Mega projects in the MENA region
Christopher Lund, head of Hotels for Colliers International MENA, gives us a rundown of the major projects in the works across the region
UAE
The UAE has been at the forefront of mega-project developments in the region over the last two decades or so. The latest eye-catching mega-project development in the Emirates is the development of the Expo 2020 site, ahead of the World Expo later next year. The Expo site development will include numerous pavilions - the centerpiece being the UAE pavilion - which will showcase the various nationalities that are taking part in the six-month-long event. After the Expo, the site will switch into ‘legacy’ mode and the project will be transformed into a high-tech master development that will include lowrise commercial buildings, homes and hotels.
KSA
Over in Saudi Arabia, there are numerous mega projects underway across the country, constituting the backbone of the country’s ambitious Vision 2030 plan. The Kingdom’s NEOM initiative is the most ambitious mega project to emerge from the long-term economic development plan. NEOM will be the world’s first zone to extend across three countries, stretching into neighboring Jordan and Egypt. The project will be backed by more than a USD 500 billion investment. NEOM will encompass a raft of industries, including energy and water, biotechnology, food, advanced manufacturing, technological and digital sciences, tourism, media and entertainment. All of these sectors are strategically designed to attract foreign investors and drive the shift away from the country’s reliance on oil.
The Red Sea Project - another noteworthy mega project in Saudi Arabia - is largely focused on tourism growth. This exciting initiative involves the development of more than 90 islands off the coast of Saudi Arabia, covering an area of approximately 28,000 square kilometers. The project is primarily aimed at attracting international, highend, luxury travelers. Its first phase, which comprises 3,000 hotel keys, is expected to be completed by 2022.
Oman
Other large projects, albeit on a smaller scale than the NEOM initiative, are in progress across the GCC region. In Oman, for example, a USD 2 billion project is underway in the sultanate’s Qaboos Port. Mina Al Sultan Qaboos Port is expected to play a key part in Oman’s diversification away from oil. The project will include hotels, residences, F&B outlets, retail outlets and entertainment offerings.
These and other mega projects are expected to further shape and enhance the tourism landscape in the region for years to come, fueling eager anticipation among observers.