(MENAFN) Gulf Cooperation Council nations have more than 170,000 hotel rooms under active improvement, equal to 40 percent of the region’s current inventory, based on a research by hotel market intelligence business STR.
The development figure is almost four times over the rest of the world, which now lags at an average of 11 percent more being created against current supply.
Danielle Curtis, exhibition manager of Arabian Travel Market, the company that commissioned the research, stated: “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.
“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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