Abu Dhabi – Mubasher: The hotel sector in the Gulf region is like to record an annual increase of 7.6%, a new report has said.
Profits for the sector across the GCC are likely to rise to around $36.6 billion by 2020, compared to $25.4 billion in 2015, Alpen Capital said in its newest report.
Revenues per one available room in the UAE are likely to rise by an annual rate of 1.8%, bringing total revenues by 2020 in the UAE to $143 billion.
We expect the hotel sector to recover on the long term after a difficult period in 2016, the report said, adding that an increase in the number of tourists on the backdrop of various efforts taken by GCC governments will boost the sector in the coming years.
On the same note, the Gulf & Indian Ocean Hotel Investors' Summit 2017 (GIOHIS 2017) is scheduled to be held between 6 and 7 of February 2017 in Abu Dhabi.
Marko Vucinic, senior VP MENA, hotels and hospitality group at JLL, said that India was the top source of visitors to Dubai. Countries like China have also become major targets for Visit Dubai, the tourism and commercial marketing authority in the emirate, he added, according to the report.
The UAE will remain under pressure on the short term, but we expect a positive change on the long-term, Vucinic stated.
Worth noting, the UAE ranks highly on the global hotels and hospitality sector, according to the report.
