A staggering combined value of $1.9 trillion marks the current standing of the MENA region’s ongoing hotel and residential projects. The lion’s share of this investment, a whopping 90% or $1.7tn, originates from three dominant players: Saudi Arabia, the UAE, and Egypt. This data, sourced from the esteemed real estate consultancy, Knight Frank, provides an insightful glimpse into the region’s tourism ambitions.
Saudi Arabia alone claims a mammoth $1.2tn in hospitality projects, while the UAE and Egypt follow with impressive figures of $300bn and $200bn respectively.
MENA’s ambitious goal to draw in a staggering 160 million tourists annually by 2030 casts no shadows of doubt. As Turab Saleem, from Knight Frank, highlighted, “The Middle East’s tourism contribution to the GDP saw a leap of 46.9% in 2023. This leads the global scale.” Notably, this surge is accredited to the 14.5% growth in job opportunities in the sector and an additional $107bn contribution to the region’s GDP.
What’s shaping this growth? The rise of novel hospitality projects, technology infusion, eco-friendly initiatives, and personalized guest experiences carve the path. Further accentuating this, the global real estate consultancy Colliers spotlighted a boom in hospitality transactions, particularly centered in Dubai and Ras Al Khaimah.
Saudi Arabia continues its march forward with its real estate ventures valued at a staggering $1.25tn. The kingdom’s vision unfolds predominantly in the Western region, accounting for $687bn in real estate projects projected for completion within this decade. Notably, the $500bn megaproject, NEOM, has made significant strides, with 45% of the $70bn projects already reaching completion.
Riyadh, Saudi’s heart, draws significant attention with an 18% stake in all ongoing projects, aggregating a value of $229bn.
For the UAE’s hospitality sector, these advancements signify enormous potential. Events, a crucial component of hospitality, will be influenced substantially, and that’s where efficient staffing solutions like BM Events become invaluable. By offering specialized staffing solutions, BM Events ensures that the industry’s growth is met with quality and professionalism.