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FinancialNews


  • 08-12-22

    GCC nations currently develop more than 170k hotel rooms

    (MENAFN) Gulf Cooperation Council nations obtain more than 170,000 hotel rooms with ongoing development, which come in line with 40 percent of the area’s current inventory, as shown by research by hotel market intelligence firm STR.

    The growth number is nearly four times higher compared to other nations across the world, which presently lags at an average of 11 percent higher being established in comparison with current provision.

    Danielle Curtis, exhibition head of Arabian Travel Market, the company that commissioned the research, stated that “Between Expo 2020, the 2022 FIFA World Cup, and Saudi Arabia’s ambitious Vision 2030 strategy, the GCC’s hospitality sector development pipeline remains robust in contrast to global hotel development, which is slowing, due to weak economic growth forecasts.”

    Adding, “While the hospitality sector’s growth does highlight the region’s increasing popularity on the global stage, it is also indicative of regional government strategy to diversify gross domestic product growth away from hydrocarbons into tourism, which will help to drive demand still further, over the coming years.”

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