GCC hospitality market is projected to reach US$ 32.5 billion by 2022
The GCC Hospitality Report from Alpen Capital revealed that the hotel sector would be in “significant demand” from Expo 2020 in Dubai
Alphen Capital has predicted the GCC hospitality market to reach US$ 32.5 billion by 2022 thanks to Expo 2020 and other global events occurring over the next few years.
The predictions have been made ahead of the Hotel Show, which will celebrate its 20th edition, taking place from 17–19 September 2019 at Dubai World Trade Centre.
The hotel sector is expected to be in “significant demand” owing to Expo 2020 in Dubai and other global events that will be hosted in the region, according to Alphen Capital's GCC Hospitality report.
Other studies, such as The Hotels Market Report by Ventures Onsite, expects 25 million visitors to come to the UAE for Expo 2020 in preparation, while Dubai’s hotel room supply is expected to reach 132,000 in 2019, with the Emirate aiming to complete 160,000 hotel rooms by October 2020.
DMG Events, who organises the Hotel Show, said the Hotel Show will be a confluence point for the GCC’s hospitality sector to align on best practices.
“The best part of the show this year is that it is co-located with six other events catering to sectors that complement the hotel industry,” said DMG’s portfolio director Nathan Waugh.
“The GCC’s hospitality sector is focussed on putting the best foot forward when tourists from around the world visit the UAE for the Expo event as well as other international attractions scheduled to take place in the GCC.”