Over 2,000 hospitality and leisure projects are currently underway in the GCC with a combined estimated value of USD 200 billion, event organizers announced ahead of The Big 5 next month, reported Trade Arabia.
An estimated USD 64 billion worth of related projects in the construction pipeline, coupled with increasingly relaxed visa policies highlight a developing focus on strengthening the regional tourism ecosystem.
Hospitality and leisure markets in the UAE and Saudi Arabia currently make up 74 percent of all related projects in the GCC region. According to the “GCC Hospitality and Leisure & Recreation” report by BNC Network for The Big 5, the expanding tourism sector is a key driver for increasing hospitality and leisure projects in the region.
By adding hospitality and leisure projects to their portfolio, and developing the tourism sector in their countries, GCC governments are actively moving toward economic diversification and sustainable growth. Investments in the hospitality and leisure projects as a result, are adding significant growth the construction sector as a whole.
Mega developments in the top ranking countries include the Hospitality District in Dubai’s Mall of the World (UAE) and Phase 1 of the Red Sea Touristic Development in Tabouk (Saudi Arabia). Behind the UAE and Saudi Arabia, Oman has the third highest value of hospitality and leisure investment with the Tourism Resort project in Duqm being valued at USD 20 million.
Dubai and Abu Dhabi account for approximately 81 per cent of all hospitality and leisure projects in UAE, with the country as a whole being listed by BNC Project Intelligence as having the most competitive tourism sector in the GCC.
With the upcoming Expo 2020 the UAE is expected to attract an estimated 25 million visitors between October 2020 and April 2021. Additionally, under the 2020 Tourism Strategy, The Department of Tourism and Marketing in Dubai aims to target 20 million overnight visitors in 2020.
Looking at the report, Portfolio event director for The Big 5 Josine Heijmans evaluates that “the high number of hospitality and leisure projects being launched in the GCC will continue to positively drive the regional construction sector as a whole. In an effort to support mega-events as Expo 2020 and developing tourism strategies, demand will remain strong for the innovative products and sustainable building solutions all on display at The Big 5 2017.”
Running from November 26 to 29 at the Dubai World Trade Centre, the 38th edition of The Big 5 will feature over 2,500 local and international exhibiting companies showcasing 360-degree building solutions across five dedicated product sectors: Building Interiors & Finishes, Building Envelope & Special Construction, Construction Tools & Building Materials, Construct Technology & Innovation, and an MEP Services sector featuring an all new HVAC-R dedicated hall. The event is co-located with The Big 5 Solar.
Additionally, the event will offer a broad education agenda to the expected 78,000 visitors, which will include The Excellence in Construction Summit, the 2017 Big 5 Innovation in Precast Summit, and over 70 free to attend and CPD-certified Big 5 Talks broken down into six themes to correlate with product categories: Business, Sustainability, Project Management, MEP, Architecture, Technology.
Organized by dmg events Middle East, Asia & Africa, last year’s edition of The Big 5 was the largest to date, attracting over 78,579 participants and 2,586 exhibiting companies from 59 countries.
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