Dubai is expecting to increase its offer of rooms from 94,000 on hand at the start of 2015 to approximately 164,000 leading up to Expo 2020, according to a recent report.
The GCC hospitality sector is currently worth $126.8bn, comprising projects related to hotels, hotel apartments, and resorts, according to the GCC Hospitality & Leisure-Recreation 2016 report, commissioned for The Big 5 exhibition in Dubai next month.
The Big 5 Event Director, Josine Heijmans, said: “In the GCC, several state-led initiatives are sponsoring construction projects to diversify the local economy. With tourism contributing to the 8.5% of its GDP by the end of 2016, the UAE is vigorously investing on infrastructure projects to welcome more and more visitors.”
Over 200 hospitality and leisure-recreation projects valued over $100m each are currently being built in the UAE, with a combined value of $83.8bn. These include the $6.8bn Firdous Sobha in Umm Al Quwain, The $1.5bn Dubai Eiffel Tower, and the $1.8bn Royal Atlantis Resort in Dubai.
The leisure and recreation sector, including projects related to cinemas, theatres and auditoriums, golf courses, race courses, parks, stadiums, theme and water parks, animal reserves and zoos, sports clubs and facilities, museums and galleries, has a combined estimated value of $52.0bn.
Heijmans said that this indicates a strong pipeline in the near future, and positive prospects for construction industry professionals in the region.
“The Big 5 2016 will capitalise on these opportunities offering both visitors and exhibitors a unique platform to network with key decision makers and industry professionals, sourcing thousands of products from international and local manufacturers,” she added.
Running from 21-24 November, 2016, The Big 5 is expected to attract 75,000 participants, hosting over 3,000 exhibitors across the entire Dubai World Trade Centrevenue.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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