The Arabian & African Hospitality Funding Convention (AHIC) has launched the fourth AHIC Lodge Funding Forecast forward of the annual occasion.
The present will this 12 months return to Madinat Jumeirah in Dubai stay and in particular person from September 20-22.
In accordance with analysis into the GCC accommodations initiatives market carried out by MEED Initiatives, a division of MEED, co-organiser of AHIC alongside Bench, there are US $27 billion value of resort investments within the pipeline.
Greater than US $3.5 billion value of recent resort initiatives within the GCC have been awarded because the begin of 2020 alone.
These new investments are primarily situated in Saudi Arabia, Qatar and the UAE, together with phases 5 and 6 at Jabal Omar, Makkah; the Jewel of the Creek growth in Dubai; and Qetaifan Island North in Qatar.
Ed James, director of content material and evaluation at MEED Initiatives, mentioned: “Regardless of the challenges offered by Covid-19, the resort business remains to be optimistic about its medium-term outlook.
“Some US $3.5 billion value of resort building contracts have been awarded throughout the GCC over the previous 18 months in the course of the top of the pandemic, indicating that buyers count on the market to return to normality within the subsequent two to a few years when the brand new initiatives are resulting from open.”
James continued: “Longer-term, the business is much more bullish, with US $27 billion value of resort investments within the pipeline.
“Nearly all of these are comprised of the ‘gigaproject’ tourism investments in Saudi Arabia led by the Purple Sea Mission, NEOM, Amaala, Diriyah Gate and Al-Ula, to call however a couple of,” he added.
“All instructed, these will add greater than 40,000 rooms to the Kingdom’s rising hospitality sector, because it seeks to diversify its economic system to grow to be a number one international participant within the luxurious and high-end tourism market,” mentioned James.
The figures additionally embody a mega-project deliberate for Oman, the Yenkit Hills growth, which is able to function two five-star accommodations and different tourism and residential items.
Primarily based on the present pipeline of resort and serviced residence mission completions within the GCC, an estimated 75,900 rooms are forecast to be added throughout the area within the interval 2021-24.
The long run outlook for resort funding within the Center East and Africa will likely be mentioned in depth on the seventeenth version of AHIC, with analysts from analysis firms together with STR, HotStats, HVS, and JLL set so as to add extra perception on the area’s restoration, efficiency and pipeline.
Jonathan Worsley, chairman of Bench and founding father of AHIC, mentioned: “The AHIC Lodge Funding Forecast is a useful piece of analysis from our companions at MEED, which units a vastly optimistic tone for the conversations at AHIC 2021.
“The business is already nicely on the highway to restoration, and we’re wanting ahead to offering a much-needed platform for buyers and operators to satisfy and do enterprise.”
Reimagined for 2021, the Arabian & African Hospitality Funding Convention (AHIC) will carry collectively the 4 close-knit funding communities of the Arabian Hospitality Funding Convention (AHIC), Saudi Arabia Hospitality Funding Convention (SHIC), Africa Lodge Funding Discussion board (AHIF) and the International Restaurant Funding Discussion board (GRIF).
