61 hotels valued at $8.8 billion to open by 2010
A total of 61 hotel developments worth $8.8 billion are due for completion between now and the end of 2010 across the Arabian Gulf despite the global economic downturn, according to a new survey revealed today (14 March 2009).
“These are challenging times for everyone but these latest figures show that hotel suppliers continue to have an expanding market in the Middle East,” said Maggie Moore, Director of The Hotel Show which takes place at the Dubai International Exhibition and Convention Centre from 24-26 May 2009.
The vast bulk of the new hotel developments are in the United Arab Emirates with 22 this year and a further 13 due for completion in 2010, says the survey by project research and database company Proleads for The Hotel Show, the region's premier trade show for the hospitality industry and its suppliers.
“With thousands of new hotel rooms coming on stream over the next two years, the hospitality industry will need to focus on standards and value for money for customers,” said Moore. “There will certainly be downwards pressure on hotel rates in the short term, but one has to remember that hotels in the GCC region recorded some of the highest average rates in the world last year.
“In the meantime, the region is still expected to continue investing in tourism infrastructure, including hotel developments, for long term growth and sustainability.”
The Proleads survey shows five major hotels reaching completion this year in Saudi Arabia, followed by seven more in 2010. Qatar will see five new hotels completing this year and two in 2010. Bahrain has one finishing in 2009 and four in 2010. Spending on new hotels is at its highest over the two years in the UAE, accounting for $6.1 billion of the combined $8.8 billion.
The Hotel Show showcases the latest products, services and technologies for all aspects of the hospitality and leisure sector. In 2008 the show featured 1,050 exhibitors from 46 countries.
The Hotel Show this year will have four major product and service sectors: Interiors & Design for furniture, furnishings, accessories and design services; Operating Equipment & Supplies, with food and beverage, housekeeping and back of house products and equipment; Security & Technology; and The Resort Experience, covering all things outdoor; including furniture, accessories and design.
© 2009 Al Bawaba (www.albawaba.com)
- Emirates Group achieves record profit in 2010-2011
- During the second quarter of 2010: Improvement registered in performance of Libyan commercial banks.
- Saudi imports on the rise
- National Corporation For Tourism & Hotels appoints Millennium Group as exclusive operator and manager of its new 1 Billion AED hotel development in A