Sumary of AHIC reveals value of Middle East hospitality pipeline ahead of annual event:
- African Hospitality Investment Conference (AHIC) has released the fourth AHIC Hotel Investment Forecast ahead of the annual event.
- According to research into the GCC hotels projects market conducted by MEED Projects, a division of MEED, co-organiser of AHIC alongside Bench, there are US $27 billion worth of hotel investments in the pipeline.
- More than US $3.5 billion worth of new hotel projects in the GCC have been awarded since the start of 2020 alone.
- These new investments are mainly located in Saudi Arabia, Qatar and the UAE, including phases five and six at Jabal Omar, Makkah;
- ADVERTISEMENT Ed James, director of content and analysis at MEED Projects, said: “Despite the challenges presented by Covid-19, the hotel industry is still 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 industry is even more bullish, with US $27 billion worth of hotel investments in 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.