hotel Jabal Omar

Design

KSA

Makkah

1 bn

Hotel

Damac Paramount Towers

Construction

UAE

Dubai

1bn

Hotel Apartments

Marsa Al Arab Island 2 - Madinat Jumeirah

Concept

UAE

Dubai

971 m

Resort

Fountain View Towers - Downtown Dubai

Construction

UAE

Dubai

816.78 m

Hotel Apartments

Manazel New Development

Concept

UAE

Abu Dhabi

816 m

Hotel

Photo Captions:
1. (above)  Avin Gidwani, Chief Executive Officer of BNC Network
2. (inset)  For illustrative purposes only (File photo)

About BNC
BNC, the largest project intelligence provider in the MENA region, tracks more than 28,000 live construction projects with a value exceeding US$7.7 trillion (Dh28.3 trillion). It publishes more than 250 project updates and shares construction intelligence with more than 73,000 executives and professionals every day.

It is used by thousands of business leaders and construction industry professionals around the world to track developments, gain insight on projects and do business in the construction industry. BNC covers construction projects, across all sectors including urban construction, mega developments, transportation, utilities, industrial developments and oil and gas and publishes over 2,000 construction analytics annually based on extensive research and analysis.

 

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