71,000 new hotel rooms in Dubai's pipeline
There are US $98.3 billion (AED 361 billion) worth of hospitality, leisure and recreation projects in the UAE, a new report has revealed
The UAE leads the hospitality and leisure-recreation market in the GCC, according to a new report commissioned by The Big 5, with a combined value of the hospitality, and the leisure and recreation sectors in the region, currently valued USD 178.8 billion (AED 656.7 billion).
The value of these sectors is expected to increase driven by tourism, a growing population and global events, an official statement said.
Big 5 event director, Josine Heijmans commented: “In the GCC, several state-led initiatives are sponsoring construction projects to diversify the local economy. With tourism contributing to the 8.5% of its GDP by the end of 2016, the UAE is vigorously investing on infrastructure projects to welcome more and more visitors.”
Dubai is building 71,000 new hotel and hotel apartment rooms and will increase the offer of rooms from 94,000 at the start of 2015 to approximately 164,000 at the time of the Expo.
The UAE has the highest market share; it makes up approximately 42% of all hospitality and leisure-recreation projects in the region, or the 55% in terms of value.