ATM to host Hotel Industry Summit as GCC plans for 58,761 new hotel rooms in 2019
TravelBizNews —
Reed Travel Exhibitions, organiser of the annual Arabian Travel Market (ATM) showcase in Dubai, has announced that it will host the first ATM Hotel Industry Summit as part of its line-up of special events.
The summit will discuss the latest hotel infrastructure developments, investment opportunities and digital innovations which are shaping the region’s ever-changing industry.
The UAE’s hospitality market is expected to be worth $7.6 billion annually by 2022, growing at a five-year compound annual growth rate (CAGR) of 8.5 per cent between 2017 and 2022, driven by Dubai’s Expo 2020, Saudi Arabia’s Vision 2030 and various other government initiatives to boost travel and tourism across the region.
Over the same period, hotel supply is forecast to grow at a CAGR of 6 per cent to 183,718 keys, according to research published in a report by Alpen Capital.
In addition to this, STR data shows that the GCC is expecting an additional 58,761 hotel rooms to enter the market in 2019. The leading contributors are the UAE with 31,517 rooms (53%) in the pipeline; Saudi Arabia with 24,170 (41%); and Oman with 2,984 (5%).
Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: “It is important to highlight that the GCC is one of the fastest growing regional hospitality markets on a global scale, with the UAE leading the way as it gears up for Expo 2020 which is now less than two years away.”
Arabian Travel Market (ATM) will take place at the Dubai World Trade Centre on 28 April – 1 May 2019.
Feb. 2019
