MENA HOSPITALITY INVESTMENT REPORT 2017
+100 BILLION DOLLARS BY 2027 +150 TOP HOTEL PROJECTS
The MENA region’s Travel and Tourism investment in 2016 surpassed USD 58 billion, according to a compilation of data released by the World Travel and Tourism Council (WTTC), with forecasts indicating that it will top USD 100 billion over the next 10 years. International tourist arrivals in the region are projected to total over 116 million by 2027, generating expenditure of over USD 150 billion.
With the changing economic dynamics, the governments in the region are becoming more involved with tourism and hospitality. Driven by national plans and strategies to boost their local appeal, KSA will be, without a doubt, the tourism investment leader in the coming decade, driving projected investments, with over USD 50 billion set to be injected into the sector. The Kingdom, which launched its Vision 2030 last year, plans to lure visitors with improved visa issuance procedures and by highlighting its historical and heritage sites.
Another regional leader is the UAE, which has been showcasing its infrastructure, landmarks and advancements now for several years. Expo 2020 has repositioned the country as a tourism hub, with new projects undoubtedly set to increase footfall. Projects include: Eye of Dubai; Marsa Al Arab; Dubai Frame; the Water Canal; and the world’s tallest tower under construction at the Dubai Creek Harbour.
Third comes Egypt which, while having endured instability and uncertainty over the past five years, is believed to be poised for recovery. Not everyone agrees with this expectation, but a significant number of forecasts suggest the country will be back on its feet and eyeing a return to its former glory days before long.
Highest investment growth
Six countries, including Jordan, Egypt, Yemen, Lebanon, KSA and Bahrain, will almost double investments in the sector. Even more significantly, the UAE, Qatar and Syria are expected to achieve a 200 percent investment growth over the next 10 years. Syria’s resurrection, data suggests, is already underway, with a few ventures advancing, albeit cautiously, with momentum set to build once the situation improves.