Hotel project numbers soar in Saudi, UAE
London, June 15, 2014
Saudi Arabia and the United Arab Emirates are leading the Middle East region in rooms under contract, according to data from STR Global.
The Middle East overall is the fasted growing region in the world, with 99,199 rooms under contract in the region. Existing room supply is expected to grow by 40 percent, HNN Newswire said quoting from the report.
The overall picture of development in the Middle East shows a clear differentiation between the strongest countries, in terms of supply and rooms under contract, it said.
The UAE and Saudi Arabia combined account for 68 per cent of the existing room supply in the Middle East, where STR Global tracks 13 countries. These two countries also account for 70 per cent of rooms in the region’s pipeline.
Despite the 12-month moving average supply growth rate of the UAE (+8.2 percent), Saudi Arabia has a stronger pipeline in terms of rooms under contract. The amount of rooms under contract in Saudi Arabia (35,587 rooms) is slightly more than the total in the UAE (34,226 rooms). This would mean a 60 percent supply growth in Saudi Arabia and a 32 percent supply growth in the UAE, the report said.
In Saudi Arabia, the Upscale and Upper Midscale hotels lead with the most rooms under contract, while the Luxury and Upper Upscale hotels top the most rooms under contract in the UAE. - TradeArabia News Service