Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai to remain tourist hub  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) More than 24000 rooms and serviced apartments are expected to enter the market by the end of 2017.

dubai will retain its status as the uae’s primary tourist hub by expanding its conferencing and business facilities expanding leisure entertainment options and maintaining its regional retail dominance says a report.

according to the latest hotel intelligence report released by jll’s hotels and hospitality group at the arabian hotel investment conference or ahic on sunday the positive trend in tourism is expected to continue in coming years due to dubai’s increasing global popularity as a destination backed by the government’s pro-tourism initiatives.

“dubai has strengthened its position as a leading tourism destination in the middle east due to its ease of access quality branded hospitality offering modern infrastructure leisure and entertainment options and safe environment” said chiheb ben-mahmoud executive vice-president and head of the hotels and hospitality group in the middle east and africa at jll.

he said long-term hospitality development in dubai has been bolstered by the vision of his highness shaikh mohammed bin rashid al maktoum vice-president and prime minister of the uae and ruler of dubai for tourism by 2020 which is also supported by the planning and implementation efforts of the dtcm.

the report said property developers are optimistic about the emirate’s outlook for the hospitality industry and more than 24000 rooms and serviced apartments are expected to enter the market by the end of 2017. larger master-planned projects such as mohammed bin rashid city and deira islands that are also expected to include hospitality components.

it is pertinent to note that mohammed bin rashid city is expected to be home to a total of 100 hotels upon completion and plots on deira islands are anticipated to include approximately 23000 rooms.

jll’s report said about 4866 rooms in various categories have so far been added to the emirate’s hotel market in past one and half year and by the end of 2014 another 5798 rooms in new developments will come online while 4673 rooms are due for completion in 2015.

according to the report the dubai hotel market included 611 graded hotel establishments with a total of 87187 rooms and serviced apartments at the end of 2013. the upscale and upper-upscale hotel segments (four- and five-star hotels) dominated the graded supply and represented 69 per cent of total inventory of hotel rooms. graded supply in the city has grown at a compound annual growth rate or cagr of 8.3 per cent over the last five years and total supply is expected to increase 8.2 per cent in 2014 and 5.1 per cent in 2015. total room supply is expected to grow at a cagr of 7.9 per cent between 2014 and 2017.

“over the next four years more than 24000 hotel rooms and serviced apartments are expected to be added to the market. the majority of the supply expected to open between 2014 and 2016 is concentrated in the upscale and upper-upscale segments. these hotels will primarily be operated under popular international brands including hilton four seasons intercontinental hotels group marriott starwood hyatt and carlson rezidor as well as uae-based the address rotana and jumeirah” the report said.

the report further said under development projects will also boost facilities for meetings incentives conferences and exhibitions or mice industry. referring to the trade centre project the report said it will expand dubai’s trade facilities by 146000sqm and help the city to attain its goal of being a global destination of choice for conferencing.

“the development of conference facilities will increase dubai’s appeal as a business destination and the development of entertainment venues will increase dubai’s appeal as a leisure destination. developers are optimistic about building in dubai and more than 24000 quality rooms and serviced apartments are expected to enter the market by the end of 2017” ben-mahmoud said.

the report said average rates are expected to stay relatively stable. new four- and five-star projects are expected to increase competition in the upscale and upper-upscale segments. it further said supply is currently dominated by upscale and upper-upscale hotels but to attain dubai’s goal of attracting 20 million visitors by 2020 it will also require to cater to tourists seeking mid-scale accommodations.

“the majority of the supply expected to open is concentrated in the upscale and upper-upscale segments attaining dubai’s goal of attracting 20 million visitors by 2020 will require the emirate to also cater to tourists seeking budget friendly accommodation formats” ben-mahmoud said. muzaffarrizvi?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Mar 2 2015 - Bold Saudi oil strategy paying off just three months laterGulf Times
(MENAFN - Gulf Times) Three months after Saudi Arabia made clear it was going to let oil prices keep tumbling, the strategy is showing signs of working.US drillers are idling rigs at a record pace, ...

 Mar 2 2015 - Ooredoo's B2B services revenue tops $1bn in '14Gulf Times
(MENAFN - Gulf Times) Ooredoo Group generated more than $1bn revenue from B2B services in 2014, with 9-month year-on-year growth close to 10%, the company said yesterday.Ooredoo will showcase some of ...

 Mar 2 2015 - Commercial Bank 1st in Qatar to launch online dividend serviceGulf Times
(MENAFN - Gulf Times) Commercial Bank has launched a new online banking service for shareholders to more easily manage their dividend payments online. The new service, which the bank said is the ...

 Mar 2 2015 - QPMC to boost sand, aggregate stockpile in the local marketGulf Times
(MENAFN - Gulf Times) Qatar Primary Materials Company (QPMC) has announced plans to increase its stockpile of sand and aggregate to meet the country's demand in washed sand, the company said in a ...

 Mar 2 2015 - Saudi Blominvest registers USD9.59m net profit in 2014MENAFN
(MENAFN) Blominvest Saudi Arabia, an investment company specialized in asset management, recorded USD9.59 million net profit in 2014, marking a 16 percent increase compared to 2013, Saudi Gazette ...

 Mar 2 2015 - Qatari Mannai eyes USD600m stakes in overseas businessMENAFN
(MENAFN) Qatari Mannai Corporation is considering majority stakes in business with a total sum of between USD400 million and USD600 million, Gulf News reported.The Qatari investment firm aims at ...

 Mar 2 2015 - Qatar- Factbox on Vaulting at CHI Al Shaqab 2015The Peninsula
(MENAFN - The Peninsula) Vaulting stuns the audience with gymnastics on horseback: backflips, somersaults, handstands, up to three athletes at the same time on the back of a cantering horse, ...

 Mar 2 2015 - Qatar- Hester and Pearson lead star cast at CHI Al Shaqab 2015The Peninsula
(MENAFN - The Peninsula) Carl Hester, a member of the gold winning British team at the London 2012 Olympic Games, will be the star attraction in the dressage event during this week's third edition of ...

 Mar 2 2015 - Qatar- MPHC sees lower sales volume and earningsThe Peninsula
(MENAFN - The Peninsula) Mesaieed Petroch-emical Holding Company (MPHC), a subsidiary of Qatar Petroleum, yesterday projected a lower sales volume and earnings for 2015.In a statement that explained ...

 Mar 2 2015 - Qatar- Mannai working on two foreign acquisitionsThe Peninsula
(MENAFN - The Peninsula) Qatari investment firm Mannai Corporation is working on two acquisitions as part of a drive to expand the proportion of its revenue from international sources to 80 percent, ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help