Abu Dhabi – Mubasher: The value of hospitality projects in the UAE reached AED 262.77 billion ($71.6 billion) in September 2017, according to a BNC network report.
The sector currently has 546 projects, representing 6% of the total urban construction projects and 14% of the total estimated value of these projects in the UAE, the report added.
In August, construction began on three projects, worth a combined value of $194.5 million with Portofino Dubai coming in first place with the highest value, while four other projects, totalling $527.2 million (AED 1.93 billion), were finished.
All these projects should end within the next three years to accommodate visitors of the Expo 2020 in Dubai, CEO of BNC Network Avin Gidwani said.
The Dubai government expects that it would need 4,000 hotel rooms in addition to the current 100,000 rooms to accommodate these visitors.
