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GCC hotel development hits US$ 18 billion in value.
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| 3 Dec 2007 |
Demand for exhibition space at The Hotel Show is being driven by developers who have committed around US$18 billion to new hotel developments across the Gulf Co-operation Council (GCC) countries.
Current hotel projects in firm planning or construction phases show the United Arab Emirates – and Dubai in particular - leading the way with a total valued at a staggering US$12.7 billion, according to the database of Proleads which monitors all regional construction projects.
“As anyone who lives in, or has recently visited the region can see, the GCC countries are in the midst of a massive construction boom, especially in the hotel and hospitality industry,” said Maggie Moore, Exhibition Director of the Hotel Show 2008, the Middle East's leading supplies exhibition to the region’s hospitality sector, taking place at the Dubai International Exhibition Centre (DIEC) from 8-10 June 2008.
“In the UAE alone, nearly 100 new hotels are expected to be ready by 2010 with a combined capacity of more than 30,000 rooms."
“Dubai’s phenomenal hotel projects under construction include Asia-Asia, planned to be the world’s largest hotel with 6,500 rooms and a budget of US$1.625 billion. However, with a budget of US$3 billion, the region’s richest single hotel construction project is currently the MGM Grand Hotel, planned by the Mubadala Development Company in Abu Dhabi.” (see table)
In June this year, The Hotel Show attracted 10,086 dedicated trade visitors. They included the regional owner-operators, key decision makers from international five-star hotel chains, architects and interior designers.
The 2008 show - organised by dmg world media, Dubai, one of the region’s leading exhibition companies – will occupy in excess of 16,500 square metres of exhibition space to accommodate surging demand from both international and regional exhibitors. “We are already heading towards another complete sell-out in record time,” said Moore.
The top ten hotel projects in the GCC by value:
1) The MGM Grand Hotel planned for Abu Dhabi. A US$3 billion complex will comprise an MGM Grand hotel and two further luxury hotels with more than 1,200 rooms.
2) Asia-Asia Hotel, part of the Dubailand development. The US$1.625 billion project calls for the world’s largest hotel providing 6,500 rooms – 5,100 four star and 1,400 five star. The MGM Grand Las Vegas currently claims the world’s largest title with 5,044 rooms.
3) A US$1.2 billion budget Qatar Entertainment City project for four five-star hotels, each with a capacity of 300 to 400 rooms.
4) A multiple hotel development in Jabal al-Kaaba in Makkah, Saudi Arabia, with a US$710 million current budget for nine hotels with a total of 10,000 rooms.
5) Dubai Lifestyle City’s US$650 million 'seven star' hotel will include a sports centre and health club.
6) Salam Beach Resort and Spa Project in Manama, Bahrain, has a budget of US$545 million.
7) Another Dubailand development – the US$505 million America Hotels and Resorts – will have 500 rooms and a three star rating.
8) A budget of US$500 million has been set for the five star Durrat Al Bahrain Hotel and Resort in Bahrain.
9) The 31-storey, US$400 million Hajer Tower in Makkah, Saudi Arabia, includes an hotel.
10) The US$US327 million Palaces Hotel and Resort project – another Dubailand development - will have 1,000 rooms and take inspiration from Versailles, the Taj Mahal and Buckingham Palace.
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