UAE hospitality sector revenue anticipated to reach US$ 9.8 billion by 2020
The hospitality industry in the UAE is expecting an important expansion due to the huge potential inflow of tourists for the World Expo 2020 to be hosted in Dubai. Saudi Arabia – the largest hospitality market and religious tourism centre in the GCC – is set to get a boost with major expansion works being carried out at its two holy mosques in Makkah and Madinah. This has been announced in the Alpen Capital report issued in second half of 2016.
The report has also confirmed that more than 136,000 hotel and serviced apartment rooms are likely to enter the GCC hospitality market, taking the total inventory to nearly 770,000. Of these, the UAE and Saudi Arabia are anticipated to witness addition of more than 60,000 and 47,000 rooms, respectively, by 2020. The UAE hospitality sector revenue is anticipated to reach US$ 9.8 billion by 2020, translating into a robust 10.8 per cent annualised growth from 2015. Saudi Arabia’s hospitality sector revenue is projected at US$ 23.1 billion in 2020, indicating an annual average growth of 6.2 per cent from 2015.
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