KSA, UAE Continue to Spearhead Arabian Gulf HospitalitySource: www.export-egypt.com 2/27/2018, Location: Middle East |
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The UAE will continue to lead the Gulf Cooperation Council (GCC)’s luxury hospitality segment to 2022, with 73 percent of existing luxury hotel stock and 61 percent of the region’s current luxury pipeline located in the country, data released ahead of Arabian Travel Market (ATM 2018) indicates.
Taking place at Dubai World Trade Centre on April 22-25, it will be the 25th ATM, according to the UAE News Agency (WAM). The research demonstrates that luxury properties have increased three-fold in the GCC in just ten years, with 95 percent of these properties operated by international management brands. Despite taking the lead position, the UAE will face strong competition from Saudi Arabia, which is expected to witness the most significant increase in luxury hotel supply to 2022, with a Compound Annual Growth Rate, CAGR, of 18 percent from 2018 onwards. This figure stands at ten percent in the UAE, 11 percent in Oman and Kuwait, and nine percent in Bahrain. Historically, Saudi Arabia dominates CAGR trends, with luxury property development from 2013 – 2017 accounting for 11 percent of the Kingdom’s growth in supply, compared to eight percent in the UAE, seven percent in Kuwait, six percent in Oman and five percent in Bahrain. In 2017, the UAE topped the table, with 35 percent of the year’s pipeline made up of luxury projects; most concentrated in Dubai. This compares to 14 percent of projects in Saudi Arabia, 20 percent in Kuwait, 19 percent in Bahrain and 11 percent in Oman. According to the research, compiled by Allied Market Research and published by Colliers International, there are six opportunities for further development in the GCC’s luxury segment. These include the introduction of more boutique hotels of 80 keys or fewer, offering privacy and exclusivity; luxury resorts to cater to the high demand for wedding and honeymoon destinations; iconic properties in prime locations; and nature and heritage concepts such as eco-lodges and glamping. High quality wellness and spa properties and luxury cruises also feature on the list. ATM – considered by industry professionals as a barometer for the Middle East and North Africa tourism sector, welcomed over 39,000 people to its 2017 event, including 2,661 exhibiting companies, signing business deals worth more than US$2.5 billion over the four days. |
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