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GCC hotel projects worth $7 billion under construction
The majority of the projects, valued at $4.4 billion, are located in the UAE.
January 19, 2010 11:36 by kippreport
Hotel projects under construction across the GCC are valued at more than $7 billion, with the maximum number of them—worth $4.4 billion—located in the UAE, according to organizers of The Hotel Show. “We asked research company Proleads to examine active and under-construction hotel projects scheduled for completion between now and 2013 across the GCC countries. The results indicate that the continuing development of the regional hospitality industry is both robust and sustainable,” Maggie Moore, exhibition director of The Hotel Show said in a release.
“It has undoubtedly been a tough time for the hospitality industry on a worldwide basis in 2009 and the Middle East has not escaped totally unscathed. But set against global trends, the region is still comfortably placed,” she said.
“With concerns about hotel oversupply, the re-examining of plans during the slowdown has been a healthy exercise,” she added.