Tourism

Hotel and residential projects in the MENA region exceed a combined value of $1.9 trillion

The value of hotel and residential projects under development in the MENA region has exceeded $1.9 trillion, with Saudi Arabia, the United Arab Emirates and Egypt accounting for 90 percent ($1.7 trillion) of the investments , according to a report from the real estate consultancy. Frankish Knight.

The latest data from Frankish Knight shows that hotel projects worth $1.2 trillion are being developed in Saudi Arabia, with the United Arab Emirates accounting for $300 billion and Egypt $200 billion.

The report highlights the region’s commitment to attract 160 million tourists annually by 2030.

“The Middle East travel and tourism sector experienced tremendous growth with a 46.9 percent increase in its contribution to GDP in 2023, which is the highest of any region in the world.”

saying Turab Saleempartner and director of Hospitality, Tourism and Leisure – MENA at Knight Frank.

“This growth is being driven by a 14.5 per cent increase in the number of jobs supported by the sector and an increase of more than $107 billion in its overall contribution to GDP.”

saying Salem.

The influx of new hospitality and tourism-related projects in the region is also fueling recent trends that add value and efficiency and generate better investment returns.

MENA’s booming tourism sector

The introduction of simplified visa processes, aggressive marketing campaigns, green initiatives, innovation and technology, increased connectivity with new players in the airline sector and personalized interaction with guests are playing a vital role in the growth of the Middle East tourism industry. East.

Supporting the growth of the MENA tourism sector, global real estate consultancy Colliers said a significant volume of hospitality-related transactions are currently in an advanced stage of negotiation, with high-profile properties expected to change hands in the coming months.

“There is strong appetite for the hotel asset class, particularly in Dubai and Ras Al Khaimah, from regional and international investors, driven by last year’s strong operational performance and the UAE’s continued improvement as an international tourism destination. first level”.

James WrenCEO and Head of Capital Markets, MENA at Colliers.

Saudi Arabia’s real estate projects reach $1.25 trillion

Meanwhile, Frankish Knight He said the value of Saudi Arabia’s real estate and infrastructure projects has exceeded $1.25 trillion and the value of commissioned projects reaches $250 billion.

The consultant Saudi Gigaprojects Report revealed that western Saudi Arabia remains a centerpiece in the kingdom’s transformative vision, with real estate projects valued at $687 billion expected to be delivered by the end of the decade.

NEOM, the $500 billion megacity, is progressing rapidly, with $70 billion in projects awarded, 45 percent of which have already been completed.

Riyadh remains a focal point for Saudi Arabia’s transformation and currently accounts for 18 percent of all ongoing real estate and development projects, with a combined value of $229 billion.

News source: Gulf Business

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