Dubai on track to open more than 30 new hotels in 2024 in tourism push

The tourism sector is expected to have doubled its contribution to GDP in 2023

Dubai is on track to open 31 new hotels in 2024, bringing the total number of hotels in the emirate to 851, according to a new report from property consultant Cavendish Maxwell. The number of hospitality establishments reached 820 by the end of 2023 to meet growing demand, with 73% of the new supply falling within the luxury and upper upscale segments.

Average daily rate levels increased by less than half a percentage point, compared to a 16% y-o-y increase in neighboring Abu Dhabi. Dubai’s hospitality market achieved an overall average occupancy of 77% in 2023, representing a 6% y-o-y increase in occupancy rates.

The tourism sector’s contribution to GDP is expected to have doubled to 36.1% in 2023, reaching pre-pandemic levels. The report attributes growth to initiatives to boost the tourism sector, with the national tourism strategy pegged to increase GDP contribution to AED 450 bn and attract investments worth AED 100 bn by 2031.

More hotels in 2025: An additional 16 hotels are slated for handover next year, according to the report.

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