DUBAI: The Khaleej Times reported that investments in hotels, leisure projects, aviation developments, cruise lines, tourism promotion and support infrastructure in the Middle East have reached $3.63 trillion, according to a study done by Fast Future and Global Futures and Foresight.
The research has also identified plans to invest at least $580 billion in over 900 hotels across the region from Syria to Oman. It found projected construction costs for the recent announcements from more than 72 developers, investors and operators varying from $10,000 to $5.71 million per room.
In order to make good investment decisions, reliable data on the industry s future direction is critical, said Ibrahim Mardam Bey, CEO of Siraj Capital, sponsor and founding shareholder of the hospitality and investment firm Rahala in Saudi Arabia. This is why we are backing this groundbreaking study.
He stressed that the study highlights the scale of investment opportunities across the sector as well as validates the potential for sector-focused investment companies such as Rahala.
The largest components of the total investment were $1 trillion for leisure developments and $1.8 trillion for tourism promotion and support infrastructure.
This report highlights how rapidly the travel and tourism market in the region is developing and emphasizes the importance of the high-end segment, said Lawrence Hunt, CEO of Silverjet. These are critical reasons why we chose to enter the market with our business-class only service.
The study covers 13 countries in the Middle East up to the 2020 period and is to be published in full during the Hotel Show 2008, on June 8-10 at the Dubai International Convention and Exhibition Center, a statement said. The event is the region s leading supplies exhibition dedicated to the hospitality sector.
Entitled The Middle East Industry Outlook 2020, the study is an update of a groundbreaking study on the future of travel and tourism in the Middle East.
The study takes a futures perspective on the key trends and drivers shaping the region s travel and tourism sector out to 2020 and beyond… the statement said.
The study is sponsored by the Hotel Show, Siraj, Silverjet and real estate developer Nakheel, with the Pacific Asia Travel Association (PATA) and Germany s tourism exhibition, IMES Frankfurt, as strategic partners.
