Mubasher: Global real estate company Colliers International has released its forecasts for the performance of the hospitability sector in the GCC and MENA regions in 2020.
The occupancy rate at Dubai Creek’s and the Dubai International Financial Centre’s (DIFC) hotels is expected to reach 80% next year, Colliers International's data showed.
Meanwhile, hotels in Abu Dhabi City and Abu Dhabi Beach are expected to see occupancy rates of 71% and 67%, respectively.
“The UAE markets are expected to achieve relatively stable performance levels in 2020, with the first three months of EXPO 2020 falling in the fourth quarter,” Colliers said.
As for Saudi markets, the outlook is positive, as occupancy in Riyadh and Jeddah expected to reach 62% in 2020, while occupancy in Makkah and Madinah may record 64%.
“Saudi markets will continue to benefit from tourist visa changes and other initiatives. Although new supply might put a downward pressure on rates, recent initiatives are expected to have a positive impact on occupancy levels,” the global real estate company commented.
The Egyptian market also awaits positive prospects. Occupancy rates in Cairo, Sharm El Sheikh, Hurghada, and Alexandria are expected to hit 81%, 64%, 70%, and 84%, respectively.
Moreover, other markets in the region may see varied performance next year as shown in the table below.
