Opportunities in Dubai

A new report from MEED Projects predicts that the city will be one of the major beneficiaries of the multi-billion dollar investments expected in the region over the next five years.

Nearly US $ 30 billion in new hotel developments will enter the pipeline in the Middle East and North Africa by 2023, with the United Arab Emirates and Dubai representing a significant number of projects, according to the second annual hotel investment forecast of the AHIC, which was published in anticipation of the 2019 Arabian Hotel Investment Conference (AHIC).

The research, based on data compiled by MEED Projects, suggests that 2019 will be an exciting year for the hotel development sector in the region to Invest in United Arab Emirates.

Ed James, director of project and content monitoring at MEED Projects, said: «More than 800 new hotels, worth more than US $ 44 billion, have been built in the last seven years in the Middle East and North Africa. benefits from increased visitor numbers, new world-class tourist attractions and investments in transportation infrastructure in Downtown Dubai.

«The United Arab Emirates has paved the way for this tourism business, with more than $ 20 billion worth of hotel construction contracts awarded since 2012. This total is more than double the amount awarded in the second largest country in the world. Saudi Arabia, which has more than $ 10 billion in hotel deals granted within the same period. »

According to AHIC Hotel’s investment forecasts, investment levels show no signs of slowing down.

«Just under 30 billion US dollars worth of hotels are expected to be rewarded in the region over the next five years,» revealed James. «The United Arab Emirates is once again leading the way with nearly $ 11 billion worth of planned and unrewarded hotel projects.

«Egypt, with its long-established tourism sector, is the second largest market in the world with just over $ 4 billion worth of hotel projects. Saudi Arabia follows closely with 3.9 billion US dollars. »

The First Group is one of Dubai’s most active hotel developers with Damac Properties. Seven projects are currently underway in key areas of Dubai including Business Bay, Jumeirah Village and Dubai Marina.

The well-established portfolio of award-winning residential and hotel projects, located in some of Dubai’s most popular and exciting neighborhoods, has placed the company in a prime position for long-term, sustainable success.

The First Group‘s portfolio of hotels currently includes more than 3,500 keys, including 1,042 keys in its newly announced real estate complex, Sky Tower in Dubai Marina, which will be the largest hotel in the world upon completion and enjoy one of the best the highest observation platforms in Dubai.

Its newest hotel project, Millennium Place Marina, is scheduled to open later this month in Dubai Marina. The hotel, located in the upper intermediate establishment, has 462 keys and will be operated by its operating partner, Millennium Hotels & Resorts, under the new Millennium Place brand.

The Millennium Place Marinais is becoming a full-fledged dining destination, with the hotel hosting the world’s first MasterChef the TV Experience restaurant.

Based on the popular reality TV series MasterChef, the restaurant will introduce the world’s first culinary experience to Dubai, showcasing the talents and recipes of the MasterChef series competitors from 52 territories where the show is produced around the world. .

AHIC has established itself as one of the largest annual investment forums in MENA-focused hotels. This year’s event, which will be held in Ras Al Khaimah for the second year in a row, is expected to host more than 800 hotel investors, major developers, major financiers and senior hotel executives.

The AHIC 2019 conference will be held from 9 to 11 April in a newly built AHIC village on the Waldorf Astoria Ras Al Khaimah estate.