ITIC-ATM to shine spotlight on tourism in Middle East

In under a month, industry experts from across the globe will gather in Dubai to discuss issue of the Middle East as a financial hub for future worldwide tourism investment. The discussions will take place during the upcoming ITIC-ATM Middle East Summit at the Arabian Travel Market, which will take place at Dubai World Trade Centre (DWTC) from May 9 to 12.

This year’s summit, to be held on May 10, will be hosted jointly by ATM and the International Tourism & Investment Conference (ITIC). It will put the spotlight on access to project finance in the post-pandemic era.

According to analysis by the BNC Network, hotel contracts worth USD 4.5 billion are expected to be awarded in the GCC in this year, representing year-on-year growth of 16 pc.

The UAE generated the highest value of cumulative hospitality-related contracts in the GCC last year, followed by Saudi Arabia. The combined value of UAE and KSA projects accounted for more than 90 pc of all hospitality contracts awarded in the region during 2021, according to the research.

According to data released by STR, it exhibits that more than 169,000 pipeline rooms are currently under contract across the Middle East, in which the three most active cities are Dubai, Makkah and Doha.

The organisers say it is no wonder that this year’s ITIC-ATM Middle East Summit will represent a timely opportunity for travel and tourism professionals to explore regional investment opportunities, discover new modes of financing and network with peers from around the world.

“Development in the Middle East is progressing at a rapid pace. Fuelled by ambitious national initiatives such as Expo 2020 Dubai, FIFA World Cup Qatar 2022 and Saudi Vision 2030, our region is witnessing significant levels of tourism-related investment, and this trend shows no sign of abating anytime soon. The ITIC-ATM Middle East Summit is the ideal forum in which to discuss trends, identify opportunities and explore the project financing models that are being employed across our region,” says Danielle Curtis, Exhibition Director ME, Arabian Travel Market.

Analysts from Colliers International observe that although the GCC’s transactional market has been less active than its counterparts historically, recent sales such as the Address Portfolio (USD 500 million in 2019) and Aldar Properties’ acquisition of Rixos Bab Al Bahr (USD 205 million in 2022) are indicative of future growth. Their research predicts that the GCC transactional market will continue to mature as regional tourism markets attain a stabilised development phase.

Colliers International also points out that while the UAE market accounts for the lion’s share of regional hospitality investment at present, contract values in Saudi Arabia, which has announced numerous giga projects and masterplan developments during recent years, will attract significant investment over the longer term.

“We have witnessed a powerful hospitality pipeline amass throughout Saudi Arabia, with 33,560 rooms slated for Makkah and 19,500 unfold all through its different cities and coastal areas,” says Curtis. “Giga tasks like NEOM, the Crimson Sea Improvement and Rua Al Madinah are gathering tempo, with buyers and resort operators competing for alternative and market share,” she adds.

The Middle East is increasingly being used as a starting block to raise capital for tourism projects as it offers appropriate financial instruments as well as agile financing modalities. A range of funds are available to support private initiatives through investment loans or share owning in projects, and developers looking to secure investment can submit expressions of interest to ITIC by completing the organisation’s online form.

“Whether joining us in person or remotely, summit attendees will benefit from insights into the latest techniques that are being employed to turn Middle East tourism projects into reality, as well as practical takeaways from thought leaders,” says Ibrahim Ayoub, CEO of ITIC.

The ITIC-ATM Middle East Summit will incorporate expert insights from Gerald Lawless, Director of the International Tourism & Investment Conference (ITIC) and World Travel & Tourism Council (WTTC) Ambassador, Edmund Bartlett, Minister of Tourism for Jamaica, and Taleb Rifai, Chairman of ITIC and former Secretary-General of the UN World Tourism Organization (UNWTO).

Now in its 29th year and working in collaboration with the Dubai World Trade Centre (DWTC) and Dubai’s Department of Economy and Tourism (DET) – formerly the Department of Tourism and Commerce Marketing (DTCM) – ATM show highlights in 2022 will include, among others, destination summits focused on the key source markets of Saudi Arabia and India.

Precedingly called Travel Forward, the revamped and rebranded ATM Travel Tech event has expanded by almost 400 pc year on year. In addition to showcasing the latest travel technology products and services, the ATM Travel Tech Stage will host a series of seminars, debates and presentations, as well as the inaugural ATM Draper-Aladdin Start-up Competition.

ATM will once again play an integral role in Arabian Travel Week, a festival of events dedicated to enabling travel professionals from all over the world to collaborate and shape the recovery of the Middle East travel industry through exhibitions, conferences, breakfast briefings, awards, product launches and networking events.

The UAE remains one of the most secure countries on the planet vis a vis Covid-19, with consistently low case rates and strong measures to ensure tourists’ safety at every stage of their visit. Like its neighbouring emirates, Dubai is committed to sustaining the highest hygiene and security requirements. The WTTC has endorsed its pandemic management, awarding the city a ‘Safe Travels’ stamp.