Tuesday 26 January 2021

Dubai’s hospitality projects hit $43bn in Q1, up 6.1pc

DUBAI, July 30, 2018

Dubai’s hospitality industry is poised for solid growth this year with the value of its major projects, including new hotels, resorts and hotel apartments, surging to $43 billion for the first quarter, up 6.1 per cent over last year, according to a report.

With 356 active hospitality projects across the emirate, Dubai’s construction sector is now in full swing, stated the report produced by BNC Network for The Big 5, the largest event for the construction industry in the Middle East.

The emirate’s hotel inventory is growing quickly with 17 new hospitality projects worth over $860 million delivered in the first quarter of 2018 only, it said.

Seven new projects worth over $370 million were announced in the first three months of the year, stated the report.

Moreover, 25 hospitality projects with an estimated value of $2.2 billion, currently in tender stage, are expected to be awarded in the next few months, it added.

“Expo 2020 Dubai is proving a magnificent growth driver for the hospitality and construction sectors,”
remarked Josine Heijmans, the portfolio director of The Big 5 at dmg events.

“The Dubai Hospitality Construction Overview report shows that the emirate is on track to reach 20 million overnight visitors in 2020,” she said.

“These project movements demonstrate a healthy growth in the hospitality related construction sector in 2018 and beyond,” noted Heijmans.

Dubai, she stated, was developing its hospitality infrastructure with a vision to become the world’s tourist capital.

According to a report published by the Dubai Tourism Department, there were over 680 hotels and hotel apartments in the Emirate, offering an inventory of over 107,000 rooms in 2017.

The new projects are set to attract more international visitors, offering a variety of theme and budget-friendly options too, as Dubai’s business related tourism keeps growing.

Last year, the Dubai World Trade Centre (DWTC) reported an all-time record of 3.3 million delegates and attendees, 9 per cent up from 2016.  

In 2018, The Big 5 gears up to welcome over 2,500 exhibiting companies from across the globe. With hospitality projects worth over $17 billion in construction or tender stages, organisers expect to welcome over 60,000 industry professionals looking to source the latest products and construction solutions, said  Heijmans.

The event will also feature a rich education agenda with high-level summits and practical workshops, she noted.

Under the theme “Shaping the future of construction”, the 39th edition of The Big 5 will introduce the brand new Live Innovation Zone, where demonstrations will feature some of the newest and most innovative products available, and the Start-up City, gathering the next construction tech disruptors.

Running at the DWTC from November 26 to 29, the event will present and promote innovative solutions across all stages of the construction life-cycle.-TradeArabia News Service

Tags: Dubai | hotels | resorts | The Big 5 | hospitality projects |

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