Regional investments outlook by Lumen
Despite regional uncertainties, political turmoil and economic instability, mega projects are still the fuel of the Middle East region, namely the UAE and Saudi Arabia
MEGA MUSEUMS
EGYPT Grand Egyptian Museum Phase III 470,974sqm land area 92,623sqm museum built-up 5,952sqm Pyramid restaurants KUWAIT Sheikh Abdallah Al Salem Cultural Center 130,000sqm footprint 8 buildings 8 F&B outlets and 5 retail shops 6 museums
SPOTLIGHT ON THE KINGDOM
The Kingdom recorded 68 new hotels accounting 29,033 rooms to open across the major cities of the country. Riyadh, Jeddah, Al-khobar and Makkah are set to be the country’s busiest Saudi cities for hospitality development in the current year. Abraj Kudai Towers, a USD 4.5bn hospitality project, opening in Makkah, will become the world’s biggest hotel when it opens in Q4,
2017, offering 10,000 rooms. Saudi Arabia’s Vision 2030 plan is based on three major themes:
DUBAI MAKES IT TO THE TOP ONCE AGAIN
With the highest market share, the UAE makes up approximately 42% of all hospitality and leisure recreation projects in the region. Currently valued at USD 179.7bn. Dubai is now building around 72,000 new rooms, which will increase the total room supply from 99,000 back in 2016, to approximately 165,000 for Expo 2020.