Over 2,000 GCC hospitality and leisure projects driven by regional; economic diversification strategies
Over 2,000 hospitality and leisure projects are currently underway in the GCC with a combined estimated value of $200 billion, a new report has found.
Burgeoning growth of the construction sector is part of regional efforts to diversify economies away from oil revenues with rigorous investment in tourism infrastructure and playing host to large events, construction database BNC Network said.
The figures come ahead of The Big 5 construction Summit next month.
Hospitality and leisure markets in the UAE and Saudi Arabia currently make up 74 percent of the GCC’s leisure and tourism projects, the report by BNC Network for The Big 5 found.
Mega developments in the top ranking countries include Dubai’s Mall of the World and phase 1 of the Red Sea Touristic Development in Saudi Arabia’s north-eastern city of Tabouk.
Oman has the third highest investment in hospitality in the Gulf region, with plans including a new $20 million luxury beach resort in the port city of Duqm, the report added.
It said the number of hospitality and leisure projects being launched in the GCC will continue to positively drive the regional construction sector as a whole.
The Big 5 will feature over 2,500 companies showcasing a range of products and sustainable building solutions and is expected to attract over 78,000 visitors from November 26-29.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.