The total value of the 1,156 hospitality and tourism projects in the GCC region exceeded $147bn (AED 539bn) at the end of March 2018, according to BNC Network.
Among the 1,156 hospitality projects, 724 projects worth $78bn are hotel projects while 140 hospitality projects worth $50bn are resort hotels and 292 hospitality projects worth $19.5bn are hotel apartments.
There are 492 hospitality projects worth $39.4bn currently in progress, including tender and under-construction stage with a further 210 projects worth $26.8bn in the planning, concept and design stage.
In terms of value, $80.9bn worth of projects – or 55% 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 Expo 2020 mega event,” Avin Gidwani, CEO 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 has an inventory of more than 100,000 hotel rooms.