Promising future forecast for GCC hospitality sector: ATM Dubai

UAE market forecast to exceed USD 7 billion by 2026
2024-04-25
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Promising future forecast for GCC hospitality sector: ATM Dubai
Promising future forecast for GCC hospitality sector: ATM Dubai

Dubai is leading the regional hospitality markets with a strong outlook for 2024

Hospitality sector boom in the GCC countries is set to continue says a report to be presented at Arabian Travel Market in Dubai in a few days, with rapid growth coming in Saudi Arabia and Qatar, besides the United Arab Emirates.
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Saudi Arabian capital Riyadh has registered a 134 pc growth in its hospitality inventory with 28,465 rooms, while Qatari capital Doha has already doubled its room offering in the past decade and the total number of hotel rooms in Dubai exceeds 150,000, much more than those in London, New York City and Bangkok.

These are some of the findings of a survey of the hospitality industry in the Gulf Cooperation Council that will be released shortly at the Arabian Travel Market, that gets underway in Dubai from May 6.

In a press statement, the organisers of ATM Dubai say that recent data from global research companies indicates a bright future for the GCC hospitality industry, with insights from Deloitte and STR demonstrating sustained growth as tourism continues to be a key priority for regional governments.

The statement adds that according to Deloitte, Dubai is leading the regional hospitality markets with a strong outlook for 2024. Data from the Dubai Department of Economy and Tourism (DET) shows that the city welcomed 17.15 million overnight visitors during 2023, with the average length of stay also increasing. According to Deloitte, occupancy peaked at 88 pc in February.

Elsewhere in the region, STR figures show that Riyadh is leading the way in terms of hotel supply growth, offering an additional 28,465 rooms, a 134 pc increase. Meanwhile, Doha in Qatar has doubled its hotel inventory over the past decade, with a current supply of 39,968 rooms.

Danielle Curtis, Exhibition Director ME, Arabian Travel Market.

Danielle Curtis

“As the hospitality landscape in the GCC region continues to evolve, the data paints a compelling picture of growth and opportunity. ATM 2024 will feature a wide range of hospitality brands from around the world, and we are pleased to report that there has been a 21% increase in exhibition space dedicated to hotel brands this year, demonstrating strong interest and demand,” says Danielle Curtis, Exhibition Director ME, Arabian Travel Market.

“IHG Resorts is the official hotel partner for ATM 2024, and this year’s edition is set to welcome back some of the most respected brands in the hospitality industry, including Four Seasons Hotels, Rosewood Hotels and Resorts, and the Shangri-La Group. It is worth noting that the number of hospitality brands showcased at ATM has increased by 12 pc with a good selection of well-known international and regional brands. With so many world-class brands in attendance across all categories of luxury, upper-midscale and midscale, ATM 2024 promises an enriching experience for all attending,” Curtis adds.

The statement adds that several new European hotel brands, including Ethno Belek in Turkey and Buff Medical Resort in Germany, will exhibit at ATM for the first time. European Voyages, which specialises in tours, transfers, and private jets, will also mark its debut appearance. There has been a notable surge in exhibitor participation from Italy and Turkey, reflecting a growing interest from these regions in reaching the lucrative Middle East tourism market.

Attendees at ATM 2024 will learn the latest trends from hospitality industry leaders during a series of summits and panel discussions throughout the course of the week.

Haitham Mattar

Haitham Mattar

“As the Middle East continues its impressive strides forward in the global tourism landscape, IHG Hotels & Resorts is honoured and proud to be a strategic partner to multiple governments, tourism investors, industry stakeholders, and our customers across the region. As the official Hotel Partner of the Arabian Travel Market 2024, we look forward to engaging with industry leaders, peers and colleagues. ATM remains an unrivalled platform for dialogue, debate, networking, and knowledge-sharing as the regional industry’s legacy travel trade event,” says Haitham Mattar, Managing Director, India, Middle East & Africa, IHG.
The statement adds that the 31st edition of Arabian Travel Market (ATM) will focus on the theme: Empowering Innovation: Transforming Travel Through Entrepreneurship. This year’s event will feature a wide portfolio of exhibitors from the fields of aviation, accommodation, hospitality, attractions, technology and more, ATM 2024 will explore how innovators in the travel and tourism space are working to attract greater levels of funding to further increase the sector’s overall contribution to global GDP.

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